Scorechain S.A., Luxembourg, and PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, cooperate to introduce a common solution in the context of AML Compliance requirements towards transaction monitoring of crypto-asset pro

en de

Luxembourg-based Scorechain S.A. and PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, announce a cooperation to advance the field of Anti-Money Laundering requirements towards a transaction monitoring of crypto-asset providers. The collaboration enables financial institutions to benefit from PwC’s in-depth industry and process expertise on one hand, and from Scorechain’s technical innovation on the other. 

<< Back
29/04/2021 | Partenariat
  • 5123 resized 757 99999 90 5dd2a9e602523 scorechain square 512-002-

In May 2019, the German Federal Ministry of Finance (BMF) presented a draft for the implementation of the 5th EU Money Laundering Directive, which has been incorporated into German law (Money Laundering Act) with effect from 1st January 2020. This specifically includes the providers of depository, administration and security services of crypto assets (crypto-custody business) as financial service institutions. Equally, the term “crypto value” has been defined as a financial instrument. 

The result is that companies obligated by virtue of doing business in the cryptocurrency sector must fully consider the catalog of requirements of the Money Laundering Act (GwG) and integrate the safeguards that are applicable to them. This includes implementing a comprehensive transaction monitoring as part of the customer due diligence obligations and thus filtering transactions for anomalies.

Scorechain S.A. provides on-chain analytics to crypto ventures and financial institutions onboarding crypto businesses/individuals since 2015 and offers a Compliance and AML Software for Cryptocurrency activity monitoring. Based on a risk assessment methodology approach, the solution includes among others transaction monitoring tools for crypto assets and a large number of risk indicators to prevent financial crimes and ease fraud detection.

Scorechain S.A. and PwC Germany have been working together since the beginning of 2020 and offer a joint service for companies obliged under the German Money Laundering Act starting from March 2021.

Pierre Gerard, CEO of Scorechain S.A., says “Nowadays, the crypto market is eager for expertise and a high-level AML solution to build strong and reliable business models. Through this new partnership with PwC, we are happy to provide both expertise regarding the German crypto regulation and an effective crypto-monitoring solution trusted by more than 100 customers in 33 different countries”. 

“For PwC, it is of utmost importance that we were able to win Scorechain S.A. as a partner who brings extensive experience in the field of technical transaction monitoring of cryptocurrencies on the one hand and great international regulator acceptance on the other hand to this cooperation”, says Oliver Eis, Certified Accountant (WP) and Partner Assurance Financial Services at PwC Frankfurt.

The advantages of this cooperation are obvious: In order to design the compliance process of transaction monitoring according to regulatory requirements and to digitalize it at the same time, strong technology as well as dedicated industry and process knowledge is necessary. The cooperation between Scorechain S.A. and PwC makes it possible to offer such a comprehensive service to customers.

Back to top  | << Back

Communiqués liés

Goodyear - building
Bruce Jackson
22/03/2023 Partenariat

Apex Group and Crypto Finance collaborate for crypto investm...

Apex Group, (“Apex Group” or “The Group”), a global financial services p...


IQ-EQ poll shows effect greenwashing concerns are having on ...

Study finds two thirds of respondents avoid ESG investments due to fear of green...


JCDecaux Luxembourg lance son offre DOOH programmatique

15 millions d’impressions premium mensuelles sur 100 écrans.

Patrick Hansen  LuxLife Award 2023

Luxaviation Group remporte le prix de « Most Luxurious Priv...

Le groupe Luxaviation, l'un des plus grands opérateurs d'avions et d'hélicopt...

Sionic Partner Stephane Assemat

Sionic Appoints HSBC’s Stéphane Assemat to Expand Swiss &...

Global financial services consulting firm Sionic has announced the appointment o...


Il n'y a aucun résultat pour votre recherche

We use cookies to ensure the best experience on our website. By accepting you agree the use of cookies. OK Learn more