07 Oct 2020 · 1 min read

Samsung Adds Anti-money Laundering Features to its Crypto Wallet

Major smartphone maker Samsung has integrated a cryptoasset anti-money laundering (AML) solution to help boost the security of its Blockchain Wallet, a function of its latest flagship handsets.

Source: Adobe/megaflopp

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

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

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

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

However, it appears that, for now at least, only customers in select Asian nations will be able to make use of the solution, 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 earlier this year announcing their intention to launch a “crypto losses tracking system.”

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