ChainUp, a provider of blockchain technology solutions, has announced the expansion of its subsidiary, Trustformer, into the realm of regulatory technology (RegTech).
The step signifies not only an expansion of services but also underscores the company’s commitment to furnishing businesses with advanced tools and solutions tailored to meet stringent legal and regulatory requisites.
Trustformer, which has been engaged in offering Know Your Transaction (KYT) solutions, aims to mitigate compliance-related risks substantially by venturing into this domain. This initiative aligns with their vision of guiding partners toward unmatched operational excellence through meticulous adherence to regulatory protocols.
Beyond its KYT endeavours, Trustformer is charting a comprehensive course, delving into critical sectors such as anti-money laundering (AML) and counter-financing of terrorism (CFT). The intricate arena of crypto financial transaction compliance also takes centre stage.
The company’s commitment extends to conducting crime investigations and combating cyber threats, including hackers and spyware, as part of its resolute mission to thwart money laundering and terrorist financing risks.
Trustformer’s commitment extends to refining its offerings in pivotal areas such as risk attribution, compliance for virtual asset service providers (VASP), and alignment with the globally acknowledged Travel Rule. This comprehensive approach intends to unravel the origins and implications of risks, ensuring an efficacious regulatory compliance process, particularly concerning international transfers.
Armed with cutting-edge technologies like automation, artificial intelligence, machine learning, and advanced data analytics, Trustformer is primed to lead the charge. The company’s suite of services includes transactional vigilance, third-party surveillance, and meticulous audits.
By proactively identifying, managing, and neutralising non-compliant activities in real-time, Trustformer aims to fortify internal mechanisms and shield businesses from potential financial breaches.
The move into RegTech marks a significant stride for ChainUp and Trustformer, reinforcing their commitment to elevating regulatory compliance standards and guiding businesses toward a future of seamless operations in an increasingly complex regulatory landscape.
Trustformer CEO Rye Zhang said: “Diving deeper into the regtech arena is a strategic move, crafted to resonate with our partners’ aspirations. It’s about fostering high-caliber, sustainable operations. Trustformer’s dedication to tech innovation and nurturing partner alliances remains unwavering.
“We’re here to provide steadfast compliance solutions, shoulder-to-shoulder with our partners, navigating the intricate maze of regulatory challenges, ensuring they remain not just competitive, but also secure in this dynamic digital financial era.”
