Dubai, UAE, 14/8/24 – BestChange, a directory of vetted exchangers helping to enhance safety in the digital asset realm, announced the launch of its AML Analyzer, a tool for checking cryptocurrency addresses. The tool is designed to help users follow compliance with AML standards (international anti-money laundering practices) when sending or receiving cryptocurrency.
The BestChange AML Analyzer will help users check the safety of the addresses they interact with, helping reduce risks when sending or receiving various cryptocurrencies. As a start, the platform will support dozens of leading cryptocurrencies, including BTC, ETH, DOGE, MATIC, XRP, and other popular cryptocurrencies on ERC-20 and TRC-20-based blockchains. The service will recommend whether the addresses are AML-compliant, simplifying the user’s decision-making process.
The AML Analyzer is designed to simplify the process of checking compliance, with a user-friendly interface that makes verification quick and safe for all users.
In the past few years, crypto regulation has become a key point in the industry to minimize cases of money laundering and counter terrorism financing. As such, cryptocurrency service providers are required to comply with international or local AML standards by tracking the source of funds – and checking incoming transactions for risk marks. Additionally, crypto service providers should verify their customers and verify their KYC requirements to ensure the source of funds is clean. Any address that shows suspicious activity is supposed to be flagged, which could lead to the freezing of funds.
BestChange’s AML Analyzer provides this solution.
To get started, users only need an email address for payment and receiving notifications and the address that they need to check. No registration is required. On the platform, users need to enter the cryptocurrency, blockchain address and email address for the system to offer recommendations on whether the blockchain address is AML compliant.
The whole process takes no more than two minutes. This is expected to ensure funds are sent or received from safe addresses, minimizing the risk of having funds frozen.
Once analyzed, the AML Analyzer will provide a report on the risk score of the cryptocurrency address. The data will be sorted according to various parameters, showing the presence of low, medium, and high risks associated with the crypto address. The marks indicate the presence of direct or indirect connections with various sources, depending on the legitimacy of which the crypto address is assigned the corresponding Risk Score marks.
The platform charges a small initial fee to verify addresses and all subsequent checks of an already checked address are free. AML Analyzer’s competitive advantage is giving the user the ability to perform individual checks on addresses rather than mass checks, enhancing the overall privacy of the process.
The payment options are tailored for the convenience of users, with various options available to pay the initial minimal fee, including Tron (TRX), Bitcoin Lightning, Volet (USD), and Payeer (USD). More blockchains and payment methods are to be added in the future.
About BestChange
BestChange.com is a free online service that helps to find vetted exchangers with the best currency rates. The platform allows users to compare different aspects such as rates on different exchangers including crypto exchanges, e-currency, digital money transmitters, online banking services and money transfer agents, etc.
BestChange currently checks over 380 exchangers and over 500,000 exchange pairs.
