AML, crypto AML, Crypto asset, Crypto Compliance, crypto-asset regulation, Cryptoregulation, Germany, PwC Germany, Risk assessment, RiskAML,
Scorechain is happy to announce the publication of its latest regulatory guide. Our guide on crypto-asset regulation in Germany aims to help obliged entities to grasp every aspect of crypto AML requirements in Germany.
Why are there more and more crypto-asset regulations?
Since the outbreak of the COVID-19 pandemic in spring 2020, crypto-asset investments significantly increased worldwide. However, and despite the fact that they are disrupting traditional financial services, crypto assets also brought new kinds of financial risks. For example, financial risks include money laundering (ML), terrorism financing (TF), or fraud. To prevent this, worldwide governments and bodies have started to regulate crypto asset activities with anti-money laundering (AML) requirements.
To help companies understand these AML requirements, Scorechain just released its latest regulatory guide on cryptocurrencies. This guide has been co-written with our partner PricewaterhouseCoopers GmbH Wirtschadfsprüfungsgesellschaft (PwC).
Crypto-asset regulation in Germany: the guide
First, this guide focuses on crypto-asset regulation in Germany, a highly-regulated country. The guide aims to give compliance officers all the necessary information on crypto-asset rules. Compliance officers get a full overview of the regulation in the country. For example, the guide provides information on the legal framework, the supervisory authority, the requirements, the different guidelines, etc.
Second, the guide explains how Scorechain’s solution supports obliged entities’ compliance teams. Indeed, it shows how the product helps to meet these regulatory requirements in Germany and mitigate potential risks. To demonstrate the capabilities of the software, the guide uses concrete use cases. Also, it overviews Scorechain’s platforms on the different tools that can help scale up companies’ AML/CFT policies.
So, are you interested in knowing more? Download the guide for free on our regulation page.
Scorechain is a Risk-AML software provider for cryptocurrencies and digital assets. As a leader in crypto compliance, the Luxembourgish company has helped more than 200 customers in 40 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 solution supports Bitcoin analytics with Lightning Network detection, Ethereum analytics with all ERC20 tokens and stablecoins, Litecoin, Bitcoin Cash, Dash, XRP Ledger, Tezos, and Tron with TRC10 and TRC20 tokens. The software can de-anonymize the Blockchain data and connect with sanction lists to provide risk scoring on digital assets, transactions, addresses, and entities. The risk assessment methodology applied by Scorechain has been verified and can be fully customizable to fit all jurisdictions. 300+ risk-AML scenarios are provided to its customers with a wide range of risk indicators so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.