Sumsub and Chainalysis Join Forces to Elevate Crypto Compliance and Security
LONDON – 14/03/2024 – (SeaPRwire) – In an ambitious move to redefine the standards of digital compliance and security within the rapidly evolving cryptocurrency sector, Sumsub, a leader in comprehensive verification solutions, has embarked on a strategic partnership with Chainalysis, the foremost authority in blockchain data analytics. This groundbreaking collaboration is set to usher in a new age of regulatory adherence, enhanced data protection, and streamlined crypto transaction surveillance for businesses worldwide.
At the heart of this partnership is the seamless integration of Sumsub’s advanced Transaction Monitoring and Travel Rule compliance solutions with the extensive analytical capabilities of Chainalysis’ blockchain platform. This synergy not only promises to fortify client companies against the ever-present threats of fraud and money laundering but also ensures their operations align with the increasingly complex web of global crypto regulations.
The fusion of Sumsub’s and Chainalysis’ technologies introduces a revolutionary Bring Your Own Key (BYOK) management approach, signifying a leap forward in digital compliance for the crypto industry. This model facilitates a unified workflow and automatic monitoring of crypto transactions through a secured pathway, marking a significant advancement in the way crypto businesses manage their compliance and security protocols.
For crypto exchanges, peer-to-peer marketplaces, and neobanks that deal in cryptocurrency transactions on behalf of their clients, this alliance offers a comprehensive dashboard for automated crypto transaction monitoring and in-depth analytics. These tools enable more profound investigations and robust risk management, all from a single interface. Incorporating Chainalysis’ key management model into Sumsub’s full-cycle verification platform empowers these entities to elevate their privacy measures, gain absolute control over their data, and streamline their Know Your Customer (KYC), Anti-Money Laundering (AML), and transaction monitoring operations efficiently.
Jacob Sever, co-founder and Chief Innovation Officer at Sumsub, expressed his enthusiasm about the partnership: “Collaborating with Chainalysis, the global leader in blockchain intelligence, empowers us to enhance our offerings significantly. This partnership grants our clients access to over a billion mapped addresses across various blockchains, integrating Sumsub’s Transaction Monitoring with Chainalysis’ crypto risk solutions. The combined strengths of Sumsub’s and Chainalysis’ technologies are set to redefine crypto compliance and security in the digital age, enabling businesses to comply with strict AML and KYC regulations and build trust in crypto transactions.”
Ian Andrews, Chief Marketing Officer at Chainalysis, shared a similar sentiment, stating, “Our alliance with Sumsub, a frontrunner in identity verification and fraud prevention, marks another milestone in our journey to infuse the crypto space with greater trust and transparency. By integrating our crypto risk solutions with Sumsub’s platform, we’re laying the foundation for a next-generation digital infrastructure, tailored for the stringent security and compliance needs of the crypto industry. Together, we’re committed to fostering the growth of the cryptocurrency economy.”
For more information about how Sumsub’s Transaction Monitoring and KYC/AML compliance solutions are transforming the crypto industry, visit https://sumsub.com/kyt/.
About Chainalysis:
Chainalysis stands as the premier blockchain data platform, offering unparalleled data, software, services, and research to a diverse client base, including government agencies, exchanges, financial institutions, and companies in the insurance and cybersecurity sectors, across more than 70 countries. Chainalysis’ technology has played a pivotal role in resolving some of the most challenging criminal cases globally and has been instrumental in enhancing consumer access to cryptocurrencies in a secure manner.
About Sumsub:
Sumsub is an all-encompassing verification platform that safeguards the entire user experience. Offering customizable KYC, KYB, Transaction Monitoring, Fraud Prevention, and Travel Rule compliance solutions, Sumsub enables businesses to optimize their verification processes, welcome more customers globally, comply with regulatory mandates, reduce operational costs, and secure their operations against fraud. Sumsub’s client roster spans various industries, including fintech, crypto, transportation, trading, e-commerce, and gaming, boasting notable clients like Binance, Wirex, Avis, Bybit, Huobi, Unlimit, Flutter, Kaizen Gaming, and TransferGo.
SOURCE Sumsub
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