As a report has it, Cardano Foundation has sealed a partnership with Coinfirm, an AML/CFT analytics provider, in order to meet the requirement of modern regulatory frameworks.
According to the report, the deployment of Coinfrim’s advanced AML/CFT analytics will ensure that Cardano (ADA) is in full compliance with the Financial Action Task Force’s guidelines, 6AMLD, and other supranational and national regulations.
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Reacting to the new development, Head of Technical Integrations at Cardano Foundation, Mel McCann, said:
“AML/CFT analytics is essential for a cryptocurrency to receive mass adoption within regulated markets. The tools and services provided by Coinfirm enables every exchange, custodian, and all other third-parties to clearly track the history of ada held in their wallets.
“We are proud to work with Coinfirm due to their high quality results and product offerings as the first analytics solution live on the Cardano blockchain, the partnership with Coinfirm represents our continued dedication to supporting the adoption of the Cardano blockchain.”
The report added that aside from ADA, the native token of Cardano, the partnership will also enable Coinfirm to provide AML/CFT analytics to all users on the Cardano blockchain.
AML will also help reduce the risk of exposing transactions to illicit or illegal behavior.
Head of Marketing at Coinfirm, Sachin Dutta, also said:
“Coinfirm is excited to integrate the Cardano protocol with our AML Platform to ensure that counterparties using the ada cryptocurrency and other assets created on Cardano are not tainted by illicit funds. This provides a seamless transition for financial institutions to uptake the protocol with scale, reducing the concern of AML/CFT compliance.”
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