Introduction
Adhering to crypto compliance guidelines has become a critical priority for institutions, many of which are proactively screening fund movements to ensure compliance and alignment with evolving AML (anti-money laundering), KYT (know your transaction), and travel rule standards.
Utila offers native integration with compliance industry leaders, enabling customers to seamlessly embed transaction screening into their workflows. The integration supports screening both outgoing transfers and incoming deposits.
AML policy overview
The AML policy consists of an ordered set of rules. Each screened transfer is evaluated against these rules sequentially, and the first matching rule determines the outcome.
The AML policy is enforced before the transaction policy. A transfer must first be permitted by the AML policy in order to proceed to the transaction policy screening.
Each rule can result in one of the following actions:
If no rules match, the transfer is by default allowed.
Compliance screening flow
Utila offers basic and advanced compliance screening flows.
Standard
Incoming deposits and outgoing transfers are uploaded to the AML vendor for audit and case management.
Advanced
Outgoing transactions
Before the transfer is checked by the transaction policy, the data is uploaded to the compliance vendor for screening.
The compliance policy in Utila determines whether the transfer should be allowed, based on the screening result.
Transfers deemed problematic are automatically denied.
If the transfer passes the screening process, it is then checked by the transaction policy.
Incoming deposits
As soon as a deposit is detected, the transaction data is uploaded to the compliance vendor for screening.
A decision is made whether to clear the transfer based on the screening result and your compliance policy in Utila.
Funds from suspicious incoming transactions are frozen and subject to admin processing.
Compliance partners
Utila currently integrates with Chainalysis, Elliptic, and TRM Labs. The Chainalysis and Elliptic integrations are advanced, while the TRM Labs one is standard.