Deloitte partners with Chainalysis

Wednesday 26 July 2023 14:40 CET | News

UK-based fraud and financial crime advisory services company Deloitte has partnered with US-based blockchain analysis firm Chainalysis.


Through this partnership, Chainalysis’ blockchain data sets, analytics software and training programmes will help Deloitte’s clients with their crypto forensic, compliance, and investigative requirements. Chainalysis officials cited by talked about this partnership and revealed its main goal to help more organisations adopt blockchain technology. Moreover, the collaboration is aimed at the companies’ mutual clients, including law enforcement agencies, financial institutions, and regulators. 

Deloitte highlighted some of the challenges faced by government agencies, particularly when cryptocurrencies are used for money laundering or to obfuscate transactions. They also mentioned the international regulatory landscape, which doesn’t help much when it comes to obtaining information from foreign exchanges. 

The partnership between these two entities could help identify bad actors and effectively prosecute them. It could also trace the flow of funds to high-risk or sanctioned organisations. 

Representatives from Chainalysis cited by Cointelegraph emphasised that the company will work with Deloitte’s blockchain and digital assets practice across, analytics, investigation, anti-money laundering and know your customer (AML/KYC), cryptocurrency and digital asset risk, and regulatory compliance.


UK-based fraud and financial crime advisory services company Deloitte has partnered with US-based blockchain analysis firm Chainalysis.


What else has Deloitte been up to? 

In May 2023, Deloitte Consulting partnered with BOTLabs to integrate KILT blockchain tech to issue reusable digital credentials in support of KYC and KYB processes. According to the company press release, the credentials have multiple use cases, including regulatory compliance for banking and Decentralised Finance (DeFi), private logins, fundraising, and age verification for ecommerce. 

In April 2023, Deloitte worked with ecommerce risk intelligence company Riskified  to provide merchants with real-time insight into how their chargebacks, approval rates, and fraud costs compare to similar companies in their space. 

This benchmarking service helps retailers create a scorecard that can discover new opportunities to reduce operational costs, lower chargeback and fraud losses, and improve revenues by minimising false declines. This offering is supported by Riskified’s ecommerce, fraud, and identity intelligence derived from analysing over 2.5 billion transactions worldwide.

In March 2023, Deloitte collaborated with Web3 platform Vatom to provide immersive experiences for various industries, including virtual reality for cultural enhancement and community engagement for brands according to Forbes. The partnership supported the capability to host thousands of people at the same time in the same virtual space while providing access to a collection of virtual assets and tokens of their metaverse experiences through a cross-chain wallet.

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Keywords: partnership, financial crime, blockchain, fraud prevention
Categories: DeFi & Crypto & Web3
Companies: Chainalysis, Deloitte
Countries: United Kingdom
This article is part of category

DeFi & Crypto & Web3




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