South Korean tech giant – Samsung has signed an agreement with Singapore-based software company – Uppsala for the integration of Anti-Money Laundering (AML) features to the Samsung Blockchain Wallet. This feature on the Samsung Blockchain Wallet compliments existing Knox and Trusted Execution Environment (TEE) security features adding another layer of security.
In the agreement, Uppsala will “directly link its AML solutions” for digital assets to Samsung’s Blockchain Service to offer users new features including, push notifications for suspicious transactions and real-time detection of such threats to users.
User Benefits from AML Integration
Samsung Blockchain Wallet users will benefit in these ways:
- Verify the authenticity of a wallet address before initiating the transaction. Users will benefit from Uppsala’s extensive Sentinel Protocol’s Threat Intelligence Database (TRDB) to ensure that the wallet they are about to transact to has no history of malicious activities before proceeding with the transaction.
- Receive push notifications regarding malicious transactions either into or out of the user’s wallet. Uppsala’s AML solutions will help detect when user’s private keys are leaked or credentials mismanaged and send push alerts to their wallet.
- Track lost digital assets and receive a comprehensive analysis report regarding the process. Users who fall victim to money laundering through fraud or hacking can report the issues through Uppsala’s Sentinel Portal in the wallet app. The issues will be investigated and reports over the issues provided to law enforcement authorities for follow up.
Who’s Enjoying the Services?
As the integration starts, the free service will be available for users in South Korea and Singapore only. Also, users will receive a tracking report for only one digital asset address.
Hopefully, as the partnership grows and Samsung expands its Blockchain Service, the AML solutions will expand to more regions and include additional support for multiple wallet addresses.
This latest agreement between Samsung and Uppsala comes in the backdrop of a Business Service Partnership deal made in July 2020. This deal mainly focused on the loss of cryptocurrencies from scams and hacks. The growing partnership is a positive sign for the advancing security and trust for blockchain wallets as digital assets move to be in the mainstream financial sector.