Crystal introduces new beta solution for VASP checks for FIs

Monday 24 October 2022 09:33 CET | News

Netherlands-based blockchain investigative tool Crystal has launched a ‘watchlist’ functionality that sends alerts and identifies risks with VASPS for FIs.


The Crystal team is introducing new functionality in beta that allows for VASP checks. This all-new feature will enable users (typically financial institutions) to add VASP entities for detailed activity monitoring to identify risks.

Crystal has launched a ‘watchlist’ functionality that sends alerts and identifies risks with VASPS for FIs.

The user decides what to look for

The new tool has a watchlist, two compliance risk alerts, activity monitoring alerts, and stats. A watchlist is a set of entities selected by the user, for each of which constant checks are carried out by the rules specified by the user in Alert Settings. Compliance risk and activity monitoring alerts will be generated for these entities.

Officials from Crystal stated that this new solution will also allow KYC officers to track changes in their corporate clients' policies and other data using cryptocurrency. The new ‘watchlist’ function notifies authorised personnel of suspicious blockchain transactions. The VASP checks enable users to conduct detailed research on the blockchain and minimise manual monitoring.

Also maintaining comliance

Compliance Risk Alerts cover risky jurisdictions based on the set of risky countries specified by the user, dangerous entity types based on the risk score profile, and supported assets (the user selects the list of risky investments). Activity Monitoring Alerts include interactions with risky jurisdictions, risky counterparties, and high-volume transactions, where users can specify up to 20 rules for flagging.

The Stats Block delivers 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.

More information about Crystal Blockchain

Crystal Blockchain is an all-in-one analytical, investigative, and risk management solution that powers transparency, clarity, and compliance for the cryptocurrency and blockchain industry. Crystal Blockchain services businesses, government organisations, law agencies, banks, and other financial institutions and is available as a SaaS, API, or on-premises installation.

For more information about Crystal Blockchain, please check out the company profile in The Paypers Company Database.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: fraud prevention, KYC, blockchain, transaction monitoring, cryptocurrency
Categories: Fraud & Financial Crime
Companies: Crystal Blockchain
Countries: World
This article is part of category

Fraud & Financial Crime

Crystal Blockchain

Discover all the Company news on Crystal Blockchain and other articles related to Crystal Blockchain in The Paypers News, Reports, and insights on the payments and fintech industry: