Vietnam’s Nami Foundation taps Chainalysis for AML and CFT in crypto

Rick Steves

“Vietnam’s burgeoning blockchain ecosystem is one that we are committed to, and blockchain analysis backed by quality data is key to ensuring a safe, secure and compliant user experience for organizations in the industry.”

Nami Foundation has enhanced its transaction monitoring and investigation capabilities to detect money laundering and terrorist financing while protecting users from illicit activity on its blockchain services, Nami Exchange and Nami Insurance.

The Vietnam-based digital asset specialist’s newly enhanced AML and CFT capabilities are powered by Chainalysis, a renowned provider of data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 70 countries.

Nami Foundation is leveraging Chainalysis’ data platform to monitor transaction data on its systems, receive risk alerts from Chainalysis and then deploy asset protection solutions where required.

When there are high-risk transactions occurring on Nami Foundation’s services, the product development team will be enabled with Chainalysis’ blockchain analysis tools to suspend the transaction, investigate and verify before the assets are transferred to the receiving wallet. This helps to limit fraud cases where hackers take advantage of investors’ trust. Nami Foundation’s relationship with Chainalysis highlights the importance of collaboration among industry players in maintaining the integrity and trustworthiness of the blockchain ecosystem.

“One of the leading blockchain data platforms trusted by the most reputable names”

Nguyen Tuan Nam, COO of Nami Foundation, said: “Security and compliance are the top priority for blockchain organizations when developing financial products. We are excited to be working with Chainalysis, one of the leading blockchain data platforms trusted by the most reputable names in the field, to strengthen our compliance and hone our capabilities in monitoring and investigating transactions, while protecting users from illicit activity.”

Joshua Foo, Regional Director ASEAN & Central Asia at Chainalysis, commented: “Chainalysis’ mission is to build trust in blockchains, and we are honored to be driving this with Nami Foundation. Vietnam’s burgeoning blockchain ecosystem is one that we are committed to, and blockchain analysis backed by quality data is key to ensuring a safe, secure and compliant user experience for organizations in the industry. We are looking forward to continuing supporting Nami Foundation on its journey to build trust with customers and the wider ecosystem.”

Research from 2020 reported that 21% of Vietnamese consumers use or own cryptocurrency, second only to Nigeria at 32%. However, the rise of new technologies also brings potential security risks which could impact end users.

In fact, the Chainalysis Cryptocurrency Crime Report 2023 found that illicit transaction volume rose for the second consecutive year in 2022, hitting an all-time high of $20.1 billion.

To minimize potential risks, many blockchain organizations have conducted audits and invested in machine learning-driven blockchain analysis tools.

Organizations have also collaborated closely with security units to monitor abnormal transaction activities and prevent abuse while alerting users when necessary. By taking these measures, blockchain organizations are proactively enhancing security and ensuring the safety of financial transactions, while ensuring compliance to the latest regulations.

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