How to implement a risk-based approach on transaction monitoring to comply with Singaporean regulations? Download the Guide for free

Scorechain releases the latest Guide to help crypto businesses in Singapore to comply with AML/CTF regulations by implementing the risk-based approach on transaction monitoring.

Download the FREE Guide here:

Cryptocurrencies and digital assets have raised concerns from worldwide regulators. With increasing usage and business opportunities, regulators have started to include virtual assets under the scope of anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

Singaporean regulators are pioneers when it comes to regulating crypto assets. Crypto assets, tokens, and VASPs are covered by the Payment Service Act (PSA) which provides a framework for risk assessment and risk mitigation. The PSA also required VASP to comply with AML/CTF policies and to apply for a license.

In the second half of 2020, the Monetary Authority of Singapore (MAS) updated the existing regulations and put crypto-businesses under its scope as well. The updated regulation further strengthens the AML and CTF standards crypto businesses must comply with.

Read the full Guide here:

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 33 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 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.