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Date: March 30th 2023
Published on: Products
Crypto AML, Crypto Compliance, Feature, Transaction Monitoring,
Scorechain is the leading European provider of blockchain analytics tools. Today, the company announces the launch of its advanced rule engine-based transaction monitoring system.
The Scorechain team designed the new feature to help automate the crypto transaction monitoring process, making it faster, easier, and more reliable. It also allows compliance teams to better prepare for the implementation of future crypto regulations like MiCA and the related AML/CFT requirements with streamlined processes.
It allows compliance teams to configure risk scenarios with total flexibility to monitor crypto addresses and custom lists. The risk scenarios integrate different types of rules that users can combine, for example, at the level of the transaction direction, the amount in crypto, or risk indicators triggered. For each rule, several parameters are provided, allowing compliance teams to monitor infinite possibilities of scenarios.
When a risk scenario triggers for one of the monitored items, the system sends a real-time alert notification. Compliance teams can then work together to manage and solve the alert notifications.
The transaction monitoring system comes with a fully transparent audit trail. It helps users to keep a clear timeline of events, allowing them to detect and mitigate risks efficiently. The feature is available for major blockchains, 10,000+ crypto assets, and also supports 20 fiat currencies.
Scorechain’s new transaction monitoring system provides seamless API connectivity. It can be integrated within custody technology solutions, like our long-time partner Taurus, BitGo, Cybavo, Fireblocks, or Metaco, and customers’ own internal systems. The integration enables the possibility to automate the actions to take after the trigger of a risk scenario.
Don’t hesitate to request a demo of this new feature. Discover how you can level up your transaction monitoring processes for enhanced compliance.
Scorechain provides a blockchain analytics and transaction monitoring platform for crypto assets. As a leader in crypto compliance, the Luxembourgish company has helped over 200 customers in 45 countries since 2015, ranging from cryptocurrency businesses to financial institutions with crypto trading, custody branch, digital assets, customers onboarding, audit and law firms, and some LEAs.
Scorechain’s platform provides identifying data and risk assessment for 30+ blockchains and over 10,000 crypto assets. The platform connects to different sources and block lists to provide risk scoring on crypto assets, transactions, addresses, and entities. The risk assessment methodology applied by Scorechain has been verified and is fully customizable to fit all jurisdictions. Customers can monitor infinite possibilities of risk scenarios with a wide range of risk parameters provided so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.