Knowledge base

Software Solutions for a CASP

Software solutions for a CASP (Crypto-Asset Service Provider) are technology-based products or services that are designed to facilitate the operations and compliance of CASPs with regulatory requirements. These solutions are designed to enhance the security, efficiency, and transparency of CASPs' virtual asset activities.

These solutions can be broadly categorized into three main areas:

• Client onboarding solutions: These solutions are designed to automate and streamline the process of onboarding new clients. They typically include features such as identity verification, KYC (know-your-customer) and AML (anti-money laundering) checks, and risk assessment.
• AML transaction monitoring solutions: These solutions are designed to monitor virtual asset transactions for suspicious activity and to ensure compliance with AML regulations. They typically use advanced analytics and machine learning algorithms to detect anomalies and patterns that may indicate illicit activity.
• Blockchain transaction monitoring solutions: These solutions are designed to monitor blockchain transactions in real-time and to provide VASPs with visibility into the source and destination of funds. They typically use blockchain analysis tools to identify and track transactions associated with known bad actors, such as darknet marketplaces and ransomware groups.
• Regulatory reporting solution - this software automates the reporting process for VASPs, allowing them to generate regulatory reports and submit them to the relevant authorities in a timely and accurate manner.

Overall, these solutions play a critical role in helping CASPs to operate efficiently and securely while complying with regulatory requirements.