Coinfirm Releases Entity Due Diligence for Streamlined Crypto Compliance

Coinfirm is announcing the release of Entity Due Diligence in the effort to create a safer blockchain ecosystem. 

Entity Due Diligence (Entity DD) provides detailed information about legal entities operating in the blockchain ecosystem, predominantly Virtual Asset Service Providers (VASPs) such as cryptocurrency exchanges.

Information provided includes, amongst others:

  • Overall risk
  • Business activity nature 
  • Licensing and authorisation information 
  • Countries of identified activity  
  • AML and KYC information
  • Known negative news
  • Services and products offered

Available on Coinfirm’s AML Platform, Entity DD allows for easy and fast checking of the risks associated with a specific entity. Coinfirm is perpetually enriching useful databases for compliance by screening VASPs, such as searching for negative news information and reviewing the Know Your Customer (KYC) processes of the said VASPs, to help our ecosystem understand the exact risks associated with doing business with a given organisation.

Entity risk scores are included, based on known risk indicators, as well as a number of useful and unique on-chain and off-chain data points. 

Entity DD was created with those seeking information about entities from the blockchain industry in mind, such as: compliance officers, investors, regulators, and those needing to understand the risks related to a given VASP.

As of today, information on 3,600+ unique entities are available, with more added daily.

Now, users of the AML Platform are able to create 5 different types of reports for streamlined compliance: Enhanced and Standard AML Risk Reports, Liquidity Pool Reports, Transaction Reports and Entity Due Diligence.

About Coinfirm

Coinfirm’s AML Platform is creating a safer blockchain economy by monitoring and blacklisting funds from ransomware hacks, human trafficking, sanctions evasion and terrorist financing – amongst other crimes – by risk scoring entities, addresses and transactions.

Coinfirm’s platform and services are used by governments, financial institutions, custodians, payment providers, investment funds and exchanges. The AML Platform utilises 350+ proprietary risk algorithms covering 845k+ crypto-assets to provide a seamless, scalable solution to stringent regulatory requirements for both CeFi and DeFi.

Founded in 2016, Coinfirm is headquartered in London, UK, with the company retaining offices in the U.S., Poland, France and Japan. Over 250 entities have trusted Coinfirm’s RegTech solutions.

For more information, visit: https://www.coinfirm.com