Scorechain periodically releases crypto regulation guides. These guides help compliance officers grasp every aspect of crypto AML requirements and help them to be compliant.
Crypto regulation is evolving worlwide…
With the recent explosion in cryptocurrency usage and adoption comes more regulation. Indeed, more and more countries are strictly regulating cryptocurrencies and cryptocurrency platforms to avoid them being used for unlawful purposes. From FATF’s recommendations to the Travel Rule or sanctions list compliance, it can be hard for companies to apply all regulatory requirements on cryptocurrencies.
This regulatory trend will likely go on in 2022 and in the years to come as crypto markets will get bigger and bigger. Today, different jurisdictions are putting in place comprehensive crypto regulations. For example in France, the US, El Salvador, Germany, Canada, etc.
…to tackle financial risks
This trend of implementing regulations all over the world aims to keep crypto markets safe. But, it also fosters innovation and prevents illegal activities. More specifically, cryptocurrencies can represent risks such as money laundering (ML), terrorism financing (TF), or fraud. Because cryptocurrencies can be hard to trace, it can encourage criminals to use them to try cashing out their illicit proceeds.
Over the last years, we have seen several incidents in the crypto sphere such as hacks, scams, thefts. Regulations are put in place to prevent criminals from using cryptocurrencies for ML/TF purposes. The regulatory requirements often require companies to conduct transaction monitoring and risks analysis on the cryptocurrencies they manage. But, implementing all these requirements and understanding all regulatory specifications can be difficult for some.
Scorechain’s crypto regulation guides by jurisdictions
Scorechain provides crypto risk-AML analytics tools to help companies solve their compliance issues. The tools allow users to easily monitor transactions and analyze the level of risk.
Also, we periodically publish guides and studies to help compliance officers understand regulation and risk trends. Recently, we have been publishing quick guides for specific jurisdictions. The goal is to help compliance professionals to understand the most important things needed for compliance in that jurisdiction.
The quick guides can be downloaded on our regulations page. Don’t hesitate to head over there to find a quick guide for your country or learn about crypto AML compliance in others.
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.