Bitcoin Magazine
2018-05-09 19:45:17

DMG Blockchain Solutions Launches BitScore AML Risk API for Crypto Exchanges and Payment Platforms

Vancouver-based blockchain and cryptocurrency firm DMG Blockchain Solutions Inc. has announced the official launch of its BitScore web API. The platform is designed to provide cryptocurrency deposit and withdrawal risk-scoring for both anti-money laundering (AML) and anti-fraud compliance. DMG Blockchain Solutions seeks to manage, operate and develop end-to-end solutions for monetizing the blockchain ecosystem, and BitScore is already being used by crypto exchanges and enterprise payment platforms so they can assess their risks of legal non-compliance. BitScore was engineered by DMG’s Blockseer development team and is powered by sophisticated artificial intelligence and machine learning models to examine the flow of cryptocurrency funds through the blockchain and establish their respective origins. Speaking with Bitcoin Magazine, DMG CTO Danny Yang explained, “Understanding the provenance of source and destination addresses is imperative for any exchange or payment platform sensitive to regulatory compliance. Allowing an address that accepts deposits from, or makes payments or deposits to disreputable networks is potentially abetting their activities, which creates legal liabilities for banks, exchanges and traders.” Here’s how it all works. Customers can submit any cryptocurrency source or destination address to BitScore. The platform’s algorithm returns a risk score to the user after evaluating the so...