Coinfirm launches Oracle AML smart contract to meet decentralized finance (DeFi) requirements

Coinfirm announces the launch of Oracle AML, a solution to meet AML requirements based on smart contracts in a decentralized financial landscape.

Because decentralized financing protocols operate on the basis of smart contracts in a chain – in the sense that all levels of compliance require the same format of technology required to interact with the decentralized finance provider through the client’s smart contracts – a specially adapted AML solution is needed.

Oracle AML is a solution that allows decentralized organizations to continue lending, betting and other general decentralized financial activities without fear of facing truly evil actors in their ecosystem. For the first three months from the date of release, Oracle AML will be free for whitelisted organizations.

“Coinfirm’s Oracle AML is our proposal for the Decentralized Applications Market (Dapp), which aims to allow this part of the blockchain ecosystem to interact with the traditional Fiat system and the wider economy using the industry-winning AML / CFT crypto.” – Coinfirm CEO Mircea Mihaescu

Coinfirm’s Oracle AML lays the groundwork for more sophisticated compliance structures by providing the necessary tools for exponentially growing cryptocurrencies that will be accepted as required, which will expand the user base of long-term decentralized financing.

Initially, 220 high-risk terrorist financing Ethereum addresses, recent hacker addresses, and addresses on the OFAC sanctions list will be available – and 10 more will be added each following week – in a smart contract nuclear-compliant nuclear system. Oracle AML, based on more than 350 risk assessment scenarios that will provide important information for decentralized programs.

Thus, Oracle AML allows decentralized financial platforms to quickly assess the risk of new addresses, receiving an immediate C-Score, which allows decentralized programs to make informed decisions about the transaction. If the decentralized organization needs a more detailed explanation of the “why”, it will be provided with a fully improved report at this address.

About Coinfirm

The Coinfirm platform and services are used by governments, financial institutions, custodians, payment providers, investment funds and exchanges. The AML platform uses more than 350 proprietary risk algorithms to provide a transparent and scalable solution to stringent regulatory requirements for both centralized and decentralized finance.

Founded in 2016, Coinfirm, headquartered in London, UK, has offices in the US, Poland, France and Japan. More than 250 organizations trust Coinfirm RegTech solutions.

The text of the press release received as a result of the translation can in no way be considered official. The only authentic version of the press release is the original language version of the press release. The translation will always have to be compared to the original text, which will set a precedent.