May 14, 2021 | 5 min read
Serving more than 100 customers from 36 countries, Scorechain helps different types of businesses in their crypto compliance journey, from cryptocurrency companies to financial institutions with crypto trading, custody branch, digital assets customers onboarding, to audit and law firms.
We are pleased recently to interview one of our loyal customers: TripleA, a crypto payment gateway that empowers online and offline businesses to accept cryptocurrency payments. Founded in 2017 in Singapore by Eric Barbier, TripleA is compliant with the Monetary Authority of Singapore (MAS), Singapore’s Central Bank under the Payment Services Act for Merchant Acquisition service and Digital Payment Token service, and complies with the highest international security standards.
Grace Lok, Business Controller at TripleA, shared with us their experience with Scorechain in regard to crypto compliance, crypto AML standards and cryptocurrency payment.
Scorechain: To what extent is it important for TripleA to implement a risk-based approach to crypto transaction monitoring? What processes are you following to implement such an approach?
Grace Lok: At TripleA, we prioritize our clients’ best interests and ensure the source of cryptocurrency received are legal; hence, we perform a risk assessment on each and every of our merchants to keep their transactions safe and secure.
Scorechain: What are the criteria when you choose your crypto AML & Compliance software provider?
Grace Lok: The accuracy and reliability are of utmost importance as they play a big part in ensuring safe and secure transactions, and at the same time, for us to comply with MAS regulatory standards.
Scorechain: Could you mention 3 main reasons why you corporate with Scorechain?
Grace Lok: Having worked with Scorechain for near 2 years, we value the in-depth investigation trail, broad coverage of databases, and the support provided by Scorechain.
Scorechain: Which features are the most useful for your daily compliance work? Could you explain with some examples?
Grace Lok: I find the detection of bad transactions from illegal sources most beneficial as Scorechain can flag out the transactions from illegal sources almost instantaneously. It has also helped to reject the bad transactions and help us stay compliant with our regulators.
Scorechain: What do you think about the future of cryptocurrency payment?
Grace Lok: Bitcoin commercial payments exceeded US$5 billion in 2020. And it’s clear that cryptocurrency has become mainstream. However, as cryptocurrency gains popularity, there’s a possibility that illegitimate usage from cryptos such as dark web, mixer, and hackers will increase. Therefore, we must continue to strengthen our compliance process to build trust and credibility with our clients.
Many thanks to TripleA and Grace Lok for their time dedicated to our interview and especially for their trust to Scorechain all the time.
Testimonial from Scorechain for TripleA:
Scorechain is glad to count TripleA as one of its proud customers and to help them in their crypto compliance journey.
Today, cryptocurrencies are more and more popular; the cryptocurrency usage for illegal activities grows with their popularity though. With Scorechain crypto compliance software, TripleA can adopt a risk-based approach to crypto transaction monitoring to stay compliant with their regulators and prioritize their client’s best interests by ensuring the source of cryptocurrency received is legal.
Like TripleA, worldwide crypto-related businesses are using Scorechain solution to identify illegal crypto funds to mitigate the ML/TF risks. Doing so is vital for securing crypto markets and sustaining the development of cryptocurrency payments and broader cryptocurrency adoption.
Scorechain is a Risk-AML software provider for cryptocurrencies and digital assets. As a leader in crypto compliance since 2015, the Luxembourgish company serves worldwide customers in 36 different countries with more than 150 licenses established, ranging from cryptocurrency businesses to financial institutions with crypto trading, custody branch, digital assets customers onboarding, audit and law firms and some LEAs.
Scorechain solution supports Bitcoin analytics with Lightning Network, Ethereum analytics with all ERC20 tokens and stablecoins, Litecoin, Bitcoin Cash, Dash, XRP Ledger and Tezos. The software can de-anonymize the Blockchain data and connect with sanction lists to provide a risk scoring on digital assets transactions, addresses and entities. The risk assessment methodology applied by Scorechain has been verified and can be fully customizable to fit all jurisdictions. 300+ risk-AML scenarios are provided to its customers with a wide range of risk indicators so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.
TripleA aims to revolutionize how businesses and customers are connected through blockchain technology and cryptocurrency solutions. With its easy setup, its highly competitive exchange rate, and its no-chargebacks payment system, TripleA helps businesses to increase their revenue by accessing the growing cryptocurrency users (200m+) community from all over the world.
Founded in 2017 in Singapore, TripleA is compliant with MAS (Singapore Central Bank) and complies with the highest international standards for AML and KYC. The company currently operates in Singapore with a presence in Hong Kong and Europe and is quickly expanding worldwide.