Deloitte and Chainalysis Forge Alliance to Empower Law Enforcement with Crypto Intelligence

A strategic alliance between professional services giant Deloitte and crypto analytics firm Chainalysis is set to enhance the blockchain-tracking capabilities of Deloitte’s clients.

The partnership, announced during a Chainalysis conference in Washington DC on July 25, will see Chainalysis provide Deloitte’s clients with access to its blockchain datasets, analytics software, and training programs. This will empower Deloitte’s clients, including law enforcement agencies, regulators, and financial institutions, with enhanced crypto forensic, investigative, and compliance capabilities.

According to a spokesperson from Chainalysis, the alliance has been in development for years, with the shared goal of promoting wider adoption of blockchain technology among various organizations.

The collaboration’s initial focus will be on regulators, law enforcement, and financial institutions, particularly in the United States, where adoption of blockchain technology is at varying stages. However, the companies believe that other global markets will eventually follow suit.

Deloitte, in a document outlining the alliance, highlighted the challenges faced by government agencies when dealing with cryptocurrencies used to obscure transactions and launder illicit funds, especially in light of the international regulatory landscape, which makes obtaining information from foreign exchanges difficult.

The partnership aims to address these challenges by providing tools and expertise to “identify the actors behind the keyboard and effectively prosecute them.” This includes the ability to trace the flow of funds, particularly to high-risk or sanctioned entities.

Chainalysis will collaborate with Deloitte’s blockchain and digital assets practice, contributing its expertise in cryptocurrency and digital asset risk analysis, investigation, anti-money laundering/know your customer (AML/KYC) procedures, and regulatory compliance.

The collaboration comes at a time when Deloitte is significantly expanding its involvement in the cryptocurrency space. The firm recently posted over 300 job listings for cryptocurrency-related roles, with nearly one-third of them based in the United States.

In addition to its work in the crypto space, Deloitte has also partnered with Web3 platform Vatom, aiming to offer immersive experiences across various industries using virtual reality technology. This partnership extends to events, meetings, employee training, and community engagement initiatives through metaverse experiences.

By teaming up with Chainalysis, Deloitte aims to bolster the capabilities of law enforcement and financial institutions in dealing with crypto-related issues, contributing to the broader adoption and regulation of blockchain technology.

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