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Compliance Covered: Simplifying Risk Management with SkyInsights

As the cryptocurrency markets surge back to life after a long winter, the need for firms to implement a comprehensive compliance solution has never been more critical. There are billions of dollars of tainted funds flowing throughout the onchain ecosystem, and it’s on projects to ensure they’re not breaking any of the many AML/CFT/KYC regulations that apply to virtual asset service providers (VASPs).

Compliance Covered: Simplifying Risk Management with SkyInsights

Enter SkyInsights. SkyInsights is a game-changer that makes it easier than ever to stay compliant and redirect resources where they can do the most for your platform. Combining AML and compliance best practices with CertiK’s unmatched on-chain security expertise delivers an end-to-end compliance platform that makes it simple to stay on the right side of the regulations.

Unprecedented Security Insights and Analysis at Your Disposal

SkyInsights provides all VASPs with a level of threat analysis and insight previously only available at a boutique level. By utilizing advanced algorithms and on-chain and off-chain data collection and attribution techniques, SkyInsights monitors and screens blockchain protocols, smart contracts, wallets, transactions, and DeFi platforms to identify compliance issues in real-time.

Enhanced Regulatory Compliance

Staying compliant is a constant challenge for crypto companies in an industry where regulatory landscapes can – and do – shift rapidly. SkyInsights addresses this challenge head-on by offering tools specifically designed to keep up with changing regulations.

SkyInsights updates in real-time as new laws and guidelines emerge. It specifically updates entries to sanctions lists, and prepopulates rules and guidelines from regulators and agencies like FATF, FinCEN, and OFAC. This ensures that platforms can adapt quickly to regulatory changes, avoiding potential fines and legal issues while focusing resources on the business side of operations.

Simplified Compliance Processes

One of SkyInsights's most significant advantages is its ability to streamline complex compliance processes. Traditional methods of ensuring compliance often involve manual reviews and audits, which are time-consuming and prone to human error. SkyInsights automates these processes by routing transactions through custom monitoring groups and automatically actioning cases through API-based integrations into external case management tools. This not only saves time and resources but also enhances the accuracy and effectiveness of compliance strategies.

Building Trust and Transparency

SkyInsights provides transparent, verifiable security and compliance reports. These reports can easily be shared with users, investors, and regulatory bodies, serving as proof of a platform's commitment to security and compliance. This transparency is invaluable in an industry often criticized for its opaque operations, helping platforms to earn credibility, attract more users, and avoid punitive action from regulatory bodies.

Future-Proofing Crypto Platforms

As the industry continues to grow and evolve, the challenges faced by compliance teams will only become more complex. SkyInsights is a future-proof solution. Its modular design allows us at CertiK to continuously update its features and capabilities to address new threats and global regulatory requirements. This adaptability ensures that crypto products and services can achieve compliance with minimal effort, regardless of how the regulatory landscape changes.

SkyInsights is a leap forward for crypto compliance teams. Its ability to provide real-time risk analysis, streamline compliance processes, and adapt to the ever-changing regulatory environment makes it the go-to tool for any VASP looking to achieve compliance. Get in touch to learn more about SkyInsights, start your free trial, and streamline your compliance strategy today.