Deloitte, one of the world’s top accounting firms, has joined forces with Chainalysis, a leading blockchain security firm, to enhance digital asset tracking and investigations. This partnership is aimed at addressing compliance challenges in the digital asset ecosystem.
Through this collaboration, Deloitte’s clients will be able to leverage Chainalysis’ blockchain dataset, analytics software, and training program. This will enable them to better manage forensic, investigative, and compliance programs related to digital assets.
The alliance offers new collaborative solutions for law enforcement agencies, regulators, and financial ecosystem players across the nation. It helps identify transformation gaps, accelerate mission success at enterprise scale, and mitigate risk while increasing revenue, according to Thomas Stanley, President and Chief Revenue Officer of Chainalysis.
In addition to the collaboration in digital asset tracking and investigations, Chainalysis will also work closely with Deloitte’s blockchain and digital assets practice in other areas such as cryptocurrency and digital asset risk, analytics, investigation, anti-money laundering, know your customer (AML/KYC), and regulatory compliance.
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To further solidify this partnership, Deloitte plans to expand its team of practitioners who are trained and certified in using Chainalysis products, specifically in blockchain analytics and investigations.
Deloitte’s decision to partner with Chainalysis is driven by the challenges posed by cryptocurrencies, including their role in obfuscating transactions and money laundering. Retrieving information from foreign exchanges, inconsistent government policies, and the continuously evolving nature of the digital assets ecosystem further complicate the issue.
Together, Deloitte and Chainalysis aim to address these challenges head-on. They investigate obfuscation techniques like chain-hopping, mixers, and the use of decentralized finance (DeFi). In addition, they also examine the illicit use of non-fungible tokens (NFTs), tokens, and stablecoins, and follow the money from fiat to crypto and vice versa.
By combining Chainalysis’ blockchain dataset, analytics software, and training program with Deloitte’s expertise in risk management, compliance, and investigation services, the alliance provides innovative solutions for law enforcement agencies, regulators, and financial ecosystem players.
Chainalysis is one of the major companies in the blockchain analysis and investigation services sector, specifically in the field of cryptocurrency. They offer software tools and data analysis capabilities to governments, law enforcement agencies, financial institutions, and cryptocurrency businesses. The company is also well-known for its extensive research and reports covering various aspects of the crypto industry.
In a recent report, Chainalysis analyzed crypto-related crimes in 2023. The company highlighted a significant decline in crypto scams, with inflows to known illicit entities dropping by 65% compared to the same period last year. This indicates a market pullback, but illicit crypto transaction volume is falling even more than legitimate crypto transaction volume.
Overall, the partnership between Deloitte and Chainalysis is expected to strengthen the ability to track and investigate digital assets while addressing compliance challenges in the ever-evolving digital asset ecosystem. By combining their expertise and resources, the alliance aims to provide valuable solutions for combating financial crimes and ensuring the integrity of the digital asset market.
