National police agency in APAC deploys Cognyte’s unique AI solution and strengthens its financial investigation capabilities to tackle the growing challenges of illicit cryptocurrency activities
HERZLIYA, Israel–(BUSINESS WIRE): Cognyte Software Ltd. (NASDAQ: CGNT) (“Cognyte”), a global leader in investigative analytics software, today announced a new subscription-based deal exceeding half a million dollars annually with a longstanding law enforcement agency customer in the Asia-Pacific (APAC) region. The national police agency is growing its Cognyte portfolio by adding Cognyte’s unique blockchain analytics solution designed to accelerate cryptocurrency investigations and combat crime.
With illicit cryptocurrency transactions surpassing $24 billion worldwide, bad actors around the globe are increasingly using cryptocurrencies to bypass economic regulations. The sophistication of these crimes and techniques continues to evolve, requiring law enforcement agencies to stay ahead of these challenges.
Cognyte’s unique solution empowers the agency’s criminal investigation unit to detect crypto-based criminal actors independently of cryptocurrency exchanges. By leveraging blockchain intelligence, AI, machine learning and intelligence techniques, the advanced technology enables investigators to uncover hidden insights within blockchain data and unmask criminals conducting suspicious cryptocurrency transactions to fund organized crime, cybercrime, terror and money laundering.
“As a trusted partner we understand that longstanding customers are challenged with new use cases in growing domains like cryptocurrency, and our rich portfolio aims to meet their needs,” said Efi Nuri, Chief Revenue Officer at Cognyte. “Cognyte’s advanced blockchain analytics helps to de-anonymize hidden transactions within financial investigations and mitigate the harm caused by criminal enterprises exploiting cryptocurrency networks for growing use cases like terrorism funding and Darknet market illicit activity. The customer will gain blockchain intelligence that was previously unattainable, empowering their investigators to safeguard the integrity of their digital financial ecosystems and bring criminals to justice.”
Law enforcement agencies and financial crime units worldwide can leverage Cognyte’s solution to combat illicit cryptocurrency activities, including cybercrime, organized crime, trafficking and money laundering. Cognyte’s industry-leading capabilities enable agencies to fast-track investigations, confiscate cryptocurrencies tied to illegal activities, return stolen funds and assets to victims, and remove bad actors from cryptocurrency ecosystems handling trillions of dollars in annual trading volumes.
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