Sygna Hub launches AML/CFT solution for crypto

Thursday 28 April 2022 11:37 CET | News

Taiwan-based blockchain security firm CoolBitX has unveiled Sygna Hub, an AML/CTF-focused product to help virtual asset service providers (VASPs) meet evolving crypto regulations.

The new API-based solution provides a platform boasting a modular integration of optional AML services from industry players such as Chainalysis and Elliptic, including advanced blockchain analytics and sanction screening, as well as Sygna Bridge, the Travel Rule protocol that is made to be interoperable with other protocols, like TRISA, through the Hub solution.

Sygna was launched in 2019 in response to the Financial Action Task Force's Recommendation 16 update that mandates Travel Rule compliance for VASPs. Since then, it has built out a Sygna Alliance network of VASPs and collaborated with the AML firms.

With FATF's latest reviews and updates to its Risk-Based Approach to Virtual Assets and VASPs adding new complexity to the regulatory landscape for cryptocurrencies, Sygna has been broadening the scope of its service offering to better meet the needs of crypto companies. Sygna Hub and Sygna Gate, its simplified browser-based version, provide VASPs with the tools to build a compliance system to fulfil their regulatory duties.

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Keywords: AML, CFT, virtual asset, FATF, cybercrime, cybersecurity
Categories: Fraud & Financial Crime
Companies: CoolBitX
Countries: Taiwan
This article is part of category

Fraud & Financial Crime


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