The rapid development of modern IT technologies and digitalization of virtually all spheres of public life require ARMA (Asset Recovery and Management Agency) to actively implement the latest approaches and technologies in the field of asset identification and tracing.
Virtual assets, especially cryptocurrencies, are increasingly used as a means of payment in criminal activities, including money laundering.
The full-scale war in Ukraine has brought big changes in the development of cryptocurrency market in the world. The desire of large businesses and small private investors to invest their capital profitably has increased interest in virtual assets, and hence the use of cryptocurrency by criminals and fraudsters.
Taking into account the current trends, in 2022 ARMA started cooperation with the world’s largest crypto exchanges on the sharing of information that can be used in identification and tracing of assets.
As of today, the National Agency has established communication channels and interaction with five major crypto exchanges, which makes it possible to obtain identification data of a cryptocurrency wallet owner, in particular:
- identity document;
- email address;
- IP address;
- name and IMEI of the device used to log in to the crypto exchange account;
- information about transactions;
- any additional cryptocurrency wallets and bank accounts used to replenish the wallet;
- accounts used to withdraw funds, etc.
Besides, interaction with crypto exchanges allows to additionally establish the facts of existence of digital and virtual assets of individuals in criminal proceedings and facilitates more effective cooperation with law enforcement agencies in providing additional information for the seizure of identified cryptocurrency assets.
