Implement a risk-based approach on transaction monitoring to comply with UK cryptoassets regulation: download the Guide for free

Scorechain released its latest guide to help UK-based crypto businesses to comply with AML/CTF regulations by implementing a risk-based approach on transaction monitoring.

Download the FREE Guide here:

Regulators around the globe are more and more concerned about digital assets and virtual asset service providers in particular. It is clear that digital currencies and distributed ledger technology create many business opportunities for industries. However, cryptocurrencies are also risky in terms of money laundering (ML) and terrorism financing (TF) due to the anonymity of transactions. Governments are particularly concerned by the fact that this anonymity and complexity can be used for criminal purposes, arranging from tax evasion, terrorism financing to illegal dark market trading and disguising proceeds that have been derived from various illegal activities.

The United Kingdom is not an exception and has been monitoring the crypto field quite actively. It seems that the country’s regulators are focusing on setting a policy that will address the above-mentioned challenges.

UK FCA (one of the country’s crypto-asset Taskforce) has been requiring businesses conducting crypto-related activity to comply with the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017 since January 2020. And as of January 9, 2021, all virtual asset service providers operating in the UK should be registered with the FCA.

In this Guide, we will carefully examine the specific requirements that VASPs should pay attention to in order to be compliant with the Money Laundering, Terrorist Financing, and Transfer of Funds Regulation. 

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.