Scorechain released Case Management feature  to enhance Risk-AML investigation on cryptocurrencies




Date: October 7th 2020

Published on: Press Room, Products


AML, bitcoin, Case Management, Crypto asset, Crypto Regulation, CryptoAML, Cryptocompliance, cryptocurrencies, CTF, Risk AML Investigation,

“Scorechain case manager” is officially launched for a seamless process regarding risk-AML investigation and to report suspicious activity & transaction.

Scorechain users can deeply dive into Risk-AML investigation through Case Manager

Scorechain just released the Case Manager in the context of the expansion of cryptocurrencies usage along with the surge and the evolution of regulation standards worldwide. It helps users to run Risk-AML investigations for specific cases. This release answers the compliance team’s demand to have a collaborative space for ongoing investigation when it comes to enhanced customer due diligence or in case of suspicious activity.

“Scorechain case management” provides a useful collaborative tool for users to handle cases from A to Z under the coordination of a responsible person while involving different team members.

This feature aims to help the users work together on some specific cases by keeping track of each step, each information, each interaction and contribution such as analysis, comments and files among the coworkers to finally reach compliance objectives and take appropriate measures.

A collaborative single point for AML/CTF investigation is crucial for enhanced compliance 

As part of their daily work, Scorechain users can start a risk-AML investigation at one place in a collective way for customer due diligence, risk-AML crypto incidents and specific investigations.

Let’s take the example of an Over The Counter (OTC) cryptocurrency business. As part of the Customer Due Diligence (CDD) profile assessment, the company needs to perform KYC and AML on the customer’s wallets. This has to be done not only when it comes to a new user but it should also be carried out on a regular basis when some new crypto funds are involved for instance.

Regarding Anti-Money Laundering and Counter Terrorism Financing, the OTC platform is using Scorechain compliance software to assess the purity of the user’s’ wallets. This action can be performed when the user registers on the OTC trading platform for the first time so a case can be opened. The OTC compliance team can add in this specific case all information related to its client and check the origin of the crypto funds with a risk-AML scoring. Once this new user has been whitelisted by the OTC and is able to trade, it can happen that some involved funds trigger ML/TF redflags. In this case, the compliance team can reopen the case and escalate the investigation with some new pair of eyes to monitor the activity and take appropriate measures accordingly.

Case Manager helps companies to follow international regulation standards seamlessly with easier suspicious activities analysis and reporting

The users can export the full report of the case as an internal record or send it to the authority when it is required.

In the FATF guidance for a risk-based approach to virtual assets and VASPs, some preventive measures are required for AML/CFT purposes, such as customer due diligence, recordkeeping, and suspicious transaction reporting.

With “Scorechain case management”, compliance teams can keep records all along the CDD process, transaction monitoring and investigation, as well as fulfill the obligation of reporting suspicious activity. 

Pierre Gérard, Scorechain’s CEO, said: “this significant update provides a solution to our customers to handle various cases in a comprehensive and flexible framework. It is a handy compliance tool to help our customers have internal controls in place, enhance and process better risk management in accordance with the local legislation.”

The Case Management feature includes:

  • Full audit trail 
  • Collaborative process among team members
  • Email notification system
  • Multiple coins handled in one case
  • Reporting

About Scorechain: Scorechain is a Risk-AML software provider for cryptocurrencies and digital assets. As a European leader in crypto compliance since 2015, the Luxembourgish company serves worldwide customers in 29 different countries with more than 150 licenses established, 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, Ethereum analytics with all ERC20 tokens and stablecoins, Litecoin, Bitcoin Cash, Dash, XRP Ledger and Tezos. The software is able to de-anonymize the Blockchain data and connect with sanction lists in order to provide a risk scoring on digital assets transactions, addresses and entities. The risk assessment methodology applied by Scorechain has been verified and can be fully customizable in order 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.

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