Circle has recently unveiled a new product called the Circle Compliance Engine. It is designed to assist companies in building on-chain while adhering to strict compliance standards. Jeremy Allaire, the co-founder and CEO of Circle, shared this announcement on the X account, highlighting the company’s advancements in compliance over the past decade.
The Compliance Engine is intended to offer developers and the operations team of financial applications key tools to build on blockchain. Some of them are the transaction screening tool, which identifies risky transactions, and the transaction monitoring tool, which is used to identify high-risk behaviors. Further, the Compliance Engine comprises the Travel Rule service used to check whether businesses adhere to rules for large on-chain transactions as required by law across the world.
New Compliance Tool from Circle Offers Real-Time Transaction Monitoring
This new compliance solution is fully compatible with Circle Programmable Wallets, a multiple blockchain software wallet developed for programmers. Circle’s Compliance Engine is described on its website as a single, real-time system with a console for user API integration, transaction analysis, and real-time red flagging of suspect activity. It will also allow the users to perform extended research, create a block list of the wallets associated with the bad actors, report a transaction to the relevant authorities, and so on.
The tool works with blockchains linked to Circle’s Programmable Wallets: Avalanche, Ethereum, Polygon, and Solana. Developers will pay according to their monthly usage using a free-for-all pricing model.
This launch was also highlighted by Allaire, as Circle’s compliance infrastructure is now available for those who are developing on-chain financial apps. The Compliance Engine is designed to improve security and compliance in the constantly growing crypto field and provide businesses with information on how to work with the constantly changing regulations to create new and effective financial products.
