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Sygna Bridge and ComplyAdvantage to Facilitate Identification of Sanction Lists While Meeting FATF Travel Rule Requirements

  • New bundle product Sygna Gate enables VASPs to identify red flag indicators in accordance with FATF guidance, together with Travel Rule compliance and blockchain analysis

CoolBitX, the international blockchain security company, and creators of Sygna Bridge, this week announced its partnership with ComplyAdvantage, a global data and technology company transforming financial crime detection, to offer an all-in-one solution that aims to simultaneously meet FATF’s sanctions guidance and Travel Rule recommendations for the virtual asset industry.

The joint AML solution bundles counterparty information sharing with sanction screening in real time—including politically exposed person (PEP) screening, and adverse media listing—and will be integrated with Sygna Gate, a new compliance solution that includes additional transaction monitoring and blockchain analytics solutions from leading industry solution providers. Sygna Gate will be available from June 26th, 2021.

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“While we believe that regulation in the digital asset industry will accelerate the rate of adoption globally, crypto businesses and VASPs today are met with vast regulatory requirements and due diligence procedures that puts a strain on their operations,” CoolBitX CEO Michael Ou said. “Sanction screening—along with transaction monitoring, Travel Rule data collection, and other crypto KYC requirements—form an integral part of AML/CFT compliance, and are an increasing necessity for our VASP customers. With ComplyAdvantage partnering with Sygna Gate, we can now help meet the compliance needs of VASPs in an all-in-one solution, with minimal integration effort and cost.”

Michael Ou
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The solution includes the following features:

  1. Browser Dashboard — Control and manage all AML processes in one single integration-free interface.
  2. Interoperable Travel Rule Compliance — Help exchange the required information across Travel Rule protocols.
  3. Sanction Screening Integration — Automatically screen against global sanction lists after the exchange of the required Travel Rule data.
  4. Blockchain Analytics Integration — Identify transaction risks and hosted wallets for different compliance needs.

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We are delighted to be partnering with Sygna to support the AML/CFT compliance processes of crypto businesses and VASPs with robust AML data and technology,” said Jaede Tan, managing director in Asia-Pacific for ComplyAdvantage. “Financial crime is a rapidly evolving space and nefarious actors continue to find new ways to exploit the financial system, so the partnership will allow us to provide best in class technology to VASPs, enabling them to satisfy their evolving regulatory requirements and stamp out financial crime.”

The launch of Sygna Gate builds upon the recent launch of Sygna Bridge Wallet Filter API, a joint solution with transaction monitoring provider Elliptic that distinguishes between custodial and private wallet addresses, facilitating identification of VASP-to-unhosted wallet transactions.

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