Wednesday, October 28, 2020

Elliptic releases data set for anti-money laundering in bitcoin, explores new AI techniques with research scientists

-

Elliptic announces today the release of the Elliptic Data Set — the world’s largest set of labeled transaction data publicly available in any cryptocurrency — to motivate and enable the development of new techniques for detection of illicit cryptocurrency transactions.

This release coincides with a new paper that Elliptic scientists have co-authored with researchers from the MIT-IBM Watson AI Lab.

The paper, entitled, “Anti-Money Laundering in Bitcoin: Experiments with Graph Convolutional Networks for Financial Forensics,” will be presented by IBM Research Staff Members Mark Weber and Giacomo Domeniconi at the Anomaly Detection in Finance workshop of the Knowledge Discovery and Data Mining Conference (KDD) on August 5, 2019.

Money laundering is the process of obfuscating money transfers originating from criminal activity.

- Advertisement -

Billions of dollars of criminal proceeds are laundered through cryptocurrencies each year.

Recent advancements in deep learning for graph or network structured data show promise for identifying bad actors in complex money laundering schemes.

Through this scientific work, Elliptic aims to help its clients to more effectively and efficiently identify illicit transactions, reducing compliance costs and driving criminal activity out of cryptocurrencies.

The Elliptic Data Set consists of 200,000 bitcoin transactions with a total value of $6 billion.

- Advertisement -

Transactions identified by Elliptic research as having been made by criminal actors have been labeled, to allow the development and testing of new predictive techniques.

Read MoreBinance Teams Up With Elliptic to Bolster AML Compliance

Elliptic is the leading provider of blockchain monitoring solutions for regulatory compliance and risk management by cryptocurrency businesses and financial institutions worldwide.

Machine learning is already used within Elliptic’s products to identify cryptocurrency transactions associated with money laundering, sanctions violation or terrorist financing.

These insights are used by clients including cryptocurrency exchanges and financial institutions to meet their compliance obligations.

According to the paper’s co-author Mark Weber: “Graph convolutional networks are still a young class of methods, and we’re in the early days in these experiments, but we do believe GCN’s power to capture the relational information in these large, complex transaction networks could prove valuable for anti-money laundering.”

Chief Scientist and co-founder of Elliptic, Tom Robinson said, “Elliptic uses a range of advanced techniques, including machine learning, to facilitate financial crime detection in cryptocurrencies.

Our work with researchers from the MIT-IBM Watson AI Lab builds on this, to ensure that our clients have access to the most accurate and effective insights available, reducing their compliance costs and ensuring that their services are not exploited by criminals.”

MUST READ

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Former Jacksonville City Council members set for sentencing in fraud case

Former Jacksonville City Council members Katrina Brown and Reggie Brown are scheduled to be in federal court Tuesday to begin a hearing on their...

Former Harris County deputy constable pleads guilty to transporting drug money and heroin

A former Harris County deputy constable and her husband pleaded guilty Wednesday to charges of conspiracy to possess with intent to distribute heroin, according...

Guatemala seeks arrest of ex-minister linked to a $16m cash discovery

Guatemalan prosecutors are seeking the arrest of the former communications minister for ex-President Jimmy Morales on money laundering charges after finding a connection to...

Fundraiser Elliott Broidy pleads guilty in foreign agent case linked to 1MDB

Major Republican Party and Trump fundraiser Elliott Broidy pleaded guilty Tuesday to acting as an unregistered foreign agent, admitting to accepting millions...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks