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Samsung adds Anti-money Laundering Features to its Crypto Wallet

A cryptoasset anti-money laundering (AML) solution has been integrated by major smartphone manufacturer Samsung to help boost the security of its Blockchain Wallet, a feature of its latest flagship handsets.

The company has signed a “Blockchain Service AML Integration Agreement” with Samsung via a blog post from the South Korean, Singapore-based software company Uppsala Security and has “directly linked” its crypto AML solutions “to the Samsung Blockchain Service.”

The move, Uppsala said, will allow Samsung smartphone users to access “real-time detection of threats or push notifications caused by suspicious transactions.”

Before proceeding with a transfer, the AML solution allows users to check the status of crypto wallet addresses to check against a database of interactions with wallets that have been flagged as having possible links to hackers, scammers or known users of the dark web.

The solution also has a tracking system for clients who believe they have been the victim of fraud or hacking attempts, with monitoring reports that Uppsala claims can be submitted for use as evidence to law enforcement agencies.

It seems, however, that only customers in select Asian nations will be able to make use of the solution for the time being at least, with Uppsala adding,

“The free service is currently provided to users in South Korea and Singapore only for the provision of a primary fund tracking report with one crypto wallet address.”

The move further deepens the Uppsala-Samsung bond, with the companies announcing their intent to launch a “crypto loss tracking system” earlier this year.

Uppsala has also worked on a solution that allows police and court officials to seize and freeze crypto funds as part of criminal investigations with law enforcement firms and legal experts.