3 types of crypto risks that can be mitigated through blockchain analytics

Key takeaways: FATF identified a trend in the use of methods to increase anonymity to launder illegal proceedings. Blockchain analytics can help mitigate crypto-related risks. Using cryptocurrencies for money laundering (ML) / terrorism financing (TF) or fraud purposes is not new and this is why worldwide regulators are putting in »

Crypto Compliance: Adopting a Risk-based Approach to Crypto Gambling

Key takeaways: The use of crypto in the gambling sector has grown in popularity over the last few years. Gambling services are mentioned in FATF’s Virtual Assets Red Flag of Money Laundering and Terrorist Financing report from July 2020. Gambling could be a way to launder cryptos, VASPs and gambling »

Forensic evidence storage through blockchains: Scorechain in Cyber-Trust Project

The CYBER-TRUST project aims to develop an innovative cyber-threat intelligence gathering, detection, and mitigation platform, as well as, to perform high-quality interdisciplinary research in key areas for introducing novel concepts and approaches to tackle the big challenges towards securing the ecosystem of IoT devices.  Scorechain’s role in this project was »

June FATF Plenary: Outcomes of the Meeting

Key takeaways: FATF plenary took place from June 21 to 25. The report on the 12-month review of FATF’s revised standards for VAs and VASPs will be published on July 5. The finalization of FATF’s revised Guidance on VAs and VASPs is pushed back to October 2021. FATF plenary meetings »

Custodigit, the Institutional Digital Asset Gateway provider, partners with Scorechain, the leading compliance and AML software provider for digital assets.

This press release has also been published by Custodigit on May 6, 2021 and is available here. Luxembourg – Zürich: Custodigit AG (“Custodigit“), the provider of the ‘Institutional Digital Asset Gateway’ platform for digital assets covering the entire value chain, and Scorechain SA (“Scorechain”), the Luxembourg-based digital assets analytics and »

Scorechain S.A., Luxembourg, and PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, cooperate to introduce a common solution in the context of AML Compliance requirements towards transaction monitoring of crypto-asset providers

This article has also been published by PwC Germany on April 29, 2021. Read the article here. Scorechain S.A., Luxembourg, and PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, cooperate to introduce a common solution in the context of AML Compliance requirements towards transaction monitoring of crypto-asset providers Luxembourg/Frankfurt, April 29, 2021 »

Scorechain Academy is officially launched

We are very excited to announce the official launch of Scorechain Academy today! With increasing usage and business opportunities for many industries, worldwide regulators have started to include virtual assets under the scope of anti-money laundering and counter-terrorism financing laws. Regulations are evolving, so are the requirements to be competent »

FinCEN proposed crypto rules: foreign accounts holding crypto would be reportable on the FBAR; crypto exchanges would identify personal wallets – Both should undergo further review by the new administration though

If you are a US person holding assets worth more than $10,000 (including cryptocurrencies) overseas, you may be concerned with this topic. If you are a US bank or money service business dealing with cryptocurrencies, you may be concerned as well.   Key takeaways: In a recent notice, FinCEN proposed to »