The Malta Financial Services Authority (MFSA) is teaming up with CipherTrace to monitor possible business risks to cryptocurrency businesses, MFSA announced in a press release. It hopes to protect consumers, investors and business partners from possible risks associated with crypto assets, such as money laundering and fraud. CipherTrace solutions will help with the detection of suspicious behaviours to prevent crime with the use of machine learning.
“Being strongly aware of the money laundering and financing of terrorism risks associated with entities operating in this sphere, the decision has been taken to engage the services of CipherTrace in order to reduce fraud and detect transactions with illegal sources of funds,” said Joseph Cuschieri, MFSA Chief Executive Officer. “CipherTrace Compliance Monitoring will provide the MFSA with powerful oversight tools to automate regulatory processes and audit the risk management of virtual asset businesses that are licensed in Malta.”