While growth is happening in the crypto space, the number of crypto payment gateways has increased tremendously, and also the number of people who have started accepting P2P payments. However, this has been accompanied by certain challenges. Some of the biggest concerns include anti-money laundering, and dirty crypto money. Crypto wallet checkers are analytical tools that aim to identify the origin of funds whilst determining the purity of assets. This helps in protecting the users from scammers and provides an overview of their assets’ integrity.
Crypto wallet checker is built by a team of experts across the globe to bring honesty and transparency to the crypto space. AMLBot Crypto wallet checker has an algorithm that analyzes more than 10,000 open sourced and 2,500+ spam in real-time. Wallet checker is a user-friendly tool that offers detailed reports on 25 parameters to more than 15+ top Crypto networks like Ethereum, Bitcoin, among many others.
What is Dirty Crypto Money?
These are some of the commonly known transactions and services that are considered to be dirty crypto money:-
1. Bitcoin or crypto mixed services: crypto traders that use Crypto mixers that hide their identity and traceability are mostly not entertained by governments and exchanges because it seems suspicious. A widely known example of dirty crypto money is the tornado cash sanction. Read this article to learn more about tornado cash sanction.
2. Hacked Cryptos: Hackers try to hide their identity by sending money to non-KYC exchanges using mixed services or OTC selling, which has seen a lot of DeFi protocols and exchanges being hacked.
3. Sanctioned Crypto Addresses: this means that traders should not interact with addresses that have been sanctioned by government officials for any illicit activities like terrorism financing.
4. Darknet Services or Marketplaces: any wallet that has communicated with a prohibited website on the darknet and any crypto used for illegal marketplaces.
5. Ransom: Extortioners may demand payment in the form of cryptocurrency, using methods such as blackmail, Malware, and so on.
Effect of Crypto Dirty Money On Individuals and Businesses
Once a trader’s wallet is linked with any sanctioned, illegal, or hacked wallet by sending crypto to the said wallet. You risk your wallet being flagged. What this means is that you lose access to your wallet and by extension your funds. Crypto exchanges might block your account in compliance with AML and FATF guidelines.
To gain an in-depth understanding of cryptocurrency wallets and the importance of self-custody, read these articles: cryptocurrency wallets explained and top non-custodial hot Wallets.
In the same vein, if your business accepts crypto payments, you need to ensure you’re not accepting dirty crypto money. This being said, many might be wondering how can one identify dirty crypto money:
- Check the address if it is clean or not
- If your wallet is suspected of receiving dirty crypto money, the solution is to create another.
- Businesses that could enable KYC when they are receiving money from a wallet that seems to be flagged will be helpful.
For more insights on crypto KYC, check out this article that explains all you need to know.
For any savvy crypto users, there is a piece of good news for you, there are services that allow you to check any crypto wallet address on multiple blockchains for clean or dirty money. Although such services have existed for some time but now with more adoption and guidelines they are more popular. They can be an arsenal for any crypto user.
How To Check Crypto Addresses?
Here are the best services a crypto trader can use for checking any crypto wallet for AML compliances.
Wallet Checker – Great For Personal Use
This is an easy-to-use personal wallet checker by AMLBot, suitable for mobile apps (iOS and Android devices). It offers 1-5 check services for free and post that, about $1 per check. Crypto wallet checker can be used to:-
- Check if your existing crypto address is at risk.
- Can be used to vet accounts before sending crypto to an unknown wallet address.
- Get a notification if you received dirty cryptocurrency.
AMLBot Crypto Wallet Checker – For Personal and Business Use
This Crypto wallet checker serves as an Anti-money laundering bot for both personal and business use, AMLBot crypto wallet checker is suitable for both web apps and telegram apps by offering anti-money laundering checker API services. For the telegram app, they can check any crypto wallet address for the risk profile based on different parameters. The bot shows you the risk profile within the chat window and a pdf file can be requested to share with other users.
1/ 🚨 Exchange Web3 Phishing Scam
Numerous fake exchanges have recently appeared, imitating authentic ones and causing over $15 million in losses through requests for token approvals, money transfers, or by showing fake deposit addresses.
Stay safe by understanding the issue ⤵️ pic.twitter.com/wrihZLHaYt
— AMLBot (@AMLBotHQ) May 18, 2023How To Use AMLBot features;-
- Go to AMLBot website.
- Join the telegram channel by clicking on “check wallet address”
- Type check and enter the wallet address, you wish to check.
- Select the type of blockchain
- A report will be generated by the bot within some minutes and it will look like these.
- Crypto wallet checker have an option that generate pdf file, which can be used for future references.
- Here is an example of such a report.
AMLBot offers detailed reports for any address, which cost around 15USDT
AML Crypto wallet checker services are the solution to the challenges posed by anti-money launderers, it’s of utmost importance that an individual or businesses are mindful about sending or receiving cryptocurrencies.
Conclusion
It will be interesting if crypto wallet can offer AMLBot Crypto wallet checker as an in-built service to its users in the future. These will be a great option that will help traders to decline incoming transactions and safeguard their wallets from dirty money. Furthermore, for businesses, it’s advisable you use a reliable crypto payment gateway, which takes care of KYC and AML for high-risk transactions.
For an individual, here are a few things you can do:
- Interact with reliable smart contracts.
- If you are dealing in P2P payments, maintain an Excel sheet containing the wallet address and identity of the person/service you are interacting with. This way, you safeguard yourself in the future.
- If you are a heavy crypto user, you should use a new wallet address after every month of a quarter. It may seem inconvenient for now, but it would help you in the longer run.
- A burner wallet is advisable when interacting with risky smart contracts or users/services.
