**Circle Introduces New Feature to Streamline Regulatory Compliance for Businesses**
**Circle**
**Stablecoin**
**USDC**
Circle has unveiled its latest innovation, the Compliance Engine, a platform designed to ease the regulatory compliance burden for businesses utilizing Circle’s programmable wallets.
**Last updated:**
September 24, 2024, 14:00 EDT
**Editor**
Veronika Rinecker
**Editor**
Veronika Rinecker
**About the Author**
Veronika Rinecker, based in Germany, holds degrees in international journalism and media management. Her areas of expertise include politics and regulation, energy, blockchain, and fintech. She has been active in the field since 2017.
**Author Profile**
**Share**
**Copied**
**Last updated:**
September 24, 2024, 14:00 EDT
**Why Trust Cryptonews**
With over ten years of experience in crypto journalism, Cryptonews provides reliable insights backed by a dedicated team of journalists and analysts. Our comprehensive market understanding, combined with practical testing of blockchain technologies, ensures adherence to rigorous editorial standards, delivering accurate and unbiased reports on both established and emerging cryptocurrencies. Our longstanding reputation and commitment to high-quality journalism make Cryptonews a trusted resource in the fast-evolving digital asset landscape.
**Read more about Cryptonews**
Circle, the issuer of the **USDC** and **EURC** stablecoins, has launched the **Compliance Engine**, a cutting-edge platform aimed at simplifying regulatory compliance for businesses employing its programmable wallet services.
The Compliance Engine provides automated, customizable compliance checks to streamline operations for businesses within the digital asset ecosystem. Integrating seamlessly into Circle’s existing infrastructure, it negates the necessity for third-party integrations.
### Customizable Compliance Checks
As highlighted in Circle’s announcement on September 24, the beta version primarily introduces the “Transaction Screening” feature, which allows for real-time assessments to pinpoint potentially suspicious activities.
Businesses can tailor compliance rules according to risk categories or severity levels, receiving immediate reports via a dashboard or webhooks. Additional functionalities like “Transaction Monitoring” and the “Travel Rule” are set to roll out in the upcoming months.
Transaction Monitoring will enable businesses to periodically review past transactions, identifying potential high-risk patterns by analyzing various entities, including users and wallets, in a comprehensive manner. The Travel Rule feature will facilitate the secure exchange of personally identifiable information (PII) for transactions between Virtual Asset Service Providers (VASPs) and help verify transactions from self-hosted wallets.
**Key features of the Compliance Engine. Source: Circle**
Businesses can finely tune transaction and alert policies through the Compliance Engine, ensuring alignment with their operational needs and regulatory frameworks. The platform accommodates both incoming and outgoing transactions via programmable wallets, including Externally Owned Accounts (EOA) and Multi-Signature Controlled Accounts (MSCA), whether developer-controlled or user-controlled.
The Compliance Engine supports a diverse array of blockchain networks, such as those compatible with programmable wallets, including **Avalanche (AVAX)**, **Ethereum (ETH)**, **Polygon PoS (MATIC)**, and **Solana (SOL)**.
### Circle’s USDC Transforms Humanitarian Aid
Beyond international enterprises, stablecoins like USDC can also facilitate global financial inclusion and humanitarian efforts.
According to the **Circle’s Impact Report 2024**, conventional financial systems frequently leave billions unbanked and impede effective humanitarian assistance due to delays, high costs, and limited accessibility.
“Global finance is now starting to create solutions for a world where billions can access portable banking services right from their hands,” the report states.
To tackle these issues, Circle aims to provide quicker, more affordable, and transparent cross-border transactions. The report illustrates various instances of how USDC is positively influencing lives.
In December 2022, Circle partnered with UNHCR to initiate a humanitarian cash program that delivered borderless digital U.S. dollars—USDC—to Ukrainians displaced by conflict. These funds were sent directly to recipients’ digital wallets via the **Stellar (XLM)** blockchain, ensuring almost instant access through smartphones. The program also featured fully integrated cash-out options while adhering to all necessary regulations.
Circle allows recipients to convert their digital aid into cash or transfer it to local bank accounts. Source: Circle
Organizations like **Rahat**, based in Nepal, utilize USDC and smart contracts to deliver financial aid directly to mobile phones prior to climate disasters. Additionally, **WiiQare**, a startup in Congo, helps facilitate faster and more affordable cross-border healthcare payments for migrants using USDC. Meanwhile, **Kura**, a U.S.-Haitian enterprise, lowers remittance costs and fosters real-world spending for beneficiaries with USDC.
In its report, Circle also emphasizes the advantages of USDC, including price stability, transparency, regulatory compliance, and an open ecosystem, presenting a hopeful vision for how stablecoins can mitigate financial inequality and empower individuals and organizations globally.
**Follow us on Google News**
