BIG Blockchain Intelligence Group Flags OFAC-Sanctioned Bitcoin Addresses to Help Clients Mitigate RiskNovember 30, 2018
BIG Blockchain Intelligence Group Inc. (“BIG”), a leading developer and provider of blockchain and cryptocurrency search, risk-scoring and data analytics tools and investigation services, has flagged the two OFAC-sanctioned bitcoin addresses in the Company’s proprietary database to help financial institutions mitigate sanctions-related risk.
- Non-compliance with sanctions requirements has cost financial institutions billions in fines and heightened government scrutiny
- BIG’s database is updated within 24 hours of new OFAC-sanctioned addresses
- Sanctioned addresses are flagged and scored so BIG’s clients can block transactions associated with the addresses
VANCOUVER, BC – NOVEMBER 30, 2018 – BIG Blockchain Intelligence Group Inc. (“BIG” or “the Company”) (CSE: BIGG)(OTC: BBKCF)(WKN: A2JSKG), a leading developer and provider of blockchain and cryptocurrency search, risk-scoring and data analytics tools and investigation services, has flagged the two OFAC-sanctioned bitcoin addresses in the Company’s proprietary database to help financial institutions mitigate their sanctions-related risk. On November 28, 2018, for the first time, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) publicly attributed digital currency addresses to designated sanctioned individuals. The two digital currency addresses in question are as follows: 149w62rY42aZBox8fGcmqNsXUzSStKeq8C and 1AjZPMsnmpdK2Rv9KQNfMurTXinscVro9V. To remain compliant, all organizations must block transactions from these addresses.
OFAC administers and enforces economic and trade sanctions against targeted foreign countries and regimes, terrorists, international narcotics traffickers, and other threats to the United States. Within 24 hours of OFAC issuing an updated list of sanctioned cryptocurrency addresses, BIG updates its database to flag the new addresses as being sanctioned and runs tests to confirm the detection of the newly flagged addresses within BIG’s risk-scoring and forensic investigation services.
A press release from the U.S. Department of the Treasury from November 28, 2018 stated: “Like traditional identifiers, these digital currency addresses should assist those in the compliance and digital currency communities in identifying transactions and funds that must be blocked and investigating any connections to these addresses.” While awareness of the sanctioned addresses is vital to organizations remaining compliant, it is only with such tools and services which BIG provides that financial institutions are assured of sanctions compliance related to cryptocurrency.
“For financial institutions, complying with sanctions requirements is a very significant concern,” said Teresa Anaya, BIG’s Director of Financial Institution Strategy (Certified Fraud Examiner, Certified AML Specialist, Certified Bitcoin Professional). “The cost of non-compliance for sanctions violations can result in millions of dollars in fines and remediation costs. In addition, the offending organization is faced with years of intense regulatory oversight. That’s why there is tremendous value for financial institutions to be alerted to sanctioned cryptocurrency addresses. By utilizing BIG’s BitRank Verified® risk-scoring service and/or QLUETM forensic investigation platform, financial institutions can now proactively mitigate sanctions risk.”
According to the U.S. Department of the Treasury press release from November 28, 2018, the two bitcoin addresses in question are associated with two Iran-based individuals who helped exchange bitcoin ransom payments into Iranian rial on behalf of Iranian malicious cyber actors involved with a ransomware scheme that targeted over 200 known victims, including numerous corporations and government agencies, among others. Over 7,000 transactions in bitcoin, worth millions of U.S. dollars, have been processed through the two addresses.
“This is about making the roles of financial institution compliance officers easier and more secure,” said BIG CEO, Lance Morginn. “It’s one thing to know you have to be compliant with the latest list of sanctioned cryptocurrency addresses from OFAC; it’s another to know that by utilizing BIG’s BitRank Verified® and QLUETM services, you are covered.”
On behalf of the Board,
Chief Executive Officer
About BIG Blockchain Intelligence Group Inc.
BIG Blockchain Intelligence Group Inc. (BIG) brings security and accountability to the new era of cryptocurrency. BIG has developed from the ground up a Blockchain-agnostic search and analytics engine, QLUETM, enabling Law Enforcement, RegTech, Regulators and Government Agencies to visually trace, track and monitor cryptocurrency transactions at a forensic level. Our commercial product, BitRank Verified®, offers a “risk score” for Bitcoin wallets, enabling RegTech, banks, ATMs, exchanges, and retailers to meet traditional regulatory/compliance requirements. Our Forensic Services Division brings our team of investigative experts into action for cryptocurrency investigations that require in-depth expertise and experience, either in conjunction with or supplemental to our user-friendly search, risk-scoring and data analytics tools.
About BitRank Verified®
BIG developed BitRank Verified® to be the industry gold standard in ranking and verifying cryptocurrency transactions. BitRank Verified® offers the financial world a simplified front-end results page, enabling consumer-facing bank tellers, exchanges, eCommerce sites and retailers to know whether a proposed transaction is safe to accept, questionable, or should be denied. BitRank Verified® and its API are custom tailored to provide the RegTech sector with a reliable tool for meeting their regulatory requirements while mitigating exposure to risk of money laundering or other criminal activities.
QLUE™ (Qualitative Law Enforcement Unified Edge) enables Law Enforcement, RegTech, Regulators and Government Agencies to literally “follow the virtual money”. QLUE™ incorporates advanced techniques and unique search algorithms to detect suspicious activity within bitcoin and cryptocurrency transactions, enabling investigators to quickly and visually trace, track and monitor transactions in their fight against terrorist financing, human trafficking, drug trafficking, weapons trafficking, child pornography, corruption, bribery, money laundering, and other cyber crimes.
BIG Investor Relations
email: [email protected]
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