Dirty Money: 2 Best Crypto Wallet Checker to Avoid it

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In the last two to three years, people have been using cryptocurrencies more and more. Coinbase has made it more than just a passing fad to buy and sell cryptocurrencies, thanks to big names like Elon Musk.

In recent months, both the number of crypto payment gateways and the number of people who accept P2P payments have grown a lot. Even though the crypto space is getting bigger, there are still some problems that need to be solved. One of the biggest worries is how to deal with dirty crypto money or dirty money and anti-money laundering.

In the world of cryptocurrency, what is “dirty money”?

Some of the most well-known transactions and services that people think of as “dirty money” in crypto are:

People use mixing services for Bitcoin or other cryptocurrencies to hide their identities and avoid being tracked. Many governments and exchanges, on the other hand, do not like to deal with these cryptos.

Hacked cryptos: Hacking cryptos is not a new thing, and every other day we see a lot of exchanges and DeFi protocols being hacked. Hackers try to hide their tracks by sending this money to non-KYC exchanges, using mixing services, or selling over-the-counter (OTC).

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Sanction crypto addresses. The government’s financial act task force can ban crypto addresses that are used to fund illegal activities or to fund terrorism. It meant that you shouldn’t talk to these addresses once the sanction is in place. The Tornado cash sanction is a well-known case of this.

Any wallet that has interacted with Darknet services and is used to trade illegal goods for cryptocurrencies is a darknet service or marketplace. Some of the most common ways that this type of money laundering is used are to abuse children, fund terrorism, sell drugs, etc.

Ransom: Extortioners use things like blackmail, Malware, and other things to get people to pay them in cryptocurrencies.

How Does Crypto Dirty Money Impact You or Your Business?

When you send your cryptocurrency to a wallet that has been linked to illegal activities, you also flag your own wallet. Once your wallet is linked to a wallet that has been banned, hacked, or used for illegal activities, it will be hard for you to spend the money in that wallet. To follow AML and FATF rules, a crypto exchange might close your account.

In the same way, if your business accepts crypto payments, you need to make sure you’re not taking dirty crypto money. Now, many of you may be wondering if there are ways to:

  • Check to see if the address you are using is clean.
  • Is the money in your current wallet clean, or is it thought to have come from a dirty wallet? If so, make a new wallet to change your money.
  • Businesses that receive money from a wallet that seems to be flagged could turn on KYC.
  • There are facilities that let you check any cryptocurrency wallet address on several blockchains to see if the money in it is clean or dirty. Such a service has been around for a while, and as more people use it and more rules are put in place, it is becoming more popular. These services should be in the toolbox of crypto users who know what they’re doing.

How to Check Crypto Addresses for AML Compliances

Here is a list of the best services you can use to check if an AML compliance is met for any crypto wallet address.

1. Wallet checker

Crypto-wallet-checker

Walletchecker by AMLBot is a mobile app for iOS and Android that lets you check any crypto wallet address on 25 different parameters. This one is simple to use and works best for personal use. The first 1–5 checks are free, and each check after that costs about $1.

Walletchecker can be used to:

  • Check to see if your current cryptocurrency wallet addresses are vulnerable.
  • Use this before you send crypto to a wallet address you don’t know.
  • Get notified if you end up getting dirty cryptocurrencies.

2. AMLBot – Business Use

AMLBot

A bot that stops people from laundering dirty money can be used as a web app or as a Telegram app. This service lets both people and businesses use its anti-money laundering checker API services.

With the Telegram app, you can check the risk profiles of any crypto wallet address based on a number of different parameters. The telegram bot shows you the risk profile in the chat window, and you can also ask for a.pdf file that you can share with other users.

Here’s how to use the AMLBot feature:

  • Go to the website for AMLBot.
  • Click on “Check wallet address” and then click on the link for the Telegram channel.
  • Type check and the address of the wallet you want to check.
  • Choose the kind of blockchain you want.
  • Within minutes, the bot will make the report.
  • You will also have the option to make a.pdf report that you can use in the future or give to other people.
  • Any address can get a full report from AMLBot, which costs about 15 USDT.

Taking the necessary steps forward to avoid dirty money

It is very important to be careful when sending and receiving cryptocurrencies, whether you are an individual or a business. Bitcoin has given us the power to be our own bank and created a new way to handle money. But compliance and stopping money from being laundered are big problems that the world has to deal with. This kind of problem can be solved by these AML checker services.

I wouldn’t be surprised if, in the future, crypto wallets already had this feature built in. I’d be happier if there was a way to turn down an incoming transaction and keep dirty money out of our wallets. If you run a business, you should use a trustworthy Crypto payment gateway that handles KYC and AML for high-risk transactions.

Here are some things you could do as a person to check the dirty crypto money:

  • Use smart contracts that you can trust
  • If you deal with P2P payments, keep an Excel sheet with the wallet address and name of the person or service you are working with. In this way, you will be safe in the future.
  • If you use crypto a lot, you should use a new wallet address once a month or every three months. It might not be easy right now, but it will help you in the long run.
  • Use a “burner wallet” when dealing with smart contracts, users, or services that could be dangerous.
    • As we find more tools like this, I will add newer and more modern services to this list. You can save this page as a bookmark and come back later to see a list of services that has been updated. If you know of other services like this or are making one, please email hello@coinsutra.com.

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Shubham Aggarwal

Hey, I am Shubham Jindal - A passionate blogger & Digital marketer. I am a proud owner of Pickootech which is a tech blog and all about car reviews and financial knowledge + Digital marketing material.