The major smartphone maker Samsung has integrated a crypto asset money laundering (AML) solution to help increase the security of its Blockchain Wallet, a feature of its latest flagship phones.
According to a blog post from the software company Uppsala Security From South Korea, based in Singapore, the company has signed an “AML Blockchain Service Integration Agreement” with Samsung and has “directly linked” its crypto AML solutions “to the Samsung Blockchain service”.
The move, Uppsala said, will allow Samsung smartphone users access to "real-time threat detection or automatic notifications triggered by suspicious transactions."
The AML solution allows users to check the status of cryptocurrency wallet addresses before proceeding with a transfer, to verify a database of interaction with wallets that have been flagged as possible links to hackers, scammers or known users of the dark web.
The solution also has a tracking system for customers who believe they have been the victims of fraud or hacking attempts, with tracking reports that Uppsala claims can be turned over to law enforcement for use as evidence.
However, it appears that, for now at least, only customers from selected Asian countries will be able to make use of the solution, and Uppsala added:
"The free service is currently provided to users in South Korea and Singapore only for the provision of a primary fund tracking report with a cryptocurrency wallet address."
The move further deepens the Uppsala-Samsung bond, and the companies earlier this year announced their intention to launch a "crypto loss tracking system."
Uppsala has also been working with law enforcement firms and legal experts on a solution that allows police and judicial officials to seize and freeze cryptocurrencies as part of criminal investigations.