Scorechain expands its risk-AML solution with the support of the Tron blockchain




Date: November 10th 2021

Published on: Press Room


AML, crypto AML, Crypto Compliance, Cryptocurrency, Cryptoregulation, CTF, Risk assessment, RiskAML, TRC10, TRC20,

The leader in crypto AML compliance, Scorechain, now supports the Tron blockchain and its cryptocurrency TRX, expanding its crypto risk-AML solution. Scorechain is proud to support an additional leading blockchain, adding another compliance layer to its offering, and help organizations operating with the blockchain to satisfy local and global regulatory requirements.

With the successful deployment of this new product, crypto risk-AML solution now supports 8 major blockchains: Bitcoin (with Lightning Network Detection), Ethereum (with full coverage of ERC20 tokens and stablecoins), Bitcoin Cash, Litecoin, Dash, XRP Ledger (with IOU coverage), Tezos, and Tron including TRC20 and TRC10 tokens. As a result, Scorechain supported cryptocurrencies now represent more than 96% of trading volume with 70,000+ named entities.

Scorechain crypto risk-AML solution for Tron is answering the market needs

Tron is a public decentralized blockchain providing an operating system supporting decentralized content sharing and entertainment. Consequently, Tron is popular for building decentralized applications (DApps) notably. The blockchain provides transparency to users making its roadmap for future projects available to the public. Tron’s native cryptocurrency Tronix (TRX) can be used to directly pay creators. And, it can also be used as a store of value or for trading. Tron network is based on a Proof-of-Stake (PoS) consensus model.

As for all the supported blockchains, Scorechain Tron Analytics Platform assesses risk and classifies named entities operating with TRX. The platform supports TRX but also TRC20 and TRC10 tokens such as USDT, SUN, BTT, etc. 

Moreover, Scorechain solution provides risk scoring at the level of addresses, transactions, and entities according to the origin and destination of funds. Also, our scoring system is fully customizable to adapt to users’ own internal policies, business nature, and risk appetite.

Implementing a Risk-based approach on TRX transactions to comply with regulatory standards

Scorechain Tron Analytics platform allows users to assess risks with risk scenarios. Risk scenarios range from entity type, jurisdiction, and transaction behavioral type. Users are able to define key risk indicators depending on their internal risk policies. Besides, they can customize risk scoring so that it can suit their risk appetite.

Address analysis on Scorechain's Tron Analytics platform

Therefore, the launch of this new platform will bring trust to the Tron ecosystem, thus sustaining broader adoption of the blockchain.

Scorechain solution offers a holistic risk AML compliance solution for cryptocurrencies with features such as:

  • real-time alert notifications for monitoring;
  • risk AML reports to file suspicious transactions or activity reports with regulators;
  • a Case Manager tool to handle crypto investigations for A to Z; and
  • an Entity Directory with due diligence assessment conducted on 700+ VASPs

Pierre Gérard, Scorechain’s CEO says: “We are very proud to announce the support of Tron and to satisfy the evolving needs of the market. At Scorechain, we value cryptocurrency adoption and safe crypto markets; we are thus happy to participate in the promotion of cryptocurrency and blockchain in a legal and compliant way.

In short, Scorechain Tron Blockchain analytics helps cryptocurrency businesses to comply with evolving crypto AML regulations worldwide by providing all the needed tools to implement a risk-based approach on transaction monitoring. While this new product reinforces Scorechain’s global leading position, it also facilitates the adoption of cryptocurrencies by the crypto industry and traditional financial institutions.

With Scorechain’s crypto risk-AML solution, governments and businesses can now leverage Tron in a compliant way. Would you like to learn more about this latest platform? Don’t hesitate to request a free demo of the solution.

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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.