Ripple will begin to monitor transactions with XRP in connection with the recommendations of FATF

California fintech startup Ripple has signed an agreement with technology company Coinfirm to monitor the use of the XRP token. Data will be collected to counter money laundering using a Ripple coin. This is reported by Forbes .

In particular, Coinfirm will report whether transactions have been “tangled” with the help of service mixers, whether they belong to the same cluster, when small amounts are sent to different addresses to disguise the size of large transactions, and whether they are related to burglary or theft.

At the same time, the information collected by Coinfirm will not include the identification data associated with the public addresses where cryptocurrency is stored. Nevertheless, data will be collected on whether the address belongs to the exchange that allows anonymous trading, or whether the owner of the address is registered in a “high-risk country”.

It is noteworthy that the new initiative was announced just a week after the publication of the new FATF rules for the cryptoindustry. In particular, the organization obliged the Bitcoin exchange and other cryptocurrency service providers to comply with AML and CFT (countering the financing of terrorism) procedures, by analogy with traditional financial companies.

“I will not know who you are personally. We do not collect any personal data. We argue with FATF that this is quite enough, and, in fact, this is enough, ”said Pavel Kuskowski, CEO of Coinfirm.

After the initial stage, which Kuskowski calls “blockchain deconstruction” to determine the unique characteristics of the settlement system, the company applied the same AML procedure that it uses for other cryptocurrencies, and after two weeks of data collection, it was able to extrapolate the necessary information to evaluate each address.

Coinfirm CEO also notes that AML support for XRP will be automatically integrated for all existing Coinfirm customers at no additional cost.

Earlier this month, Ripple announced the conclusion of a strategic partnership with one of the world's largest money transfer systems MoneyGram, under which he committed to investing up to $ 50 million in it through the purchase of shares.

Later, Ripple CEO Brad Garlinghaus said that cooperation with MoneyGram is evidence of the relevance of the xRapid payment solution based on the XRP token.

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