Singapore/Hong Kong, 9 December 2021 – TRM Labs has been recognised as ‘One to Watch’ in the Digital Asset Compliance & Analytics category in the 4th Regulation Asia Awards for Excellence 2021 at an online ceremony on 9 December 2021.
TRM Labs was recognised for its single cohesive platform which includes modules for transaction monitoring, wallet screening, VASP due diligence, and forensics – which together represent a comprehensive solution for regulators, financial institutions and cryptocurrency businesses to gain real time visibility and a better understanding of the illicit finance risks facing the crypto ecosystem.
TRM enables firms to pre-screen wallet addresses for sanctions risk prior to a withdrawal being made to that wallet, while its end-to-end transaction monitoring capabilities provide clients with a risk score, calculated in real-time, to help them proactively detect suspicious transactions. Compliance professionals are able to review activity and alert disposition via an intuitive web interface, or from within their own systems. Transactions and pre-screened wallet addresses are continuously monitored daily and new alerts are generated as new risks emerge.
The solution also features a ‘Know-Your-VASP’ module, which delivers real-time comprehensive risk profiles for thousands of VASPs and digital asset businesses. Financial Institutions use this to perform due diligence and continuous risk monitoring in their assessments of whether to provide banking services to crypto businesses – a key challenge for the traditional financial services sector.
TRM also provides a multi-tier investigative tool that enables users to trace the flow of funds between addresses and entities. This enables users to view the risk profile associated with any wallet address or entity, including risk scores, risk indicators, token portfolio transaction histories, and other information elements. Notably, TRM also supports cross-chain analytics, enabling users to explore multiple chains from within a single graph and view aggregate cross-chain entity activity.
Given that traditional blockchain analytics risk scoring can often miss scenarios where counterparties are categorised as low risk but have a high proportion of illicit volume, TRM offers ownership analytics – which shines a light on risks such as nested entities, parasite VASPs, so-called ‘chameleon shops’, and situations where crypto deposits are structured across multiple wallet address. This was a key component of TRM’s ability to provide intelligence on SUEX, a nested exchange that was the subject of OFAC’s first action against a cryptocurrency exchange.
“TRM is a superior platform, from its pricing model and extensive blockchain coverage to its cross-chain analytics capabilities,” said one judge on the awards panel. “It will be exciting to see TRM gain wider recognition and adoption as it continues its rollout in APAC. As regulators return to a post-pandemic ‘normal’, they are likely to be spending more time directly engaging with firms such as TRM, making it well placed to become a dominant force in the region.”
TRM is itself also focused on increase regulatory engagement and expanding its network and client base in APAC. y. In this vein, it has provided crypto financial crime training to 25 APAC law enforcement agencies and is in conversations with multiple central banks in the region. TRM has also assisted eight APAC law enforcement agencies with ongoing investigations.
About the Regulation Asia Awards for Excellence 2021
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help to ensure the highest standards for regulatory compliance are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the award 2021 winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.