Nigma Conseil, a French cybersecurity firm, has partnered with the Australian Institute of Technology (AIT) to develop a new blockchain forensic tool.

The two companies came together to sign an agreement on Feb 25 to work on a proposed compliance tool, e-Nigma. This new solution allows its users to conduct due diligence investigations in response to KYC and AML regulation. It also monitors and organizes blockchain transactions, like other similar tools do.

E-Nigma is built on the GraphSense platform, an open-source crypto forensics platform provided by AIT. The solution provides many advanced features such as risk scoring and wallet clustering. It can also identify addresses with real-time identities by scraping through both the clear and dark web. AIT is a research institute owned by the government, with headquarters in Vienna.

According to Fabien Tabarly, NIGMA Conseil CEO, the partnership has been instrumental in implementing the most innovative tools to curb financial crime in virtual currencies.

As AML regulations around the globe become stricter, many crypto and traditional financial institutions are turning to forensics tools. e-Nigma is not the only blockchain firm that provides forensic tool. Other companies like Chainalysis, Elliptic and CipherTrace also provide similar solutions.