Crystal blockchain AML - our integration experience
Blockchain AML solution for institutions to avoid regulatory risks with "black" wallets
https://crystalblockchain.com/ - Crystal is an Amsterdam-headquartered blockchain analytics company that builds solutions to streamline crypto compliance operations and aid investigations into financial crime. Crystal works globally with customers in the digital asset industry, banking and regulatory sectors and enforcement agencies. Crystal’s all-in-one blockchain analytics tool provides blockchain analytics and compliance tools to streamline Know Your Transaction (KYT) and Anti-Money Laundering (AML) processes to detect financial crime and streamline operations.
We have had experience with implementing Crystal AML for one of the centralized cryptocurrency exchanged we have been building from scratch.
The overall scheme looked this way:
A transaction has been performed - for example, deposit
The responsible exchange employees monitored the transaction in the dedicated admin panel
In case there were concerns over a transaction - employees could initiate pushing the transaction data to the Crystal AML system
The same employee opened the Crystal AML web app (console) and looked at the results of the transaction analysis
Based on the gathered data and the exchange policy over the risky operations, one of the decisions were made:
Keep everything as it is
Block further customer activity on the platform
Blocking the activity wasn't in any way implemented automatically, and also was not related technically to Crystal AML, it was purely a feature inside the exchange admin panel.
⚠️One of the key points we have taken for ourselves after working with Crystal AML is that they could not cover the whole spectrum of trading pairs and networks we intended to have, so we potentially had to wait for additional implementation from their side, or integrate additional providers for the gaps Crystal AM couldn't cover.
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