Product Update

Crystal’s Beta VASP-Check Solution For Banks & FIs

by the Crystal product team

October 18, 2022

Crystal has introduced new functionality – watchlist, alerts and stats to identify possible risks with VASPs for banks and FIs 

VASP Checks 

In this update, the Crystal team is introducing a new functionality in BETA – the VASP check. It allows users (typically financial institutions) to add VASP entities for the detailed monitoring of activity to identify possible risks.  

This new solution will also allow KYC officers to track changes in their corporate clients’ policies and other data using cryptocurrency. They will be notified of suspicious blockchain transactions involved. The VASP checks will enable users to conduct detailed research on the blockchain and minimize manual monitoring.  

The new tool has a watchlist, two types of alerts: compliance risk alerts, activity monitoring alerts, and stats.   

VASPs Watchlist 

A watchlist is a set of entities selected by the user, for each of which constant checks are carried out in accordance with the rules specified by the user in Alert Settings.   

For these entities, compliance risk alerts and activity monitoring alerts will be generated.   

Compliance Risk Alerts 

Compliance Risk Alerts include  

  1. risky jurisdictions based on the set of risky countries specified by the user, 
  2. dangerous entity types based on the risk score profile, and 
  3. supported assets (the user selects the list of risky investments). 

Activity Monitoring Alerts 

Activity Monitoring Alerts include interaction with  

  • risky jurisdictions,  
  • risky counterparties and  
  • high-volume transactions.  

Here user can specify up to 20 rules upon which the flag is raised.  

Stats Block 

The Stats Block provides statistics related to the operation of the watchlist system, including medium and high-risk alerts, the daily volume of funds received and sent by entities, illicit volume (received or sent to the entities with a risk score higher than 75%) and sanctioned addresses owned by the entities in the watchlist.    

These platform updates to meet customer requests demonstrate Crystal’s diligence in enhancing our platform and making it user-friendly for our customers. 

 

Next steps:  

Contact our team at [email protected] to learn more about our solutions and our latest features. We’re happy to assist you! 

Schedule a training session 

Crystal is all-in-one blockchain analytics tool for crypto AML compliance, providing blockchain analytics and crypto transaction monitoring for thousands of cryptocurrencies in real-time.

Crystal Blockchain works globally with customers in the digital asset industry, the banking, and FI sectors. We help streamline their Know Your Transaction (KYT) and Anti-Money Laundering (AML) procedures for meeting international compliance standards.

Available as a free demo version, SaaS, API, and for on-premise installation. Engineered by Bitfury.
 

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