How anti-money laundering robot AMLBot works

The cryptocurrency sector has seen massive adoption in various industries over the past year. At first, it was only attracting retail investors. Then, over the years, celebrities started entering it and getting involved, and now, even institutions are starting to buy it. Some believe that the next step for adoption is for the governments to start buying cryptocurrency, which is likely to happen at some point.

However, before that happens, there are still issues to tackle and try to resolve, as the governments have high criteria about which assets they would get involved with. For example, using illicit funds is a big problem, not only for governments but for businesses, as well. No business wants to put a target on its back by allowing criminals to use their services for illegal activities. But, while it is impossible to stop this from happening with fiat money — cryptocurrencies are a different story.

Thanks to transparent blockchain technology and the ability to track payments, it can be determined which funds are illicit, and which are not. In fact, there is a special robot known as AMLBot that can help you determine it on your own.

What is AMLBot and how does it work?

AMLBot is an anti-money laundering (AML) robot that can check crypto wallets for illicit funds. Accepting illicit goods and servicing criminals is one of the main concerns of goods and services providers, and this bot can help put their minds at ease. 

By using it, businesses can ensure that their clients’ funds are clean and that they won’t help criminals in any way, even by allowing them to spend dirty money.

The robot works by screening cryptocurrency wallets and transactions and searching for connections between illicit activities and the funds found within. Doing so is not only important to set your mind at ease, but also to ensure compliance with supervisory authorities. On top of that, it can also be useful in protecting businesses from scammers, fraudsters, and others who might somehow damage it through cryptocurrency schemes.

The robot’s developers have even compared investigating the origins of funds to cutting a diamond. The more they do it — the more information they can discover about the funds.

Why is it important to avoid Illicit funds?

Businesses have to do everything in their power to stay away from illicit funds for several reasons, such as avoiding regulatory actions being taken against them. Regulators and supervisory authorities are constantly hunting for online criminals, but since criminals tend to know how to cover their tracks, the only other thing to do is to follow the money.

You do not want that money to lead back to you and have your wallet marked as having illicit funds associated with it. It could damage your reputation, and maybe even lead to your business being considered an accomplice in money laundering or scamming.

AMLBot’s team also stressed that they do not aim to scare people into getting their bot. Instead, this is the real state of things that people need to be aware of. Things are changing with the growth of the crypto industry, and as adoption grows, the rules regarding the crypto sector will only continue to become more and more strict.

How to use AMLBot?

AMLBot is actually very easy to use. All you need to do is go to its website, provide the cryptocurrency address that you wish to check, and hit the ‘Check’ button. After that, the robot will investigate the address against several databases to which it is connected, and immediately highlight all suspicious transactions. It will then return this information, with detailed statistics and even a percentage of how many coins are considered illicit. 

The first check is for free, but after that, this is a premium service. Even so, it is very affordable, with three plans being offered:

• 25 checks for $50 ($2 per check).

• 100 checks for $100 ($1 per check).

• 1,000 checks for $300 ($0.3 per check).

Everything is automatic, quick, and easy, and the entire process only lasts a few seconds. A few seconds and a bit of money can help you determine which of your clients are safe, and which ones are trying to get rid of illicit money by using your service.

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