Article

Crystal platform provides real-time screening on Russian sanctions & PEPs

by the Crystal investigations team

March 1, 2022

In response to the Russian invasion of Ukraine, Crystal has updated our entities list to reflect the latest global sanctions on individuals, businesses, and PEPs. 

Global sanctions 

The US, the EU, the UK, Canada, Australia, Japan, South Korea, and Singapore have all responded to the unjustified military aggression carried out against Ukraine by the Russian Federation starting February 24, 2022, by updating their sanction lists with the most financially influential Russian entities, government institutions, and individuals. The EU and US governments are working towards a finalized sanction program on Russia. 

The Office of Foreign Assets Control (OFAC) has issued a draft of Russian Harmful Foreign Activities Sanctions Regulations. According to this draft of regulations, deceptive or structured transactions or dealings to circumvent any US sanctions, including through the use of digital currencies or assets or the use of physical assets, have been prohibited.  

This is one of the very first times in the history of economic sanction programs, the use of digital assets to circumvent sanction regimes has been reiterated and highlighted. 

The draft regulation will be published officially on March 3, 2022. As a consequence of these regulations, crypto exchange platforms and VASPS are required to monitor and screen 24/7 the sanctioned entities, individuals, and potentially any wallet addresses belonging to sanctioned parties.  

Platform updates 

Crystal Blockchain’s platform now fully reflects current information related to virtual assets belonging to sanctioned entities. We expect to see a lot of activity from sanctioned entities and individuals who might potentially try to circumvent sanctions via the use of crypto exchange platforms and cryptocurrencies. 

Developments in sanctions regimes against Russia are very fast. At Crystal Blockchain, we are monitoring closely all these developments and changes. Crystal Blockchain solution provides real-time global sanction and PEP screening against international sanction lists. 

In such a fast-changing regulatory environment, monitoring closely and updating sanctions designations is as important as the quality of information. Our team at Crystal Blockchain assesses the data and makes sure to verify the accuracy of the information provided. 

How you can help  

Crystal team is working with local Ukrainian authorities, the Ministry of Digital Transformation, and the CyberPolice to ensure correct and immediate representation of actionable information for our customers. For those in possession of information about sanctioned addresses or illicitly operating entities – please use our (free) Crystal Block Explorer to report this data:  https://explorer.crystalblockchain.com/. 

 

To report data related to sanctioned addresses, please go to Crystal Block Explorer and click on “Report Address.” Our analytics team will confirm the details as soon as possible. 

For more information, contact the Crystal Blockchain team at [email protected]  

Disclaimer: Crystal aggregates data on blockchain entities related to transactional fund flows and direct and indirect wallet connections and sources of funds, along with any public forum mentions and other related mentions found. We do not collect or keep personal data related to any individual on the analytics platform. 

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