Decentralized cybersecurity solutions firm Uppsala Security announced on Tuesday that it had signed a cryptocurrency anti-money laundering (AML) solution contract with the South Korean mobile payments solutions platform, Danal FinTech. As per the official tweet, the collaboration makes it the first crypto AML solution to support Hyperledger’s Fabric framework.
In the official Medium post, Uppsala stated that as part of the contract, Danal FinTech would adopt a complete AML product suite developed by Uppsala Security. It further added the product includes not only the existing AML function implemented by financial institutions but also monitors, tracks, and analyses transactions of digital assets in the form of cryptocurrencies suspected anti-social activities like money laundering or terror funding. Patrick Kim, Founder & CEO of Uppsala Security, said,
It is a great honor to provide our AML solutions to Danal FinTech, the leading virtual asset payment company in South Korea. Based on the results of the crypto AML support offered to Danal FinTech, we hope to expand our business by jointly providing ready solutions for payment companies using the Hyperledger Fabric framework.
Danal FinTech CEO, Ted Hwang said that the company intends to consider and apply necessary policies and tools to create a safe and compliant asset settlement network before expanding their business globally.
Our goal is to respond in a timely manner to changes established by major core countries in the regulatory environment, and we will do so by starting with the introduction of Uppsala Security’s solutions.