Brazilian Bank to Use Chainalysis Reactor to Monitor Customers Crypto Transactions for AML


Banco Topázio, a Brazilian bank that deals with traditional as well as fintech firms, has partnered with blockchain analysis company Chainalysis.

The partnership would allow the Brazilian bank to make use of Chainalysis's investigation tools like Reactor for analyzing fintech and crypto firms before offering them its banking services.

Brazil has yet to finalize regulations for cryptocurrencies. However, the bank is betting on the compliance part and setting up its business for the fintech companies with best practices so that whenever FATF's “Travel Rule” guidelines are implemented, they are well-prepared to comply with them.

Lia Thomazzi Susin, Topázio Exchange Manager, commented on their partnership with Chainalysis and said:

“We are constantly evolving our exchange processes, seeking technological excellence, a qualified team, and application of the best market practices. And the partnership with Chainalysis contributes a lot in this process, further strengthening the security and integrity of our operations with cryptocurrency.”

Chainalysis Reactor, the investigation tool that would be used by the Banco Topázio bank, helps to establish cryptocurrency transactions for real-world entities. This tool is being actively used by law enforcement agencies as well as cryptocurrency businesses to identify bad players, frauds, and money laundering on a blockchain.

Raíssa Sanguinetti, an exchange analyst at Banco Topázio, commented on the newly formed partnership. Sanguinetti said that Chainalysis Reactor helps them monitor crypto transactions from customers, and then linking them to a real-world entity helps them put a curb on malicious transactions and people. He said:

“Chainalysis Reactor helps us validate our customers' activity through the monitoring and analysis of their transactions, all publicly registered on the blockchain.”

Chainalysis has established itself as a prominent blockchain analysis firm that has been creating numerous forensic and blockchain monitoring tools for governments, law enforcement agencies, and crypto firms. The firm has been pivotal in solving many hacks and scams, and different institutions are actively using its tools.

Jason Bonds, Chief Revenue Officer, Chainalysis, also commented on their latest partnership with Banco Topázio and said that the partnership would help the bank setup the compliance standard ahead of the regulatory clearance in Brazil.

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