Hexlant’s ‘Octet Wallet’ incorporates Uppsala Security’s Virtual Asset AML Solutions, to be in alignment with FATF Recommendations
Singapore, 24 December 2020 — Uppsala Security, a global blockchain based security company, officially announced today that it will integrate its Crypto Anti-Money Laundering (AML) solution into the Octet Wallet service of Hexlant, one of the largest blockchain technology companies in South Korea.
The Octet Wallet is a Multi-Signature Wallet service provided by Hexlant that allows companies planning to develop blockchain services to build blockchain core wallet functions such as wallet creation, asset transfer verification, multi-signature and security with minimal development resources.
Through this cooperation, the verification function of Anti-Money Laundering in Hexlant’s Octet Wallet service, which is provided to virtual asset businesses, will be strengthened. Based on this, Octet Wallet clients can track suspicious transactions through deposit and withdrawal management and prepare for the regulation of the Special Interest Act in South Korea.
Furthermore, Uppsala Security will support the analysis of transaction data and the issuance of suspicious transaction reports if Octet Wallet users need to report suspicious transactions in accordance with FIU recommendations.
According to the agreement, the integration of Uppsala Security’s solution within the Octet Wallet can not only confirm whether a blacklist wallet address was involved in a virtual assets transaction, but it can also be traced to which exchange the suspicious funds were sent. It also detects suspicious transactions with abnormal transaction patterns, such as malicious activities (scam/malware/dark web) and high risk money laundering (gambling/porn/crime organization), as a response to the increasingly intelligent and sophisticated money laundering methods, providing secure corporate wallet services.
Ku Min-Woo, the Country Manager Korea at Uppsala Security, said, “Our Threat Reputation Database (TRDB), which will be available to more than 100 customers of Hexlant’s Octet Custody Service, has recently reached more than 52 Million security indicators related to hacking, scamming and dark web incidents.“ He also added: “This is meaningful in that the compliance monitoring staff of the client company can detect suspicious transactions related to the dark web and various virtual asset crimes in advance and provide the basis for the report of suspicious transactions (STR) to the FIU to comply with South Korean’s Special Act.”
Uppsala Security was recently selected as a beneficiary of the government-sponsored ‘AI data processing voucher project’ in September 2020 and advanced the service of the Crypto Analysis Risk Assessment (CARA), an AI and Machine Learning-based solution, by gaining access to dark web-related threat data from the NSHC.
“The main challenge of South Korean’s Special Act is the safe management and proof of digital assets,” said Ryu Chun, CSO of Hexlant. “We will work with Uppsala Security to expand the Octet Wallet’s solutions for virtual asset operators from safe storage and handling of asset to suspicious transactions detection.“
Uppsala Security first filed a patent for its virtual property AML solution, the Sentinel Portal, for IPOS (Intelligent Property Office of Singapore) in January 2019, and in December, it applied for PCT to WIPO (World Intellectual Property Organization). Currently, it is preparing to file a patent in South Korea and the United States. Uppsala Security’s AML service has clients in various fields, including law enforcement agencies in the ASEAN region and Korea, exchanges, wallet companies, payment businesses, DeFi companies and global enterprises.
Hexlant, which provides the Octet Wallet, has about 100 virtual asset service provider (VASP) business customers, including Bithumb Custody, Hanbitco, Jidak and Bitsonic, along with the first financial institutions such as NH Nonghyup Bank and Shinhan Bank.
About Uppsala Security Pte Ltd.
Uppsala Security built Sentinel Protocol, the first crowdsourced Threat Intelligence Platform powered by blockchain technology and A.I. Supporting the framework is a team of experienced cyber security professionals who provide an award-winning suite of advanced tools and services for Crypto AML, KYC Intelligence, Transaction Tracking, and Regulatory Compliance Analytics enabling organizations to protect their crypto assets from malicious attacks and scams while meeting regulatory compliance standards. Today Uppsala Security has over one thousand users including government organizations and leading enterprises providing crypto exchanges, payment services, wallets, gaming, and FinTech solutions.