Implementing holistic AML monitoring for Polygon (MATIC)

Scorechain is the leading European provider of blockchain analytics tools. Our all-in-one crypto AML platform already supports over 30 blockchains. Today, we are happy to introduce our Polygon coverage and help customers enhance their AML monitoring for the blockchain.

What is Polygon?

Polygon is a blockchain network created in 2017. Its native crypto asset, MATIC, is currently the 10th largest crypto asset by market capitalization.

Polygon has been built as a Layer-2 blockchain based on Ethereum and therefore shares some similarities with it. Polygon supports ERC20 tokens and has been quite popular for decentralized finance (DeFi) and applications (dApps). As a Layer-2 of Ethereum, Polygon aims to solve scalability issues faced by users of the Ethereum network. Indeed, Polygon can process up to 7,000 transactions per second.

This is why Polygon has gained rapid popularity. It reached a peak of almost 9 million daily transactions in June 2021 and currently processes around 3 million transactions a day. 

Source: https://polygonscan.com/chart/tx

Overall, Polygon is an active blockchain network and has become a go-to choice for many DeFi users and developers seeking to build decentralized applications that require high transaction throughput. With its high transaction volume, it is essential for companies offering crypto services to monitor transactions and perform AML/CFT checks for Polygon activities.

How to apply monitoring to Polygon activities with Scorechain Analytics?

Scorechain Analytics provides top-notch monitoring tools for the Polygon blockchain to perform seamless crypto AML checks. Our high-level features enable users to implement a 360-degree risk-based approach to Polygon transactions, wallets, and assets seamlessly, including:

• risk scoring and indicators for over 180,000 Polygon entities;
• multi-blockchain and multi-assets risk analysis;
• real-time transaction monitoring system;
• VASP Directory with due diligence assessment conducted on 700+ exchanges
• Investigation Tool with automatic visualization of transaction flows.

From risk assessment and screening against global blocklists to investigations and reporting, Scorechain Analytics facilitates the daily compliance work, allowing compliance teams to increase efficiency and save time.

Are you looking to onboard Polygon in a compliant way or to enhance your compliance policies? Don’t hesitate to request a demo.

About Scorechain

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 parameters provided so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.