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Date: February 10th 2022
Published on: Press Room
AML, Crypto AML, Crypto Compliance, Cryptocurrency, Cryptoregulation, Cybavo, CYBAVO Vault, RiskAML, Virtual asset,
Luxembourg – February 10, 2022: CYBAVO, a Taiwanese FinTech digital asset security solution and management platform, and Scorechain SA (“Scorechain”), a Luxembourg-based digital assets analytics and forensic platform, announce the successful integration of Scorechain AML (Anti-Money Laundering) solution with CYBAVO Vault.
Today, an increasing number of governments and international entities, such as the Financial Action Task Force (FATF) or the Financial Crimes Enforcement Agency (FinCEN), aims to tackle crypto money laundering (ML) and terrorism financing (TF) activity with more comprehensive measures. In this context, it is vital for businesses operating with digital assets to partner with industry-leading solutions to reduce their exposure to ML and TF risks by monitoring closely digital assets transactions.
CYBAVO provides a unique identity-based private key management solution that secures digital assets and ensures regulatory compliance. To respond to these stricter regulatory requirements, CYBAVO integrates Scorechain’s robust capabilities. This integration aims to further strengthen its ML risk detection policies. These policies will allow users to have more flexibility and actionable data intelligence for its users.
With Scorechain’s digital asset analytics solution, CYBAVO VAULT users will be able to easily monitor their transactions within CYBAVO’s platform. Scorechain’s solution allows incoming and outgoing wallet transactions monitoring, risk scoring, risk indicators, and red flags with real-time alert notifications. Users will also be able to customize the risk settings to suit their own risk appetite and keep track of their usage by setting query limits and alerts for when limits are to be reached.
Paul Fan, CYBAVO’s CEO says: “Regulators have indicated in recent months that they require more from digital asset custody and security solutions in terms of AML measures. While we have complete faith in CYBAVO’s existing AML infrastructure, we are heeding this call to further fortify our defenses against the illicit activities of bad actors. To this end, we are proud and honored to announce the addition of Scorechain’s AML services. This pioneering crypto intelligence firm will add considerable value to our platform and customers.”
Pierre Gérard, Scorechain’s CEO adds: “We are very happy to help CYBAVO further strengthen the ML risk detection in their vault solutions. For the customers, this integration will facilitate the management and the monitoring of their assets.”
CYBAVO is the leading provider of blockchain security solutions in Asia Pacific. It was established in 2018 by a team of cybersecurity veterans with a mission to provide the most advanced digital asset custody by developing a custom security-hardened operating system, patented encryption technology, and a highly secure sandboxed environment to deliver its suite of solutions, including its flagship product, CYBAVO VAULT.
Its extensive list of enterprise customers includes cryptocurrency exchanges, fund management companies, cryptocurrency wallet providers, and fintech service providers. The company is insured by S&P AA-rated global reinsurance company. The company also holds certifications for ISO 27001 and NIST’s Cryptographic Module Validation Program.
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.