Scorechain Launches Risk-AML Solution For Tezos
- The new 360° AML risk management solution enables Scorechain users to safely track the details of each Tezos transaction.
- Customers can also benefit from a one-month free trial of Scorechain Tezos Analytics during this summer.
Scorechain founder and CEO Pierre Gerrard.
On July 22, Scorechain shared a press release with The Chain Bulletin regarding the integration of their new solution for the cryptocurrency Tezos. The product will allow Scorechain’s clients to assess the transactional risk for each named entity supporting XTZ trades.
The company provides the risk score at the transaction level, address, and entity, based on the source and destination of funds. Depending on their internal control policy, each business can customize the scoring system according to their compliance framework.
As Tezos is the first PoS (Proof-of-Stake) cryptocurrency to be supported on Scorechain’s crypto risk and AML compliance solution, smart contracts on the blockchain can now safely be utilized by issuers of digital securities.
According to the press release, after the integration of Tezos to the company’s Risk-AML monitoring system, Scorechain now covers more than 95% of all digital assets by trading volume, including XTZ, Bitcoin (with the lightning network), Ethereum (including all 250,000+ ERC20 and stablecoins), XRP Ledger (with IOU), Bitcoin Cash, Litecoin and Dash.
Scorechain also said, in the statement, that the new platform applies more than 350 risk scenarios, ranging from entity types/jurisdiction to transaction behavior patterns, allowing users to configure risk indicators to define their own levels of risk appetite.
“The development of this new tool aims first to answer the market’s need facing the emerging adoption of Tezos; in addition, at Scorechain we are very proud to help the adoption for XTZ and promote legal and compliant trades of the cryptocurrency,” said Pierre Gérard, CEO of Scorechain.
Scorechain is the leader in AML & Compliance solutions, serving various worldwide cryptocurrency companies, OTC trading desks, ICOs, private banks, audit firms, and custodians. With the implementation of the new XTZ 360° AML risk management solution, the global adoption of Tezos will greatly benefit from the new growth opportunities that this feature provides. Its blockchain is now opened to even more major crypto ecosystem players and traditional institutions in the wider European and international markets.
After the FATF Travel Rule became mandatory for digital assets, blockchain security platforms like Scorechain are becoming even more impactful in the developing cryptocurrency environment.
- The updated KYC checks will be introduced on 15 July, after which new users will be required to complete the process in order to gain full access to the exchange’s services.
- Existing users who fail to complete the KYC checks will face limitations on the platform, such as being unable to deposit new funds and only having access to certain services.
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- The 1,400-page document lists the names of all users eligible for withdrawals, as well as the conditions that they need to meet in order to withdraw their assets.
- The bankruptcy court has permitted Celsius to return 94% of each eligible user’s assets, but only after their account has been updated with AML and KYC data.
- Coinbase has agreed to pay a $50 million fine to the NYDFS and invest another $50 million to improve its compliance program over the next two years.
- NYDFS found that by the end of 2021, Coinbase had a backlog of 100,000 unreviewed transaction alerts, and a backlog of 14,000 customer requiring enhanced due diligence.