Prominent accounting firm Deloitte has joined forces with Chainalysis, a company specializing in blockchain security, in order to improve the tracking and examination of digital assets.
Chainalysis, in a recent blog post, stated that this partnership would enable them to help their shared clients tackle compliance issues within the digital asset environment.
The partnership gives Deloitte’s clients access to Chainalysis’ exclusive blockchain dataset, state-of-the-art analytical software, and educational program, as stated in the announcement.
This will equip them with better capabilities to handle forensics, investigations, and compliance processes tied to digital assets.
Thomas Stanley, President and Chief Revenue Officer of Chainalysis, explained, “For regulators, law enforcement agencies, and participants in the financial ecosystem nationwide, the partnership presents new, collective solutions that assist in pinpointing areas for transformation, accelerating success at an enterprise level, and managing risk while also boosting revenue.”
Moreover, Chainalysis is set to team up with Deloitte’s blockchain and digital asset unit, focusing on areas such as risk related to cryptocurrencies and digital assets, analytics, investigations, anti-money laundering, know your customer (AML/KYC) regulations, and regulatory compliance.
In addition, Deloitte intends to broaden its pool of practitioners who are trained and certified in Chainalysis products, with a particular emphasis on blockchain analytics and investigations.
Deloitte’s Partnership to Help Adress Challenges Related to Cryptocurrencies
In a distinct announcement, Deloitte acknowledged the role of cryptocurrencies in obscuring transactions and facilitating money laundering.
The situation is further convoluted by hurdles such as obtaining information from overseas exchanges, inconsistent governmental policies, and the ever-evolving landscape of the digital asset ecosystem.
The alliance between Deloitte and Chainalysis is intended to directly confront these challenges.
“We delve into obfuscation methods such as chain-hopping, mixers, and the utilization of decentralized finance (DeFi). We scrutinize the illicit use of non-fungible tokens (NFTs), tokens, and stablecoins. We trace the money’s path from fiat to crypto (and back),” the announcement clarified.
The partnership will amalgamate Chainalysis’ blockchain dataset, analytical software, and educational program with Deloitte’s proficiency in managing risk, ensuring compliance, and conducting investigative services.
By uniting these assets, the partnership will deliver cutting-edge solutions to regulators, law enforcement entities, and actors within the financial ecosystem.
Chainalysis stands as one of the foremost entities offering blockchain analysis and investigative services in the cryptocurrency sector.
It provides software utilities and data analysis skills to governments, law enforcement agencies, financial institutions, and businesses dealing in cryptocurrency.
Chainalysis is also recognized for its thorough research and reporting encompassing various facets of the crypto sphere.
For example, in a report released earlier this month, Chainalysis scrutinized crypto-connected crimes that have taken place this year.
The company stated that 2023 has so far been an unproductive year for cryptocurrency fraudsters, with inflows to “identified illicit entities” decreasing by 65% compared to the same timeframe in the previous year.
In the words of Chainalysis, “While there’s been a market downturn, the volume of illicit crypto transactions has fallen significantly more than the volume of legitimate crypto transactions.”
