Given how many transactions are made on blockchains every day at high speed, automation is key.
Manual monitoring is impractical because of these dizzying volumes. Analytics services such as Crystal work to automate this monitoring process with 24/7 updates, so crypto businesses (as well as banks and financial institutions whose clients deal in crypto) can be alerted immediately when something is believed to be wrong.
Recent guidelines released by the Financial Action Task Force (FATF) show there are a combination of red flag indicators to be watched for when it comes to money laundering. The set of indicators to combat such illicit activity is in constant development, with information about the entity in question being one of the highest priorities, along with monitorization of transactions and transaction patterns being used, and the connections made.
The combination of factors is key to potential risk, and the FATF has highlighted that these factors should not be viewed in isolation, but as part of an overall contextualized picture.
With this overall picture in mind, Virtual Asset Service Providers (VASPs) must take anti-money laundering factors defined by the government, and with their compliance team decide what combination of factors need to be looked at for their unique compliance needs. The customizable nature of software like Crystal analytics allows VASP compliance teams to set up their own AML requirements.
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