The FrenchBlockchain security company Nigma Conseil, have<a href="https://www.globenewswire.com/news-release/2020/02/25/1989793/0/en/French-Austrian-Collaboration-on-Fighting-Cryptocurrency-Enabled-and-Financial-Crime.html"> signed</a> an agreement with the Austrian Institute of Technology (AIT), on February 25, 2020, to work together against crimes related to cryptocurrencies. According to the contract signed by both parties, the companies would be working together on a proposed compliance tool Nigma.
<h2>Nigma And AIT Working Together</h2>
Nigma has been used by the customers to get information regarding KYC and<a href="https://www.cryptoknowmics.com/crypto/finma-updates-aml-guidelines-for-crypto-exchange-transactions/"> AML regulations</a>. The platform also provided advanced features like risk scoring and wallet clustering to its customers.

The report states that Nigma could easily scrap through the clear and dark web, and find addresses with real-life identities. It has been build on an open-source crypto forensic platform of AIT i.e., GraphSense.
<h2>European Union Supports Nigma Program</h2>
Nigma was part of a program called Titanium which was led by AIT to investigate the underground market transactions. The European Union rewarded a grant of $5.4 million to the company to reduce the crimes related to cryptocurrency.

While talking about the agreement, the CEO of Nigma Conseil, Fabien Tabarly, stated, “The synergy between a leading European academic research institute and our team of developers has been instrumental in implementing the most innovative tools to fight financial crime in virtual currencies.”

According to the reports, it has been a tough competition for Nigma in the market because companies like Chainalysis, Elliptic and CipherTrace were providing the same solutions to their customers.

The report further suggested that because of the strict AML regulations, both the companies decided to develop blockchain forensic tools.

Earlier,<a href="https://www.cryptoknowmics.com/crypto/chainalysis-and-coinfield-inks-deal-to-monitor-aml-compliance/"> Chainalysis</a> has also announced working with Bitfinex and Tether to help them with a privacy-safe tool to combat cybercrime. With the help of Chainalysis the firms, government and law enforcement agencies could easily monitor blockchain transactions and track the illicit activities of the suspect.

<a href="https://www.cryptoknowmics.com/crypto/elliptic-monitoring-finds-over-400m-in-xrp-tied-to-illicit-activities/">Elliptic</a> helps the banks with compliance tools, as it helps them (banks) to understand the risk related to cryptocurrency exchange transactions.

Nigma Develops Blockchain Forensic Tool With AIT

The FrenchBlockchain security company Nigma Conseil, have signed an agreement with the AIT to work together against crimes related to cryptocurrencies.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Nigma Develops Blockchain Forensic Tool With AIT

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