New AI technique detects money laundering via cryptocurrencies

Blockchain is often criticised as a solution in search of a problem. But one group of people has already found immense value in the tech: money launderers. Their crimes cause painful headaches for financial institutions, crypto businesses, legitimate law enforcement agencies, and cryptocurrency regulators. All of them need to tackle illicit activity on blockchains. Enter Elliptic, a British firm that specialises in cryptocurrency forensics. The company uses blockchain analytics to protect customers from financial crimes. Its latest safeguard taps the power of AI. By applying machine learning to transaction data, Elliptic has created a new method of detecting money laundering on…

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