In July’s platform update, the Crystal analytics team has added support for Ripple currency monitoring, as well as upgrading compliance categorizations for named exchanges.
Ripple Support Now Available!
The Crystal team is delighted to announce that we have added one more currency to the platform. From 30 July 2020, we are providing support for Ripple currency.
This support will be introduced in several stages:
- In this latest release, we are introducing the monitoring tool for Ripple. Users will be able to create new customers where they can add Ripple transfers. Like for all other supported currencies, transfers will contain the source of funds or connections of the receiver (depending on direction), risky amounts, counterparty risk score, and other transfer details.
- We will continue to expand the platform functionality available for Ripple monitorization so that eventually all other Crystal compliance tools will be available for Ripple also.
Compliance Categorization for Exchanges
From July, we will also be upgrading the categorization of exchanges on the platform to enhance configurability and strengthen compliance procedures.
As such, we will no longer use the categories “Exchange”, “Trusted Exchange”, and “Risky Exchange.” Instead, we are introducing categories based on exchange KYC/ AML policies.
The new categories will be as follows:
- Exchange With Low ML Risk – exchanges that require KYC/AML identification for any deposit or withdrawal.
- Exchange With Moderate ML Risk – exchanges that allow the withdrawal of up to $2000 in crypto daily without KYC/AML. (For fiat withdrawals, KYC/AML is still required.)
- Exchange With High ML Risk – exchanges that allow the withdrawal of more than $2000 in crypto daily without KYC/AML. (For fiat withdrawals, KYC/AML is still required.)
- Exchange With Very High ML Risk – exchanges that don’t use verification procedures, or have requirements for certain countries only.
“Risky Exchange” will become “Fraudulent Exchange” and this includes any exchanges involved in exit scams, illegal behavior, or who have had funds seized by the government.
For Crystal API Users:
- trusted_exchange will be renamed exchange_mlrisk_low
- exchange will now be divided into 3 types:
– exchange_mlrisk_moderate
– exchange_mlrisk_high
– exchange_mlrisk_veryhigh - risky_exchange will be renamed exchange_fraudulent
If you are using Crystal API for integration, please update your software accordingly.
Visualization by Entity for Customers
We have introduced a visualization for customer monitoring. With the help of this tool, you can now build a visualization by entity, with a customer as an entry point. You can add all transfers associated with the customer onto the visualization canvas and work with them as you would with a regular visualization.
This tool allows users to investigate the source and the destination of a particular customer’s funds more thoroughly, gathering information that they can then export in a convenient format through our visualization export solution.
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