FinchTrade AG (FinchTrade), a regulated institutional-grade OTC digital asset liquidity provider, onboards with Scorechain SA (Scorechain), top blockchain analytics services provider, to ensure safe crypto transactions in compliance with regulations.
Evolving regulatory status of crypto assets worldwide
Compliance has now become essential for virtual asset service providers (VASPs). They are now required by law to implement comprehensive anti-money laundering and combatting the financing of terrorism (AML/CFT) policies.
Indeed, as blockchain technology and crypto markets have largely developed, transactions involving this new class of assets have been skyrocketing. But, even if the vast majority of crypto transactions are totally licit, criminals can use crypto-assets for illicit activities such as thefts, hacks, money laundering, etc. The decentralized characteristic of crypto-assets seems to be a favorable condition for criminals to easily transact ill-gotten funds with enhanced anonymity. As a result, worldwide jurisdictions have started to regulate the space with AML/CFT frameworks to prevent this new class of assets from being used for illicit finance activities.
How can FinchTrade leverage Scorechain to ensure crypto compliance?
FinchTrade, a regulated Swiss-based FinTech providing institutional-grade OTC digital asset liquidity, has onboarded Scorechain’s blockchain analytics and crypto compliance solution to fully satisfy AML/CFT obligations required by the local regulator. FinchTrade chose Scorechain to accompany them in their AML/CFT policies implementation thanks to the high-quality and user-friendly tools, smooth onboarding process, and attentive support provided by the company.
The company will be able to leverage Scorechain’s powerful tools and data to conduct KYT (know-your-transaction) checks for in-depth monitoring of their transactions and risk assessment regarding potential links with financial crimes, sanctions, or illegal activities. Transactions will be traced and screened in real time. By using the solution, the FinchTrade team will be able to get insights into every transaction, analyze transactional patterns and understand transactions’ level of risk for a seamless risk assessment of fraud.
Lesya Margris, COO at FinchTrade AG, says: “Hand in hand with AML-Risk Intelligence cryptocurrencies can make the world a better place.”
Scorechain has been providing crypto compliance solutions since 2015 and has assisted over 200 companies in their crypto compliance journey. Today, we are thrilled to onboard FinchTrade and count them as one of our trusted customers.
Ignacio Aguirre, CMO at Scorechain, adds: "We’re always happy to help companies close the loop on their compliance needs. Technology comes in and helps compliance teams have a better set of tools to make sure they can be compliant with the current regulations."
Sustaining the safe expansion of crypto markets
While crypto asset regulations are rapidly developing and changing worldwide, it can be difficult for companies to keep track of all related regulatory updates. And even more to implement the related AML/CFT obligations accordingly. Today, several solutions, like Scorechain’s, are available to help companies onboarding crypto-assets in this compliance journey, saving them costs and time.
Would you like to get a live demo of Scorechain’s tool? Don’t hesitate to contact us: email@example.com.
FinchTrade is Swiss-based FinTech, focused on OTC digital asset liquidity providing to institutional clients. FinchTrade values market integrity, transparency, and security and places technology as the cornerstone of its product offering. Online onboarding, seamless execution, streaming OTC trading and automated post-trade settlement process are the distinctive product features that FinchTrade is proud of.
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 Bitcoin analytics with Lightning Network detection, Ethereum analytics with all ERC20 tokens and stablecoins, Litecoin, Bitcoin Cash, Dash, XRP Ledger, Tezos, Tron with TRC10 and TRC20 tokens, and BSC with BEP20 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. In addition, 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.