New tool ensures that crypto platforms can remain a safe, secure financial environment in the face of international conflict
SAN FRANCISCO–(BUSINESS WIRE)–TRM Labs, the blockchain intelligence company, now offers a free, API-based screening tool to members of the crypto ecosystem who wish to be alerted when sanctioned crypto addresses are engaging with their platforms, including addresses linked to newly sanctioned Russian designated individuals and entities. Users of the free tool will benefit from TRM’s unique cross-chain coverage, which spans 25 blockchains and enables users to be notified when a sanctioned address matches a corresponding address on multiple blockchains. The API-based tool can be accessed for free here.
Why we built it
The unprecedented wave of sanctions on Russia in the wake of its invasion of Ukraine means that crypto businesses of all sizes need accessible sanctions screening tools, more than ever before, to be able to manage their exposure to the rapidly evolving sanctions landscape.
“As we see sanctioned individuals and other threat actors attempt to evade sanctions, it is critical that we have the tools in place to mitigate these risks to the growing crypto-economy,” said Ari Redbord, Head of Legal and Government Affairs at TRM Labs. “Cryptocurrency businesses need to ensure that they protect against sanctions exposure to meet regulatory obligations and to stop sanctioned entities from co-opting the promise of this new financial system.”
What the free tool does
The API-based tool provides a way for crypto platforms, including decentralized organizations and apps, to be alerted if an address engaging with their environment has been sanctioned by a legal authority such as the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC).
As relevant law enforcement bodies across the U.S. and European Union continue to develop and implement economic sanctions, the unique cross-chain visibility and accessibility of TRM’s screening tool will allow a wider network of partners to limit the ability for sanctioned individuals or entities to convert cryptocurrency to traditional financial instruments.
How TRM monitors for sanctions exposure
Leveraging automated tools and a global team of subject matter experts, TRM monitors sanctions lists, adds sanctioned addresses to its database, and automatically alerts users of any sanctioned addresses interacting with their platforms.
“In speaking with our partners across the public and private sectors, it became clear that this tool and the visibility it lends into illicit financial activity of sanctioned individuals is critical,” said Esteban Castaño, Co-Founder and CEO of TRM Labs. “Blockchain intelligence is an important tool for crypto platforms to be able to utilize as they work to mitigate the risk of sanctions exposure in an ever-changing geopolitical landscape.”
TRM provides blockchain intelligence to help financial institutions, cryptocurrency businesses and public agencies detect, investigate and manage crypto-related fraud and financial crime. TRM’s risk management platform includes solutions for cryptocurrency anti-money laundering (AML), transaction monitoring and wallet screening, entity risk scoring including Know-Your-VASP, and transaction tracing for investigations. These tools enable a rapidly growing cohort of organizations around the world to safely embrace cryptocurrency-related transactions, products, and partnerships. TRM is based in San Francisco, CA and is hiring across engineering, product, sales, and data science. To learn more, visit www.trmlabs.com.