We, Scorechain team, are excited to introduce a new feature in our crypto risk AML solution: the Know Your VASP Report. This addition is designed to empower users with comprehensive reports, ensuring their daily compliance and reporting procedures are both effective and legally sound.
Understanding Know Your VASP
VASPs or Virtual Asset Service Providers are businesses that deal with virtual assets, including centralized exchanges, decentralized exchanges, custody providers, investment funds, and more. The “Know Your VASP” concept revolves around the crucial process of determining whether a cryptocurrency transaction involves another Virtual Asset Service Provider (VASP) and how is that specific entity. This initial assessment is pivotal for comprehensive due diligence and helps VASPs ascertain whether their counterparties are legitimate and compliant entities. It also ensures that counterparties can uphold the confidentiality of Travel Rule information as regulatory requirements.
The Scorechain’s Know Your VASP report serves as a valuable feature for risk AML compliance reporting that is available in PDF format, excel, pictures, and graphs which provides detailed information about cryptocurrency entities, including financial and regulatory data, operation countries, the flow of funds, AML risk scoring for incoming and outgoing funds, and risk indicators.
Why Do You Need Know Your VASP Reports?
Cryptocurrency regulations are increasingly stringent worldwide. These regulations are put in place to prevent financial crimes such as money laundering, terrorism financing, and fraud. Know Your VASP reports are essential for compliance teams to fulfill their reporting obligations, especially in terms of transaction monitoring and suspicious activity reporting.
Know Your VASP report benefits you in several ways including:
- Licensing and Registration: The VASP report helps you comply with the licensing and registration mandates in the jurisdiction where the VASP operates.
- Identifying Illicit Fund Flows: The reports aid in identifying suspicious or illicit fund flows of each entity, which can be reported to relevant authorities.
- Protecting Against Cryptocurrency Money Laundering Risks: Staying vigilant against cryptocurrency money laundering risks is essential for VASPs and other financial entities.
- Making Informed Decisions Around Security and Compliance: The comprehensive data in Know Your VASP reports empowers businesses to make well-informed decisions concerning security and compliance matters.
Scorechain: Your Best Blockchain AML and Compliance Solution
Scorechain’s Blockchain Analytics helps compliance teams with the tools they need to monitor cryptocurrency transactions effectively. With features like risk scoring and risk indicators, users can assess the risk levels of entities, addresses, and transactions. These risk indicators are fully customizable to adapt to varying jurisdictions and internal processes.
The solution also offers valuable features such as real-time transaction monitoring, case manager, entity directory, and exploration tool to implement holistic AML processes for cryptocurrencies. And of course, the new feature like Know Your VASP reports which helps users stay compliant and mitigate all potential risks related to suspicious crypto entities. To obtain Know Your VASP reports, users simply need to submit a request, and the reports will be delivered within a few days. With Know Your VASP reports, users flexibly specify crypto assets, cross-chain transaction analyses, and set specific timeframes. This feature allows users to comprehensively compare the exposures over time, perfectly aligning with companies’ regular basis requirements.
If you’re keen on enhancing your business’s compliance and security in the cryptocurrency space, don’t hesitate to reach out to Scorechain for a free demo of their solution. By leveraging Know Your VASP reports and the comprehensive suite of compliance tools, you can navigate the complex world of cryptocurrency regulations with confidence and success.
Scorechain, a leading Blockchain Analytics provider based in Luxembourg, distinguishes itself in the rapidly transforming realm of cryptocurrency compliance. With a steadfast commitment to data protection and integrity, Scorechain offers several unique selling points including API-Centric Seamlessness, Fully Automated Monitoring, and Anticipatory Threat Detection with Actionable Insights.
Scorechain’s platform provides identifying data and risk assessment for all major blockchains. 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 parameters provided so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.