1. Integrate a KYT API for Transaction Monitoring
- BitOK KYT focuses on identifying the origin of incoming funds, suspicious addresses and highlighting potential risk factors (e.g., links to stolen funds or sanctioned entities).
- This ensures your platform automatically scans incoming transactions and flags those that appear high-risk.
2. Centralized Dashboard for Suspicious Transactions
- Even at the MVP stage, it’s crucial to have a convenient dashboard (rather than building a complex admin panel from scratch) where you can view all flagged transactions in one place.
- This dashboard should allow you to manage statuses for each high-risk transaction — like "Awaiting User Data".
3. Manage High-Risk Transactions
- Establish clear policies: if a user’s transaction is flagged, what are the next steps? Will you require additional verification or block the transaction entirely?
- Provide transparent communication: notify users if their funds require further AML checks.