The Luxembourg-based crypto AML company Scorechain successfully released transaction screening and analytics software for the Ripple Blockchain, XRPL (XRP Ledger). Companies using the Risk solution can now monitor XRP alongside Bitcoin, Ethereum & all ERC20, Bitcoin Cash, Litecoin and Dash. With a total of more than 2,000 assets to watch, Scorechain reinforces its position as a leader in the European market.
XRP is an open-source, decentralized digital asset. It was built to solve problems with payments. The company answers a strong market need as Pierre Gérard Scorechain CEO states: ‘XRP is a huge crypto player in terms of market cap and volume. Developing a risk scoring tool for transactions was asked by many of our customers. We are happy to improve our analytics and to make the crypto market trustworthy by fighting fraud’. This platform development also anticipates some potential banking system Ripple adoption since Scorechain aims to make compliance easy for any type of digital assets.
Scorechain unveils outstanding XRPL data quality with 2,000+ illicit wallets identified and 300+ exchanges: the best coverage on the market. Scorechain already aggregates public addresses of more than 2,000 illicit services and provides risk profiling on major cryptocurrency businesses such as exchanges, merchants and marketplaces.
With 500+ services identified, this is the best XRP coverage provided so far. The XRP AML analysis is able to analyse the origin and destination of XRP and gives trust level for addresses, wallets and transactions. Scorechain performs AML checks and scoring not only for XRP but also for IOU (I Owe You); this is the first time a company is able to do so. With more than 50 risk indicators the company can detect transactions linked with child pornography, dark web drugs traffic, ransomware, OFAC sanction list checks to name a few.
Finally, the unique Risk-Based approach has gained major financial players trust. The Risk Assessment methodology for exchange platforms takes into account dozens of risk parameters such as level of KYC, the anonymity of coins traded, security breaches, country registration, the structure of the service (peer-to-peer vs. liquidity).
Today there is around €4M worth under surveillance that has not been cashed out by criminals. The Scorechain data scientist team just revealed that around 13 million of XRP is still in bad hands. To avoid laundering on those XRP the platform has released blacklists to its customers.
In addition to having impressive network coverage, the company has developed Risk-AML features designed for the compliance team. For example, with alerts notification system and real-time monitoring, Scorechain users can easily follow transactions and avoid any deal with fraudulent XRP. Pierre Gerard adds: ‘What makes us different from blockchain explorers and competition, is not only to deanonymize the blockchain but it is also our ability to produce behavioral analytics to spot anomalous transactions. Our customers want to have the best tools with powerful AML features, that’s why we keep improving our compliance SaaS with high-level features. We want to help them to implement their internal controls as easily as possible’.
With a beta version of the analytics, the platform has already helped some beta customers to prevent the laundering of tainted XRP.