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Date: December 2nd 2022
Published on: Products
AML, Blockchain, Blockchain coverage, Crypto AML, Cryptocurrency,
After announcing a fully redesigned, all-in-one crypto AML platform offering enhanced performance, Scorechain, the leading European provider of compliance solutions for crypto asset regulation, adds support for 14 additional blockchains in its SaaS solution, bringing the blockchain coverage to 23.
With this new coverage, Scorechain increased its blockchain monitoring capabilities to help its customers expand their AML screenings to additional blockchains and enhance their compliance processes.
These 14 blockchains bring Scorechain blockchain coverage to 23, with over 10,000 assets supported. They come in addition to Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, XRP Ledger, Tezos, Tron, and BSC, which are already supported in Scorechain’s platform.
Scorechain’s increasing blockchain coverage makes its platform a top-notch solution to identify illicit and criminal activities on blockchains and mitigate the related AML/CFT risks.
For these newly-supported blockchains, compliance teams can apply ongoing monitoring processes such as:
Lisa Boussard, Product Manager at Scorechain, says:
“Bitcoin has been here for over a decade, and blockchain ecosystems, as well as crypto markets, have largely developed. The increasing number of existing crypto assets represents the opportunity for crypto-related businesses to expand their offerings and attract a growing number of customers.
However, it is crucial for their compliance team to ensure that they implement appropriate AML/CFT processes, including screening against blocklists and red flags, for every blockchain protocol and crypto asset supported.”
Would you like to learn how you can implement a robust risk-based approach to crypto transaction monitoring with Scorechain’s solution? Don’t hesitate to request a free demo below.
Scorechain is a Risk-AML software provider for cryptocurrencies and digital assets. As a leader in crypto compliance, the Luxembourgish company has helped over 200 customers in 45 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 23 blockchains and over 10,000 crypto assets. 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.