Uppsala Security has started a collaboration with CODE that a South Korea-based entity providing compliance solutions related to virtual asset service providers (VASPs). The former is a prominent platform that offers award-winning security services and instruments for crypto transaction tracking, regulatory compliance, and the management of transaction-related risks, as well as CTF/AML.
CODE and Uppsala Security Join Forces to Offer a Blacklist Wallet Address Detection System
The collaboration takes into account the launch of an exclusive product named Protector. The respective product is a Blacklist Wallet Address Detection System that is established to improve the management of transfer-related risks and regulatory compliance. It also focuses on transfer tracking for the companies providing services dealing with digital assets.
With this, the member VASPs of CODE will be able to detect as well as block the risk related to external wallet addresses while withdrawing and depositing digital assets. The system of Protector will enable double-validation of the wallets that are blacklisted. In this way, they are to be categorized into black, grey, and white classes based on their risk level. In addition to this, the system will stop the wallet addresses that are blacklisted.
The Project Will Offer Enhanced Security
Moreover, it will support securer transfers of virtual assets at CODE. The member VASPs of CODE will be capable of managing the position of the rules related to travel as well as the risks dealing with the wallet addresses. This will be done through CODE’s Travel Rule Status Management System. The Threat Reputation Database (TRDB) is developed by Uppsala Security. The respective project comprises the categories like phishing, Darknet, gambling, and fraud.
The TRDB is considered to be crowdsourced. This indicates that its update is carried out regularly. In this respect, the real-time information is collected from diverse sources taking into account the list provided by the Office of Foreign Assets Control (OFAC). The rest of the blacklists dealing with domestic incidents are also taken into consideration. This guarantees the high accuracy of TRDB and has worldwide credibility and coverage.
As per Koo Min-Woo, the Korea Country Manager of Uppsala Security, the blacklist database of the platform is managed into eighty-four blacklist classes. The respective categories include crime categories related to data to rapidly detect any fraudulent operation. Apart from that, the unit of Uppsala Security to respond to the potential damage to the digital assets has obtained 1,700 reports signifying the total damage of up to 482B KRW worth.
