In the latest product update, the team has added configurable transaction pattern indicators for potential red flags or suspicious activities, along with a new monitor package for our API users.

Configurable Transaction Patterns

Crystal is introducing configurable transactional pattern indicators, which will allow users to receive a notification whenever a set of transfers follows a certain set of pattern rules.

There will be two key pattern types observed:

1. Transfer Sequence: identifies sets of transfers with similar characteristics. This can serve as a red flag which may indicate a need for further investigation. Here, users can configure the transfer type, the minimum number of transfers in the set, the transfer amount range, the time period between the first and last transfer, the number of counterparties, and the number of assets used.
2. Exchange Pattern: identifies sequential deposits and withdrawals of a similar amount made by a particular customer, if it makes their balance equal to zero. Here, users can configure the time period between the first and last “zeroing” of the balance, the number of such events, and the number of assets used.

This feature will be useful for KYC officers, allowing them to identify potentially suspicious customer behavior, which may indicate a need for further monitoring and investigative work.

Get in touch if there are any features you’d like to suggest to the team, or if you’d like more information about the platform.

Join us for our next public webinar on January 20, 2021, 10am CET. CEO Marina Khaustova and Product Director Kyrylo Chykhradze will give an overview of the FATF red flag indicators and how they can be monitored, practically speaking, using Crystal tools, along with with some ML case studies from 2020. They’ll outline conclusions to be taken into consideration when prioritizing AML compliance for virtual assets.