Deloitte, Chainalysis alliance to give law enforcement a crypto edge
Big Four accounting firm Deloitte said the partnership could help authorities identify and take down bad actors hiding “behind the keyboard.”
Professional services giant Deloitte is set to boost its clients’ blockchain-tracking capabilities following a strategic alliance with crypto analytics firm Chainalysis.
Announced during a Chainalysis conference in Washington, D.C., on July 25, the tie-up will Chainalysis’ blockchain data sets, analytics software and training programs assist Deloitte’s clients with their crypto forensic, investigative and compliance needs.
A Chainalysis spokesperson told Cointelegraph that the alliance had been in the works for years, with the aim of helping more organizations to adopt blockchain technology.
Thomas Stanley, president and chief revenue officer of Chainalysis, said the collaboration is aimed at their mutual clients, including law enforcement agencies, regulators and financial institutions.
“We’re starting with a focus on regulators, law enforcement, and financial institutions given where they are at in their adoption of this technology and the unique overlap of our customer base,” the spokesperson added, noting that it will be introduced in the United States first.
In a document the alliance, Deloitte said some of the challenges faced by government agencies include when cryptocurrencies are and launder the proceeds of crime, while the international regulatory landscape creates difficulty obtaining information from foreign exchanges.
Some of the challenges government agencies face when it comes to crypto. Source: Deloitte
Deloitte said the partnership with Chainalysis could help “identify the actors behind the keyboard and effectively prosecute them,” including tracing the flow of funds to high-risk or sanctioned entities.
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“Chainalysis will work with Deloitte’s blockchain and digital assets practice across cryptocurrency and digital asset risk, analytics, investigation, anti-money laundering/know your customer (AML/KYC), and regulatory compliance,” added Chainalysis.
Deloitte, one of the world’s Big Four accounting firms, recently posted over 300 job listings for cryptocurrency-related roles, 97 of which were based in the United States.
In late February, with Web3 platform Vatom to provide immersive experiences to different industries, from using virtual reality for events, meetings and employee training to brands focused on building community engagement with metaverse experiences.
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