Editor's note: The original title was "Fao-Australia Develops New Blockchain Forensics Tool"
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French cybersecurity company Nigma Conseil and the Austrian Institute of Technology (AIT) revealed that they have jointly developed a new blockchain forensics tool. The agreement was signed on February 25 to develop a proposed compliance tool called e-Nigma.
E-Nigma provides users with a way to conduct due diligence in response to KYC and anti-money laundering (AML) regulations. It will monitor and organize blockchain transactions like other similar tools.
E-Nigma provides some advanced features, such as risk scoring and wallet classification, and is able to identify real identity addresses by grabbing information from the open and dark webs.
It is built on GraphSense, an open source cryptocurrency forensics platform provided by AIT. AIT is a state-owned research institute based in Vienna.
The technology is part of a project called TITANIUM, which is led by AIT and aims to investigate transactions in "underground markets". This project received € 5 million ($ 5.4 million) in funding from the European Union to reduce cryptocurrency crime.
Fabien Tabarly, CEO of NIGMA Conseil, commented on the collaboration as follows:
"The collaboration between leading European academic research institutions and our development team helps implement the most innovative tool that can combat virtual currency financial crime."
E-Nigma's field of work is highly competitive, as companies such as Chainalysis, Elliptic, and CipherTrace have provided similar solutions.
With the increasingly stringent global anti-money laundering regulations, many companies in the cryptocurrency and traditional financial fields have turned to blockchain forensics tools.
Chainalysis recently announced a partnership with Bitfinex and Tether to help service providers maintain compliance.
Elliptic has shifted its focus to banks and launched a compliance tool to let banks understand the real risks of cryptocurrency trading.