Uppsala Security conducts the first ‘Virtual Assets AML Training Program’ for partners and government agency compliance officers
Singapore, May 4th 2021 — Uppsala Security, the leading provider of award-winning tools for Crypto Risk Management and Cybersecurity, announced today the start of the ‘Virtual Assets AML Training Program’ through the Crypto Incident Response Center (CIRC). The Training Program was initiated as a consequence of the implementation of more exigent special law revisions in South Korea beginning with March 2021. Government agencies and Virtual Asset Service Providers (VASPs) attended the training program and already obtained certified licenses.
The currently ongoing training program is established on the Risk-Based Approach (RBA) through solutions such as the Crypto Analysis Risk Assessment (CARA), which analyzes the characteristics and patterns of virtual asset wallet addresses based on Artificial Intelligence and Machine Learning algorithms, and the Crypto Analysis Transaction Visualization (CATV), which can monitor and track suspected virtual assets transactions in real time. The goal of the curriculum is to enable trainees to identify suspected transactions in a timely manner, and to create evidence for alleged virtual asset activities when reporting suspicious transactions (STRs) to the Financial Information Analysis Unit (FIU).
According to Uppsala Security, at the end of April 2021, Park Jung-sup, Senior Researcher at the Center for Virtual Asset Damage Response (CIRC), conducted a 3 days training for Compliance Monitoring Officers of government agencies in its Korean branch office, with the following curriculum:
1. Basic understanding of blockchain-based virtual assets suspicious transactions
2. Analysis of the flow of stolen funds and the suspected wallet
3. Improvement of tracking capability and real case practice
In addition, courses are divided into UCCA (Associate), UCCP (Professional) and UCCE (Expert), depending on the training’s level of depth, and upon the training’s completion, trainees can also obtain an „Uppsala Certified Cryptocurrency Incident Analysis“ certificate and license.
An official of the Coin&Coin Exchange, which recently signed an Anti-Money Laundering contract with Uppsala Security and participated within the CIRC training said: „This was a great opportunity for us to understand why AML solutions specializing in virtual assets are important in order to comply with the special law revision. We are looking forward to learning how to use Uppsala Security’s complex product suite for the swift tracking of alleged cases and to write STR’s evidence for suspicious transactions in next quarter’s training.”
Patrick Kim, CEO of Uppsala Security said: “I understand that the Korea Federation of Banks recently distributed a draft of ‘Guidelines for Issuing Real-Name Accounts’ to each bank in South Korea, including information on identifying and evaluating Money Laundering risks. Considering that this is a draft related to the Risk-Based Approach (RBA) recommended by the Financial Action Task Force (FATF), exchanges should eventually conduct continuous monitoring (RBA) on virtual assets separately during the VASPs’ business registration period. This means that Crypto-AML and its monitoring training for law-abiding virtual assets exchanges is also essential. We will continue to provide the best service to customers in order for them to fulfill their obligations and comply with current regulations by preventing Money Laundering through continuous operation of education programs.”
Uppsala Security offers virtual asset AML solutions to Samsung Blockchain Wallet users in 19 countries as well as to Bithumb, Coin&Coin Exchange, Danal Fintech and Hexlant and has recently helped with the identification and arrest of a virtual assets fraud suspect through a swift cooperation with the Bithumb Exchange.