OK Group to Aid Police in AML Crackdown Using Blockchain

OK Group partners with Nanjing police to use blockchain for AML enforcement.

OK Group, the parent company of the cryptocurrency exchange OKEx, has announced a collaboration with the Nanjing Public Security Research Institute. The aim is to apply blockchain technology in operations against breaches of anti-money-laundering regulations.

OKLINK has reached a cooperation with Nanjing Public Security Research Institute to establish a laboratory, and China’s cryptocurrency leaders have more frequent cooperation with local police. https://t.co/NwrvIxrYCx

— Wu Blockchain (@WuBlockchain) July 12, 2021

As part of the Oklink group, together with the Nanjing Public Security Research Institute, a dedicated laboratory named Chaintelligence will be created. It will focus on on-chain data analysis, risk management, and staff training. The flagship product developed by Oklink in the field of blockchain analytics carries the same name.

According to the press release, Chaintelligence has enabled police in five Chinese provinces to uncover dozens of AML violations and bolster the budget by 10 billion yuan ($1.5 billion).

According to journalist Colin Wu, investigators are highly motivated to pursue offenders because it enables them to obtain additional funding.

To some extent, cracking down on fraudulent projects involving cryptocurrency can help local police obtain income, so they are also very motivated.

— Wu Blockchain (@WuBlockchain) July 12, 2021

Earlier, OKEx founder Star Xu spoke about cooperation with law enforcement in the merger case involving OK Group.

In October 2019, Chinese President Xi Jinping said that the country should become a leader in blockchain.

In June 2021, China developed guidelines for the deployment of blockchain, as a tool to implement the Digital China strategy.

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