Technology | April 1, 2022

Crystal adds sanctions category for screening entities

by the Crystal product team

Crystal has introduced six new entity categories to strengthen compliance procedures and expanded the support of ERC-20 tokens.

New Entity Categories 

In this latest release, we are upgrading the entity categories to enhance configuration and strengthen compliance procedures for Crystal platform users.

Following the latest sanctions imposed on Russia following the Ukraine invasion, Crystal has prioritized adding a sanctions entity to monitor this and other geopolitical situations more effectively. So far, Crystal has identified 150+ entities of the total 29k+ entities we have identified on our platform, under these new category types. More entities are to be added and more detailed information is available on all new entities on the platform directory.

We are introducing the following six category types:

  • Sanctions – sanctioned entities; the default Risk Score is 100%
  • Liquidity Pools – smart contracts where tokens are locked to provide liquidity; the default Risk Score is 50%
  • Terrorism Financing – entities associated with terrorism financing; the default Risk Score is 100%
  • Seized Assets – crypto assets seized by the government; the default Risk Score is 0%
  • Child Exploitation – entities associated with child exploitation; the default Risk Score is 100%
  • Other – addresses that do not belong to any of the categories; the default Risk Score is 25%

The previous type, “Other,” is now named “Transparent.” This type does not have its Risk Score, and other signals will spread through this entity. 

For Crystal API Users, the new categories will be as follows:

  • sanctions
  • liquidity_pools
  • terrorist_financing
  • Seized_assets
  • Child_exploitation
  • transparent

For those using Crystal API for integration, please update your software accordingly

New ERC-20 Tokens Supported

In our latest product update, we have expanded the support of ETH token transfers in the monitor tool. We are adding 500 new ERC-20 tokens, so now 3100+ tokens are supported on the platform.

This feature allows cryptocurrency compliance officers to check more ERC-20 token transfers to attain a more detailed profile of a particular customer(s).

These regular updates demonstrate Crystal’s diligence in enhancing our platform and making it user-friendly for our customers.

Find out how Crystal can keep all crypto industry role-players safe by requesting a demo here. 

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