Posted by New York, USA: Crypto transaction monitoring plays an important role in helping digital asset firms identify suspicious activity, trace illicit funds and manage financial crime risks. The recent Binance crypto theft has highlighted the challenges of tracking stolen funds across blockchain networks.
Elliptic, a London based on-chain risk management and real-time compliance provider, has introduced its new offering called Fast Track Monitoring. The new service provides digital asset firms with a backup screening option if their primary monitoring provider becomes unavailable.
Fast Track Monitoring is powered by Elliptic Lens, the company’s blockchain intelligence platform. It offers real time screening of crypto wallets and transactions. The service also provides an explainable risk score for each wallet and transaction, helping compliance teams assess potential risks.
A disruption to a primary screening service can create operational challenges for digital asset firms. Compliance teams may have to pause withdrawals until monitoring resumes or allow transactions to proceed without the usual screening checks. A backup option can help firms maintain monitoring during such disruptions.
According to Elliptic, a disruption to screening services can leave compliance teams with two difficult choices. They can hold customer withdrawals until the service is restored or allow transactions to proceed without screening. Both decisions could raise questions from regulators.
The company said, digital assets firms can sign up for Fast Track Monitoring and start screening within minutes. The service has a one-time setup fee and usage-based pricing. It does not require a long-term contract, which allows businesses to pay for the screening they use.
Having a backup provider can help digital asset firms maintain crypto transaction monitoring during service disruptions. This is important for businesses that need to screen customer deposits and withdrawals without interruption, the company emphasised.
“Every compliance lead should be able to answer one question with confidence: what is your business continuity back up plan for screening? Criminals are using AI to move faster, and screening is the control every crypto business needs running, every hour of every day. Resilience means having a fallback ready before you need it,” said Jackson Hull, CTO – Elliptic.
“Fast Track Monitoring gives any compliance team that continuity, and we recommend every team builds it into their on-chain risk management approach,” added Hull.
As digital asset businesses face growing financial crime risks, reliable crypto transaction monitoring remains essential. However, the ability to continue screening transactions during service disruptions is equally important. Backup arrangements can help firms maintain compliance operations and reduce their dependence on a single monitoring provider.