Configuring Elliptic Discovery
Elliptic Discovery is a data provider you can use to run the VASP crypto risk check.
VASP crypto risk check
How it works
VASP crypto risk is a virtual asset service provider (VASP) offering a screening solution that can be used as a part of a company risk assessment.
Information used to run this check
The following company profile information is required to run this check successfully:
Company name
Company number
Website
Country of incorporation
Optionally, filling in the Incorporation date field can also improve the match.
Overall result of the check
Elliptic Discovery generates results depending on the number of fields that can be matched and the confidence tier of each field. The result is then compared to the risk score threshold configured in your smart policy. This returns a pass, partial, fail , or error result. In the event of a partial match occurring, the end result can only ever be partial or fail, it can't return a pass result. A partial match means that Elliptic Discovery wasn't able to match all the fields, and the result might be improved by revisiting all the company profile fields listed as required or optional.
Elliptic returns a risk score for the VASP. The check returns either pass or fail according to the risk score threshold set in your smart policy. The check passes if the risk score is below the threshold and fails if above. The minimum risk score threshold is 0 and the maximum risk score threshold is 10. It’s important to note that Elliptic or Moody's can't advise on the configuration of your risk score threshold, which should be configured according to your own internal risk policy.
In the event of a pass or partial result, VASP crypto risk provides a link to the relevant VASP profile within the check. You must be logged into Elliptic Discovery for this link to work.
What we'll need
This solution is an add-on through Passfort that requires a separate Elliptic Discovery license key, acquired directly from Elliptic.
A license holder must contact support@elliptic.co to request an API key for the integration. After you receive the API key, you should securely transfer it to Moody's implementation engineers, who will establish the integration.
Testing your configuration
Once the VASP crypto risk check is configured, follow these steps in your demo environment to test whether it's working as expected.
To run the test, create a company profile.
After creating the profile, run the VASP crypto risk check. If the check returns a risk score, it’s working as expected.