Crypto Apps, Crypto Tech

South Korean Smartphone Giant Secured Blockchain Wallet with ‘AML’ Feature

Prominent smartphone manufacturer Samsung has blended a cryptoasset anti-money laundering (AML) answer to help boost the security of its Blockchain Wallet, a feature of its latest flagship handsets.

According to a blog post from Uppsala Security, a South Korean Singapore-based software firm, they have signed a “Blockchain Service AML Integration Agreement” with Samsung. It has “directly linked” its crypto AML solutions “to the Samsung Blockchain Service.”

The progress, said Uppsala, will provide Samsung smartphone users to access “real-time threat detection or push notifications triggered by suspicious transactions.”

The AML solution allows users to check on the status of crypto wallet addresses before proceeding with a transfer – to check against a database of interacting with wallets that have been flagged as having possible links to hackers, scammers, or known dark web users.

The innovation also has a tracking system for consumers who assume they have been victims of fraud or hacking attempts. With monitoring reports, Uppsala claims can be handed over to law enforcement agencies for use as evidence.

Nevertheless, it seems that for now at least, only customers in select Asian countries will be able to make use of the solution, with Uppsala adding,

“The free service is currently provided to users in South Korea and Singapore only for the provision of a primary fund tracking report with one crypto wallet address.”

The progress further deepens the Uppsala-Samsung bond, with the companies earlier this year announcing their intention to launch a “crypto losses tracking system.”

Uppsala has also been operating with law enforcement firms and legal experts on a solution that allows police and court officials to seize and freeze crypto funds as part of criminal investigations.

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