Scorechain releases an advanced tool to enhance risk-AML investigations on cryptocurrency wallets




Date: November 16th 2021

Published on: Products


AML, crypto AML, Crypto Compliance, crypto investigation, crypto wallet, Cryptocurrency, Cryptoregulation, Exploration Tool, Risk assessment, RiskAML,

Luxembourg, November 16, 2021 – Today, Scorechain announces the release of its Exploration Tool, a seamless feature to facilitate risk-AML investigations on cryptocurrency wallets.

Scorechain’s Exploration Tool is an advanced tool made to carry thorough investigations on cryptocurrency wallets. Today, we officially launch this seamless feature to facilitate the investigation process.

The leading crypto risk-AML and compliance software provider, Scorechain, released its latest product, the Exploration Tool. It will help customers worldwide to meet strengthening crypto AML/CTF requirements. More specifically, this product helps users mitigate cryptocurrencies’ AML/CTF risks and spot links with any illicit activities.

This new product provides compliance professionals with another powerful tool to enhance their crypto Risk-AML investigation processes.

Scorechain Exploration Tool enables users to conduct thorough risk-AML investigations on cryptocurrency wallets. They can see clearly how wallets interact with each other and how they are linked to certain kinds of illicit or suspicious activities. It is available for all blockchains that we support namely Bitcoin, Bitcoin Cash, Ethereum (with ERC20 tokens and stabelcoins), Litecoin, Dash, XRP Ledger, Tezos, and Tron (with TRC10 and TRC20 tokens).

How can the tool help for risk-AML investigations on cryptocurrency wallets?

Clear visualization of links and transaction flows of wallets

Firstly, users can have a clear visualization of the links between the investigated address and other addresses/wallets, named entities, or specific entity types such as Hack, Scam, etc.

Besides, they can also investigate if a wallet has links with specific behavior types (peeling chain, mixing patterns, etc). The transaction flows among each other display in an intuitive way. The compliance team can thus tackle the case efficiently. 

The Exploration Tool displaying links between an Ethereum address and hack activity

Wallet investigation by group/entity/type

Secondly, Scorechain Exploration Tool allows users to add groups, entities, or types to the investigation. This feature thus helps compliance teams save time by easily unraveling transactions with specific elements. It facilitates the compliance teams’ work.

Historical record and real-time data

Moreover, users can save screenshots as historical records for reporting purposes; they can also update the graph anytime to obtain real-time data. Both can be saved in order to keep full audit trails.

Easy-to-navigate dashboard

Scorechain’s Exploration Tool is easy-to-use with an intuitive dashboard. Users can navigate their investigations with filters by amount or date (or by coins on the Ethereum/Tron platform). The search feature also allows users to find specific items in their investigation.

Plus, it also only needs one click for users to center the view on their selected address or explore incoming/outgoing transactions. This would be especially useful in the case of investigations with a large number of addresses. These features save precious time for users.

Filter tool on Scorechain’s Exploration Tool

Address deanonymization with high-quality data

Finally, thanks to Scorechain’s data collection processes and high data quality, users can visualize if the investigated address is linked with any of our 70,000+ named entities and wallets. An efficient way to further strengthen their investigations.

Coupled with other Scorechain tools such as Scorechain Analytics with risk scoring and indicators, Entity Directory, KYT & KYA reports, Alerts, Groups, and Case Manager, this product equips compliance teams to better deal with suspicious and risky crypto activities and monitor the case from A to Z.

Pierre Gérard, Scorechain’s CEO said: “We are very proud of the release of this new product. As a meaningful and essential milestone, it will help our customers strengthen their AML/CTF policies and thoroughly investigate crypto wallets and transactions; it will also help us make the crypto industry safer and more accessible to more players.

Don’t hesitate to contact us to get a free trial of Scorechain Blockchain Analytics suite:

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About Scorechain

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.