Coinfirm has integrated Chainlink’s oracle network into its AML solution. This will allow DeFi projects to monitor transactions with suspicious patterns.
Coinfirm’s @AMLT_Token Oracle is integrating with @chainlink to provide its AML solution for #DeFi across blockchains https://t.co/REDT26ckhU pic.twitter.com/HyLy2B5bbB
— Coinfirm (@Coinfirm_io) October 28, 2020
The existing Coinfirm product, AMLT Oracle, includes more than 270 different criteria for risk assessment, the ability to add addresses to a blacklist, and alerts about suspicious transactions.
With the Chainlink integration enables DeFi projects to default to using the oracle, which for a fee will check whether addresses are on a blacklist.
AMLT Oracle will allow blocking transactions originating from services that anonymize senders, restricting wallets whose funds may have criminal origins, and compiling address whitelists.
The solution gives decentralized exchanges and traditional-finance services the ability to comply with regulatory requirements, according to Coinfirm representatives.
Coinfirm specializes in blockchain forensics and anti-money laundering. In 2016, the project released an analytics engine for tracking data on the blockchain. The company participated in the investigation of the missing assets from the Canadian bitcoin exchange QuadrigaCX worth $190 million.
In August, Chainlink acquired the Cornell University–developed DECO solution for private oracles. It uses zero-knowledge proof technology and can be effectively applied in the fields of decentralized lending and identity.