Scorechain, the leading crypto AML compliance solution provider, announces collaboration with Lugh, a subsidiary of Groupe Casino and issuer of the EURL stablecoin.
Lugh, regulated and registered as DASP (PSAN) in France, is the issuer of the EURL stablecoin. Live on Ethereum and Tezos blockchains, EURL is a Euro-pegged stablecoin. Backed by full reserves in fiat held by Société Générale and audited by Deloitte, EURL is a reliable and transparent asset.
Lugh chose Scorechain as its trusted partner for its compulsory transaction monitoring activities. The company will use Scorechain’s blockchain analytics tools to check their EURL transactions at the issuance and redeem stage against high-risk activities, including money laundering and terrorism financing. This helps Lugh to fully comply with the regulator while building a trustworthy environment for the stablecoin.
Pierre Fougeat from Lugh comments: “Security and risk management around our stablecoin is our top priority, and we are delighted to collaborate with Scorechain, whose tools and expertise are unanimously recognized. ”
Money laundering and terrorism financing risks can stem from crypto-assets, including stabelcoins. With the rapid expansion of stablecoins in the crypto industry, it is therefore essential for issuers to ensure compliance with AML/CFT requirements, thus sustaining a safe adoption of such assets.
Scorechain has provided top blockchain analytics and crypto compliance solutions to over 200 companies worldwide for an efficient implementation of crypto AML/CFT policies. The solution includes blockchain identifying information, automatic red flag indicators, unique and powerful risk scoring system, and sanction screening tools across a wide range of blockchains, tokens, and stablecoins.
Pierre Gérard, Scorechain’s CEO, adds: “We are very glad to participate in the development of the EURL by bringing the technical layer into the regulatory process. The EURL stablecoin is a very important piece that should facilitate the adoption of crypto assets.”
Service Presse de Lugh, firstname.lastname@example.org
Ignacio Aguirre, CMO at Scorechain, email@example.com
Lugh, a French company created in 2021, issues and distributes the EURL, the first French digital asset pegged to the euro, in a trusted environment alongside Société Générale and an international auditor. The EURL is made available and used by a multitude of Web3 players (brokers, exchanges, payment solutions) but also corporates, allowing them to create new use cases for their customers.
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.