Onchain analytics firm Chainalysis has partnered with professional services firm Deloitte to assist clients in solving compliance challenges using blockchain analytics.
Our alliance with @Deloitte, announced today at #TraceDC, will provide public and private organizations with bespoke solutions and specialized services related to risk, compliance, and investigations. Read more:https://t.co/NqbPPA6HYb pic.twitter.com/I48lKhhInb
— Chainalysis (@chainalysis) July 25, 2023
In their announcement, Deloitte said its clients can rely on Chainalysis’ proprietary blockchain dataset to align their operations with the expectations of global regulators. Per the statement, the strategic alliance will assist “mutual clients implement state-of-the-art forensic, investigative and compliance programs.”
The partnership will see Deloitte increase the number of its associates trained in using Chainalysis products for blockchain-based analytics and investigations.
Tim Davis, Practice Lead of Deloitte’s Advisory Blockchain and Digital Asset, noted that the firm will deploy Chainalysis’ suite of products across its Know Your Customer (KYC) and Anti-Money Laundering (AML) push in multiple jurisdictions while advising clients on digital currency risks.
“As digital asset adoption and proliferation continues, Deloitte is committed to advising our clients on leading thinking and approaches to risk management, analytics use, and regulatory compliance,” Davis said. “Our new alliance with Chainalysis is another demonstration of Deloitte’s investment in its digital asset innovation ecosystem for the benefit of our clients.”
Apart from its primary use case of ensuring compliance, Chainalysis’ President Thomas Stanley stated that the collaboration would assist law enforcement in identifying potential loopholes in the digital currency ecosystem.
“For law enforcement agencies, regulators, and financial ecosystem players across the nation, the alliance offers new, collaborative solutions that help identify transformation gaps, accelerate mission success at enterprise scale, and mitigate risk while increasing revenue,” said Stanley.
Deloitte has previously utilized blockchain for process improvement. In May, they partnered with Polkadot’s KILT for reusable digital credentials to enhance the KYC process, pointing out the flaws of paper-based KYC certificates.
Deloitte announced plans to hire over 300 blockchain experts in the U.S. after auditing Circle’s proof-of-reserves in a strong show of intent to explore Web3.
Other Big Four firms close the gap
While Deloitte has taken the lead with blockchain integration, the trio of Ernst & Young, KPMG, and PwC are keen on closing the gap.
KPMG, fresh from its $30 million investment in the metaverse, announced a $2 billion investment in Microsoft (NASDAQ: MSFT) AI research in July. The firm forecasts a $12 billion growth opportunity in the AI ecosystem as it integrates AI into its process.
PwC waded into Web3 in 2019 with the launch of Halo Suite, an auditing tool to track blockchain transactions, and continues to offer advisory services to policymakers.
Watch: What’s next for digital asset exchanges & investment?
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