Global fintech company and stablecoin issuer Circle introduced a compliance engine designed to support businesses in safeguarding their users through customizable and automated compliance checks. This newly launched feature, which enhances programmable wallets, is now accessible via the Circle Console.
The compliance engine is structured around three essential components: transaction screening, transaction monitoring, and adherence to the travel rule.
In its initial release, the compliance engine provides both UI and API access for transaction screening in beta, enabling the automation of real-time checks to identify high-risk transactions. Businesses have an option to customize rules based on the type or severity of the risk and either access a dedicated dashboard or connect webhooks for immediate reporting.
Meanwhile, the upcoming features include transaction monitoring, which will continuously track and assess transaction behavior to detect patterns that may indicate financial crime. Additionally, the travel rule component, which assists organizations in meeting travel rule requirements by securely sharing personal information (PII) and transaction data between virtual asset service providers, is anticipated to be made available in the near future.
These tools offer an effective solution for managing compliance workflows, helping businesses safeguard against financial crime while simultaneously minimizing the associated operational workload.
Compliance Engine for Programmable Wallets is now live on Circle Console!
Compliance Engine, the latest feature added to our infrastructure platform, helps businesses protect their users with ease through customizable, automated compliance checks. pic.twitter.com/4jUhBXFHKS
— Circle (@circle) September 24, 2024
Key Features Of Compliance Engine
The product’s core features include a “One-stop shop,” which streamlines wallet management and transaction evaluations by consolidating them into a single, unified platform. It also offers tailored compliance, allowing businesses to set specific rules for handling transactions and alerts, ensuring they align with individual business needs and regulatory standards.
Moreover, the platform supports in-depth investigations by providing console tools that allow users to thoroughly examine alerts and research specific wallet addresses, aiding in transaction reviews or internal investigations. The use of allowlists and blocklists offers enhanced risk mitigation, granting users precise and swift control over databases of authorized or blocklisted entities. Lastly, it delivers comprehensive reporting capabilities, enabling users to access and export detailed transaction logs and compliance data, which can be utilized for enabling internal investigations.
Circle functions as a financial services and payments organization with a focus on blockchain technology, enabling businesses of all sizes to leverage digital currencies and public blockchains for global payments, commerce, and various financial applications.
Recently, Circle has extended its Web3 services to the Solana blockchain. This move allows developers working on Solana-based projects to integrate secure, user-friendly wallets tailored to their specific applications, as well as sponsor transaction fees to provide a smoother user experience.
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