The Chainalysis blog post reveals that Deloitte has partnered with Chainalysis, a blockchain security company, to enhance crypto asset tracking and investigations. This partnership would enable them to support their shared client in tackling compliance issues in the ecosystem for digital assets.
According to the statement, the partnership will give Deloitte’s clients access to Chainalysis’ exclusive blockchain dataset, market-beating analytics tools, and training program.
As a result, they will be able to research, handle forensic and compliance programs for digital assets more effectively.
According to Thomas Stanley, President and Chief Revenue Officer of Chainalysis, “the partnership provides new, collaborative solutions that assist in recognising transformation holes, boost mission success at business scale and reduce risk while boosting earnings for law enforcement organisations, regulators, and financial ecosystem players across the country.”
Chainalysis and Deloitte’s blockchain and digital assets practice will also work together in areas like digital currency and digital asset (DA) risk, anti-money laundering, analytics, investigation, know your customer (AML/KYC), and legal compliance.
Additionally, Deloitte intends to increase the number of staff professionals trained and certification in Chainalysis products, particularly for investigations and blockchain analytics.
In a second statement, Deloitte claimed that digital currencies contribute to transaction fraud and money laundering.
Challenges including obtaining information from overseas exchanges, uneven government regulations, and the ecosystem of digital assets’ ongoing evolution make this situation even more difficult.
The collaboration between Chainalysis and Deloitte attempts to tackle these difficulties head-on.
“We research fraud strategies such as chain-hopping, mixers, and the application of decentralised financing (DeFi). We look into the unauthorised use of stablecoins, tokens, and non-fungible tokens (NFTs). We trace the flow of money from fiat to cryptocurrency and vice versa.”
The partnership will bring together the blockchain dataset, analytics platform, and training programme from Chainalysis with the compliance, investigation services and risk management from Deloitte.
The collaboration will offer cutting-edge solutions for law-abiding organisations, regulators, and participants in the financial ecosystem by combining these resources.
One of the largest businesses offering blockchain analysis and research services in the cryptocurrency industry is Chainalysis.
It gives governments, law enforcement organisations, financial institutions, and cryptocurrency firms access to software tools and data analysis capabilities.
The business is also renowned for its in-depth research and analysis of various aspects of the cryptocurrency market.
For instance, Chainalysis examined cryptocurrency-related crimes committed this year so far in a report published earlier this month.
According to the business, 2023 has been a dry year for cryptocurrency fraudsters, with inflows to “known illicit entities” falling 65% from the same time last year.
According to Chainalysis, there has been a market correction, but the rate of illegal cryptocurrency transactions is declining much more rapidly than the volume of legal transactions.
