OFAC will track the blockchain transactions
The Office of Foreign Assets Control (OFAC) has submitted a second request for a subscription to the analytical software Chainalysis.
On May 26, the Office announced its intention to subscribe to the Chainalysis Rumker training and support packages. The agency made a preliminary request for Chainalysis blockchain monitoring tools on May 4.
In its request, OFAC indicated that it requires a commercial online application. It will be used by Global Targeting (OGT) investigators to track blockchain on the Internet.
OFAC is a financial intelligence and enforcement agency of the U.S. Treasury Department. It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives.
The reason for the acquisition of the software was the cooperation of the US government with foreign partners in the investigation of cases of money laundering and terrorist financing.
With the help of the application, OGT will be able to collect the necessary information about the people whom the Office wants to add to the list of “specially designated citizens and blocked persons” (SDN).
The report indicates that the Chainalysis Rumker licenses will ultimately enable OFAC to track all illegal transactions and cyber sanctions.