Business
BIG Blockchain Intelligence Group Flags OFAC-Sanctioned Bitcoin Addresses to Help Clients Mitigate Risk
BIG Blockchain Intelligence Group Inc. ("BIG"), a leading developer and provider of blockchain...
About this update from Bigg Digital Assets Inc.
[{"type":"text","content":"BIG Blockchain Intelligence Group Flags OFAC-Sanctioned Bitcoin Addresses to Help Clients Mitigate RiskBIG Blockchain Intelligence Group Inc. (\"BIG\"), a leading developer and provider of blockchain and cryptocurrency search, risk-scoring and data analytics tools and investigation services, has flagged the two OFAC-sanctioned bitcoin addresses in the Company's proprietary database to help financial institutions mitigate sanctions-related risk.● Non-compliance with sanctions requirements has cost financial institutions billions in fines and heightened government scrutiny● BIG's database is updated within 24 hours of new OFAC-sanctioned addresses● Sanctioned addresses are flagged and scored so BIG's clients can block transactions associated with the addressesVancouver, British Columbia--(Newsfile Corp. - November 30, 2018) -  BIG Blockchain Intelligence Group Inc.  (CSE: BIGG) (OTC: BBKCF) (WKN: A2JSKG) (\"BIG\" or \"the Company\"), a leading developer and provider of blockchain and cryptocurrency search, risk-scoring and data analytics tools and investigation services, has flagged the two OFAC-sanctioned bitcoin addresses in the Company's proprietary database to help financial institutions mitigate their sanctions-related risk. On November 28, 2018, for the first time, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) publicly attributed digital currency addresses to designated sanctioned individuals. The two digital currency addresses in question are as follows: 149w62rY42aZBox8fGcmqNsXUzSStKeq8C and 1AjZPMsnmpdK2Rv9KQNfMurTXinscVro9V. To remain compliant, all organizations must block transactions from these addresses.OFAC administers and enforces economic and trade sanctions against targeted foreign countries and regimes, terrorists, international narcotics traffickers, and other threats to the United States. Within 24 hours of OFAC issuing an updated list of sanctioned cryptocurrency addresses, BIG updates its database to flag the new addresses as being sanctioned and runs tests to confirm the detection of the newly flagged addresses within BIG's risk-scoring and forensic investigation services.A press release from the U.S. Department of the Treasury from November 28, 2018 stated: \"Like traditional identifiers, these digital currency addresses should assist thos...