BSV projects get a boost from Global Ledger’s AML services

Projects on the BSV blockchain will have an easier time with compliance and security, thanks to a new collaboration between Global Ledger and the BSV Association. The blockchain analytics and anti-money laundering (AML) services provider will supply a series of tools tailored especially to suit the needs of BSV applications.

BSV’s Digital Asset Recovery (DAR) plans should also get a boost from Global Ledger’s involvement, with improved security protocols for identifying the legal owners of lost/stolen digital assets and returning their property to them.

The project aims to support both the growth and adoption of BSV in the global marketplace by making it simpler for individual projects to comply with regulations in various local jurisdictions. Martin Coxall, the BSV Association’s Growth Director, said the two partners being based in Switzerland would be a plus:

“Both organisations are Swiss-registered, allowing us to work within one of the most respected regulatory frameworks in the world, following the high standards FINMA sets. Global Ledger’s expertise in compliance will be invaluable in helping BSV projects meet regulatory requirements.”

Global Ledger will provide a solution that “fully covers the BSV blockchain,” with tools that assist projects in determining and fulfilling their licensing obligations, exchange listings and other regulatory requirements, and make it easier to implement security measures. These tools include:

GL Vision – a visualization tool for unlimited tracing, which can find hidden connections between addresses and detect mixing patterns.

GL Monitoring – monitors transactions in real-time to detect and mitigate risks related to money laundering, fraud and other illicit activities.

Entity Explorer – contains comprehensive information about entities, including their ownership details, licenses, services and jurisdictional limitations, among others.

Risk assessment tools – to identify any potential threats that may exist within the BSV blockchain ecosystem.

Counterparty risk reports – to help BSV projects assess their exposure to risky entities and reduce potential threats.

Global Ledger’s work in the blockchain industry

Global Ledger has worked with governments and financial institutions in the past, as well as blockchain startups, to mitigate risk and investigate money laundering/terrorism-financing crimes. Their work has helped to de-mystify the blockchain and digital asset industry for those outside the community. This provides reassurance that “crypto” businesses aren’t operating in a Wild West environment outside regulations and real-world identities and that projects using blockchain technology are just as responsible as any other.

CEO Lex Fisun recently delivered a keynote address on the role of digital assets and decentralized finance (DeFi) in terrorism financing at the European Blockchain Convention in Barcelona.

“GL is proud to deliver the full support and AML solutions that provide full coverage for the BSV blockchain. Our counterparty risk reports will help BSV projects assess and mitigate exposure to risky entities, ensuring compliance at every step,” he said of the joint project.

The company has also produced guides for blockchain startups on new Financial Action Task Force (FATF) and DAC8/CARF (Crypto Asset Reporting Framework) rules, helping newer companies understand their obligations in a changing regulatory environment.

It has also noted that digital asset-related fraud is becoming more sophisticated, with bad actors often taking advantage of esoteric rules and loopholes in specific technologies for illegal profits, using various wallets to move and exchange assets. One case was the recent TRON/USDT Phishing Scheme, which involved exploiting the Tron blockchain’s staking/validator mechanism to generate fake transactions while utilizing several large exchanges to swap assets.

By the 2020s, it became clear that the blockchain industry needed to be compliant with financial regulations in order to reach mass adoption. The techniques employed by blockchain analytics/forensics firms like Global Ledger target thieves and fraudsters and help identify and discourage corruption within governments and other large organizations.   

Watch: Securing personal information with blockchain identity system