A One-Stop Solution for Crypto Compliance – Meet our New Member AMLBot

by | Jul 12, 2023 | memberships, news | 0 comments

The crypto industry is attracting all kinds of actors – good and bad. Mitigating the risks is important for anyone, be it start-ups, businesses, or individuals. But analytics services can be pricy and hard to come by. In 2019, AMLBot set out to change this and make on-chain analytics available and affordable for everyone. AMLBot is a perfect addition to the EBA community and we are excited to discuss and learn about the developments in crypto analytics. Niko Demchuck, Legal & AML Specialist at AMLBot gave us some insights into the next steps for the company and his top3 tipps on what to watch out for when engaging in the crypto market..

🎤 Please tell us a little more about AMLBot. What was your main goal when you introduced your tools and services back in 2019?

In 2019 the crypto asset market was booming. We were witnessing a lot of new businesses being created in this industry. One of the struggles for many crypto startups was to align their AML and compliance program with best international practices, especially when it comes to on-chain analytics. The current blockchain analytic companies at that time had a high fee and not every startup could pay that fee to be able to mitigate the risks coming from crypto assets. Therefore, AMLBot was created to allow startups and even individuals access on-chain analytics services easily  in order to check their crypto asset transactions on any AML risks. We bring on-chain analytics services closer to people.

🎤 What are the next milestones for AMLBot?

The next milestone for AMLBot is to become a one-stop solution for crypto businesses where they can receive not only on-chain analytics services, but also KYC, crypto investigation, transaction monitoring, compliance, and legal consulting together with AML-related training. We want to take care of as much of the hassle as possible for startups or crypto business and let them grow their business easily and quickly. 

🎤 You are confronted with bad actors in the crypto ecosystem every day. What are the most common threats currently?

The most common threats now are mainly coming from the Web3 sector where there are many scams and frauds happening every day. DeFi protocols are in its’ infancy stage and have many vulnerabilities. As a result, we have many clients who became victims of different scams and are now trying to return their crypto assets with our assistance. We urge people to use on-chain analytics, audit and consulting services of professionals before investing in crypto investment schemes. 

🎤 Your top3 tips: What can crypto users and businesses do to protect themselves from scams and fraud?

There are many lucrative projects connected to DeFi and Web3 promising to provide very high returns. Some of them are legit, but many must be considered to be scams. My top3 tips are:

  • Always check what company is behind the services, its country of incorporation, licences if applicable etc. 
  • Always double check what is signed with your wallet.
  • Use on-chain analytics to screen the address to where the crypto assets are asked to be sent in order to be sure this crypto address does not belong to a scam scheme. 

These are the basics that every person should be doing before interacting with any services in the crypto industry.

🎤 As a new member of the EBA, what are you most excited about and what do you look forward to?

Our goal for EBA is to stay up to date on new technological and legal advancements in the crypto space and Web3, as well as to share our insights gained from around 300+ business clients we service on a daily basis.