Scorechain just released its new the Ethereum platform of its transaction tracking and AML software for cryptocurrencies. The startup is specialised in crypto-tracking compliance tools since 2015. First, with its product Scorechain Bitcoin Analytics, then with Initial Coin Offering AML offers. The third piece of the product range missing is now launched: the Scorechain Ethereum Analytics Solution for real time monitoring.
“Developing the AML and transaction tracking tool for Ethereum was planned for a few months. Our current customers were asking for monitoring the second largest used cryptocurrency in the world, they need solutions to verify source of funds in ETH especially for OTC trading, crypto cash outs and funds raised via ICOs’’ said Pierre Gérard, Scorechain CEO.
This release is a milestone for both the start-up and the cryptocurrency universe. The startup proves once again its uniqueness and high-level competencies with the launch of the first real time monitoring tool for Ethereum.
The product provides the ability of tracking both the origin and destination of Ethers, analysing addresses and transactions risk, and creating AML rules, groups and labels adapted to any compliance policies. Besides, the users can get all data via the API reference, including customizable features, which allow them to automatise completely the monitoring process.
A dashboard with unique user-friendly interface
Like Scorechain’s first product Bitcoin Analytics, Ethereum Analytics has also a unique user-friendly interface. The dashboard design allows a very simple navigation to verify origin of funds. Besides, the similarities between the two platforms give a “déjà-vu” feeling to Bitcoin Analytics users, which facilitates even more their navigation and allows them to have a better user experience.
The easiest way to assess the risk of incoming and outgoing funds in Ethers: the Scorechain Index
As for Bitcoin Analytics, the Ethereum version provides a Risk scoring for incoming and outgoing funds of addresses and wallets. In order to help the users to implement their own compliance policy, this Scoring (aka. SCx) is customizable. It allows users to configure their own scoring rules for types (clusters for service names) depending on their compliance policies and crypto market knowledge. Finally, for a full customization, Scorechain also introduces a 6 depth levels of analysis to meet different needs.
With more than 4,000 named entities, 2,000 scams and 1080 tokens addresses found, Ethereum Analytics is a top data quality AML tool for Ethereum.
Already Customers
1 month after private launch to their existing customers, Scorechain already counts customers for this new software. The Luxembourgish startup serves clients from all over the world mainly crypto-related businesses, audit firms, ICOs and financial institutions such as private banks, OTC traders and family offices willing to enter the crypto ecosystem wisely by focusing on fighting against Money Laundering.
“The solutions are very competitive and quite impressive”
“We have been very surprised about the large amount of fraudulent addresses trying to send their crypto to our exchange platform. We are pleased and really happy with your products”.
About AML for Cryptocurrencies
Crypto regulation worldwide is shifting at a fast pace and people have to be prepared to the future changes. Recently in the European Union cryptocurrencies have been added in the 5th Anti-Money Laundering Directive (5AMLD) requiring the need to leverage Anti-Money Laundering measures for cryptocurrency trading in Europe. In Australia, ICOs will undergo significant changes in the coming years. Australian currency exchange providers have already seen some transformation with the AML/CTF act and the Australian Securities and Investments Commission (ASIC) is now focused on ICOs. Anti-Money Laundering requirements are about to become a necessity.
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