Russia launches a service to track fraudulent and criminal crypto transactions

“SHARD” can be used by both individuals and corporate clients

18.01.2023 - 15:00

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2 min

What’s new? Russia has launched a cryptocurrency asset analytics service called “SHARD.” It is developed using machine learning and artificial intelligence technologies in order to solve urgent problems in the financial sector for individuals and corporate clients. The service identifies fraudulent transactions and cryptocurrencies on the most popular blockchains and allows one to request analytical support and legal assistance from experts.

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What else is known about the service? With “SHARD,” users can conduct a quick check of crypto credentials to establish counterparty identity (KYC) as well as compliance with measures to combat money laundering and terrorist financing (AML/CFT). The service also identifies transactions and addresses involved in illegal activities. It uses proprietary developments and a database located on servers in the Russian Federation.

Grigory Osipov, Director of Investigations at SHARD, said that the service allows protecting ordinary users and companies from loss of funds and accusations of involvement in fraudulent transactions when receiving funds from dubious sources to their crypto wallets.

In February, the project’s team plans to introduce a paid subscription to services, but in the meantime, service features can be tested for free in the first month after its launch by registering on the site.

In December 2022, the Ministry of Interior of Russia implemented a digital service “Personal account of the law enforcement body” and connected to it the employees of the agency. The tool successfully functions and demonstrates positive results in identifying unscrupulous owners of crypto wallets.

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