Regresar al blog
Fecha: March 9th 2023
Publicado por: Global News
Crypto AML, OFAC, Sanction,
The Office of Foreign Asset Control (OFAC), a department of the US Treasury, is the authority responsible for sanction enforcement and managing the Specially Designated National (SDN list). The SDN list gathers individuals and entities that OFAC determined are involved in activities threatening US foreign policies or national security.
Last week, OFAC announced several changes to the SDN list. More specifically, it added identifying information for the entity Hebei Atun Trading Co., including a Bitcoin address (1JPfVv5cWRLx1js9NWxg46dG2CGbeRz4th).
In December 2021, President Biden signed a new Executive Order which initially sanctioned Hebei Atun Trading Co. In this action, OFAC sanctioned individuals and entities from four countries for engaging in activities facilitating the international proliferation of illicit drugs and production. Specifically, Hebei Atun Trading Co. imported and exported chemicals and pharmaceutical products that produce opioids.
Scorechain’s database automatically imported the address of Hebei Atun Trading Co. from the SDN list and red-flagged it accordingly.
It is crucial for businesses under the scope of crypto regulation to implement continuous transaction monitoring processes and ensure sanction compliance. And this is where blockchain analytics software, like Scorechain Analytics, can help.
Scorechain’s software connects to global sanction and block lists to provide users with the right data and help them quickly identify and avoid crypto addresses controlled by sanctioned entities and individuals.
Verifying the origin and destination of crypto funds and spot exposure with sanctioned crypto wallets and entities is also very easy. The platform can display automatic red flags when exposure to sanction is detected, allowing the user to be aware and take adequate actions.
Interested to see how you can leverage blockchain analytics to enhance crypto sanction screening? Don’t hesitate to contact us for more information.
Scorechain provides a blockchain analytics and transaction monitoring platform for crypto 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’s platform provides identifying data and risk assessment for 30+ blockchains and over 10,000 crypto assets. The platform connects to different sources and block lists to provide risk scoring on crypto assets, transactions, addresses, and entities. The risk assessment methodology applied by Scorechain has been verified and is fully customizable to fit all jurisdictions. Customers can monitor infinite possibilities of risk scenarios with a wide range of parameters provided so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.