Tel Aviv, Israel. — December 16, 2022 — BitOK introduces AML risk score feature that allows to screen wallets and transactions for illicit activities. While in the traditional financial world banks are usually responsible for asset verification, in the case of cryptocurrencies this responsibility falls on the heads of the crypto holders. Anti-Money Laundering (AML) checks are required to comply with regulatory rules and are safeguards against fraudsters and issues with exchanges or banks.

“In 9 out of 10 cases the reason behind account blocking stems from the origin of the funds and the failure to comply with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) procedures.“ says Dmitry Machikhin, Founder and Chief Executive Officer at BitOK.

How It Works
To get started, a user needs to complete registration and add read-only API keys for an automated data import. It is also possible to login with Telegram, Google or Facebook. Once connected, a user can check the entire portfolio or perform manual checks for specific transactions.

Transactions are screened against 10+ on-chain databases and analyzed in terms of economic activity.
The overall result is displayed in the AML Risk Score bar on the Dashboard. More detailed information is available under the AML risks tab. Moreover, it is also possible to see, in percentage terms, how much of the portfolio is made up of Trusted, Suspicious and Dangerous sources.

“If the AML watchdogs sense ‘dirty’ crypto that was previously involved in some illegal or suspicious transactions, the exchange is authorized to freeze the account until the refuting documents are provided. Yet the holder may simply be clueless that there is something wrong with his/her crypto. This is why it is important to conduct AML checks on a regular basis, and do the so-called crypto portfolio health check-up.'' explains Dmitry Machikhin, a recent addition to the 40 most prominent blockchain entrepreneurs by Forbes. “The good news is that BitOK service is way cheaper than health insurance and is affordable to anyone.''

Pricing and Availability
BitOK is free to start and immediately available to anyone. A flagship Smart plan is available from $15 per month and includes 30 AML checks. Additional plan information is available here.

About BitOK
BitOK is a one-stop shop solution combining portfolio tracker with additional features that allow to get rid of AML and TAX issues. Headquartered in Israel, targeted in Europe, MENA and North America at most. BitOK supports 50+ wallets (custodial and non-custodial), exchanges and blockchains, including BNB Smart Chain, Ethereum, Tron, Polygon, Avalanche, Fantom, Cronos, etc. For more information, visit https://www.bitok.org/.

Socials
Twitter: https://twitter.com/Bitok_org
LinkedIn: https://www.linkedin.com/company/bitokay/
Website: https://bitok.org/