Circle Launches ‘Compliance Engine’ to Enable Compliant On-Chain App Development
Alyssa Davidson
Posted: Sep 25, 2024 2:57 AM Updated: Sep 25, 2024 2:57 AM
Edit and fact check: September 25, 2024, 2:57 AM
Briefly
Circle has launched a compliance engine that helps enterprises protect their users with customizable and automated compliance checks.
Circle, a global fintech company and stablecoin issuer, has launched a compliance engine designed to help enterprises protect their users through custom and automated compliance checks. This newly released feature, which powers programmable wallets, is now accessible through the Circle Console.
The compliance engine is built around three essential components: transaction review, transaction monitoring, and travel compliance.
In its initial release, the Compliance Engine provides both UI and API access for transaction review in beta, enabling real-time automated inspection to identify high-risk transactions. Companies can customize rules based on the type or severity of risk and access dedicated dashboards or connect webhooks to report on them immediately.
Meanwhile, upcoming features include transaction monitoring, which continuously tracks and evaluates transaction behavior to detect patterns that may indicate financial crime. Additionally, a travel rule component is expected to be available in the near future to help organizations meet travel rule requirements by securely sharing personal information (PII) and transaction data between virtual asset service providers.
These tools provide effective solutions to manage compliance workflows and help businesses protect themselves from financial crime while minimizing associated operational workloads.
Key Features of Compliance Engine
Key features of this product include a “one-stop shop” that streamlines wallet management and transaction evaluation into a single, integrated platform. It also offers customizable compliance, allowing businesses to set specific rules for processing transactions and notifications to suit individual business needs and regulatory standards.
Additionally, the platform provides a console tool that allows users to thoroughly investigate alerts and investigate specific wallet addresses, supporting in-depth investigations to aid in transaction review or internal investigations. Whitelists and blacklists provide enhanced risk mitigation, allowing users to accurately and quickly control the database of approved or blacklisted entities. Finally, it provides comprehensive reporting capabilities, allowing users to access and export detailed transaction logs and compliance data, which can be used to facilitate internal investigations.
Circle is a financial services and payments organization focused on blockchain technology, enabling businesses of all sizes to leverage digital currencies and public blockchains for global payments, commerce, and a wide range of financial applications.
Circle recently extended its Web3 service to the Solana blockchain, allowing developers working on Solana-based projects to integrate a secure and user-friendly wallet tailored to their specific applications and sponsor transaction fees to provide a more seamless user experience.
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About the Author
A dedicated journalist for MPost, Alyssa specializes in the vast areas of cryptocurrencies, zero-knowledge proofs, investments and Web3. She has a keen eye for emerging trends and technologies, and provides comprehensive coverage to inform and engage readers in the ever-evolving digital finance landscape.
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Alyssa Davidson
A dedicated journalist for MPost, Alyssa specializes in the vast areas of cryptocurrencies, zero-knowledge proofs, investments and Web3. She has a keen eye for emerging trends and technologies, and provides comprehensive coverage to inform and engage readers in the ever-evolving digital finance landscape.
More Articles