Sumsub partners with Chainalysis

Wednesday 13 March 2024 13:21 CET | News

Global verification provider Sumsub has partnered with Chainalysis in order to optimise compliance and monitoring capabilities for digital assets clients. 

Following this announcement, Sumsub’s Transaction Monitoring solution that developed for digital assets is now upgraded with optimised blockchain analytics provided by Chainalysis. 

The partnership is set to combine Sumsub’s Travel Rule and Transaction Monitoring tools with Chainalysis’ extensive and secure blockchain analytics platform. This process is expected to deliver regulatory compliance, automated crypto transaction monitoring for customers, as well as secure data storage. 


Global verification provider Sumsub has partnered with Chainalysis in order to optimise compliance and monitoring capabilities for digital assets clients.


More information on the partnership

As the industry is currently experiencing a rising number of complex digital fraud cases in the crypto market, such as deepfakes or online threads, Sumsub’s `State of Verification and Monitoring in the Crypto Industry 2023`  report has shown that deepfakes surged by 128% from the previous year, while its `Identity Fraud 2023`  report found that in the region of Asia-Pacific (APAC) alone, there was a 1530% increase in deepfakes. 

In order to protect customers and businesses from these challenges and threads, the companies will offer access to multiple mapped addresses across several blockchains to customers that use Sumsub’s Transaction Monitoring and Chainalysis crypto risk tools. 

The integration is set to incorporate a Chainalysis key management model into the Sumsub platform, while both companies will focus on meeting the needs, preferences, and demands of customers in an ever-evolving market. At the same time, throughout this collaboration, crypto exchanges, peer-to-peer marketplaces, as well as neobanks will be given the possibility to leverage a unified and safe dashboard in order to automatically monitor digital asset transactions and payments. Both companies will focus on remaining compliant with the regulatory requirements and laws of the industry. 

In addition, they will also be enabled to utilise advanced and improved analytics to investigate and manage risks more effectively and securely, with a focus on the process of providing businesses with the capability to optimise their privacy, take complete control over their data and information, as well as streamline their Know Your Customers (KYC), transaction monitoring, and anti-money laundering (AML) processes, through a single procedure. 

Sumsub’s strategic deal with Chainalysis and its overall Bring Your Own Key (BYOK) management model are expected to accelerate the development of the digital asset compliance market. At the same time, it will provide unified workflows and automated transaction monitoring through the use of a secure and comprehensive channel. 

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Keywords: partnership, fraud management, fraud prevention, fraud detection, compliance, digital assets, cryptocurrency, crypto, Bitcoin
Categories: Fraud & Financial Crime
Companies: Chainalysis, Sumsub
Countries: World
This article is part of category

Fraud & Financial Crime




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