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Sumsub & Chainalysis to boost digital assets’ compliance and monitoring

By Gloria Mathias

March 13, 2024

  • AI
  • APAC news
  • Bring Your Own Key (BYOK) management
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Sumsub, FinTech, For Fake's Sake, Synthetic Fraud, Fraud Detection, AI, UK, Chainanalysis, Singapore News, APAC News, Transaction monitoring, Deepfakes, RiskTech, Fintech News, Sumsub, a global full-cycle verification provider, has announced its integration with Chainalysis, the blockchain data platform.

This partnership combines Sumsub’s Transaction Monitoring and Travel Rule solutions with Chainalysis’s extensive blockchain analytics platform, promising regulatory compliance, secure data storage, and automated crypto transaction monitoring for clients.

The integration incorporates a Chainalysis key management model into the Sumsub platform. Crypto exchanges, peer-to-peer marketplaces, and neobanks can use a unified dashboard to automatically monitor digital asset transactions. In addition, they can use advanced analytics to investigate and manage risks more effectively.

This will empower businesses to enhance privacy, take complete control of their data, and streamline their Know Your Customer (KYC), anti-money laundering (AML), and transaction monitoring processes in one move.

Sumsub’s integration with Chainalysis and its Bring Your Own Key (BYOK) management model paves the way for a new era in digital asset compliance, providing unified workflows and automated transaction monitoring via a secure channel.

Against this backdrop, many governments have tightened regulations to combat fraud. With digital asset regulations becoming more stringent, this partnership ensures that clients stay compliant and keeps fraudsters and money launderers at bay.

“This partnership enables us to offer access to over one billion mapped addresses across multiple blockchains to those customers who use Sumsub’s Transaction Monitoring and Chainalysis crypto risk solutions,” said Jacob Sever, co-founder and Chief Innovation Officer at Sumsub. “Sumsub’s enhanced capabilities, integrated with Chainalysis’ analytics and key management model, are reshaping the landscape of digital asset compliance and security in the digital realm. Through this integration, businesses can align with stringent global AML and KYC regulations, fostering trust and confidence in crypto transactions.”

“Partnering with Sumsub, a leading identity verification and fraud prevention platform, is another step for us towards bringing greater trust and transparency into the crypto world. By developing an integration between Sumsub’s platform and our crypto risk solution, we’re providing next-generation digital infrastructure for security and compliance controls in the crypto industry. Together, we are striving for the cryptocurrency economy to flourish,” shared Ian Andrews, Chief Marketing Officer at Chainalysis.

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