OFAC seeks to analyze and monitor crypto transactions with Chainalysis blockchain tools

• The United States Office of Foreign Assets Control is looking to monitor further and analyze digital asset transactions.
• The notice comes as the second time the OFAC has put out a call for blockchain analytics tools.
• The office aims to explore transaction flow mapping, user behavior and market data with Chainalysis’ support.

The United States Treasury Department’s Office of Foreign Assets Control (OFAC) is requesting a subscription to use a blockchain analysis tool to analyze and monitor cryptocurrency transactions. 

OFAC requests analytical tools for ‘mission-critical research’

OFAC, responsible for implementing US international sanctions and enforcing them on behalf of the government, is now seeking to use Chainalysis Inc’s analytics tools.

According to a public notice, the OFAC wants to subscribe to Chainalysis’ Training and Support Packages for “mission-critical research.” The financial intelligence agency aims to fill its requirement for a commercial online blockchain-based tracing application. 

Chainalysis is a blockchain firm that provides software and research that has offered services to a number of federal agencies, exchanges and institutions. The company aims to combat cybercriminal cases. 

Investigators at the OFAC will be using Chainalysis’ tools in the Office of Global Targeting (OGT) to analyze and monitor cryptocurrency transactions. The application would allow the office to collect “attribution information” on people the OFT is looking to add to the Specially Designated Nationals & Blocked Persons List (SDN).

This has been the second time that OFAC has made the same request. In early May, the office requested Chainalysis’ support to provide address clustering options, wallet explorer tool, user behavior data and transaction flow mapping.

The notice reads:

Moreover, Chainalysis’ use by key industry, US Government and foreign partners necessitates OFAC’s use of the same tool to be able to collaborate easily and seamlessly with these partners in investigations and anti-money laundering and terrorist finance inquiries.

OFAC wants its employees to take advantage of the blockchain firm’s training courses. The office is further seeking access to the “Get Certified Training Package” and “Specialist Training.” 

The service is available for use by OFAC for the next five years, with the final expiry date on July 14, 2026.

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