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Sumsub, a global full-cycle verification provider, has announced its integration with Chainalysis, the world’s leading 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. Now, 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.

This 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.

A Critical Collaboration between Sumsub and Chainalysis 

The collaboration is especially crucial given the rising number of complex digital fraud cases in the crypto sector, such as deepfakes. Sumsub’s “State of Verification and Monitoring in the Crypto Industry 2023” report revealed that in 2023, deepfakes in the crypto industry surged by 128% from the previous year. Moreover, Sumsub’s “Identity Fraud 2023” report also found that in Asia-Pacific (APAC) alone, there was a 1530% increase in deepfakes.

Against the backdrop, many governments have tightened regulations to combat fraud. For example, in the Asia Pacific region, the Monetary Authority of Singapore (MAS) announced tighter regulations on cryptocurrencies in November 2023 to protect retail investors. Hong Kong’s new crypto travel rule, effective on the 1st of January 2024, imposes specific requirements on virtual asset service providers (VASPs) to enhance transparency and compliance in the industry. With digital asset regulations becoming more stringent, this partnership ensures that clients stay compliant and keep fraudsters and money launderers at bay.

“We are proud to work with Chainalysis, the leading blockchain intelligence provider in the world. 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 of and Chief Innovation Officer at Sumsub. “Sumsub’s enhanced capabilities, integrated with Chainalysis’ analytics and key management model, are reshaping the landscape of digital assets 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,” adds Ian Andrews, Chief Marketing Officer at Chainalysis.

To learn more about Transaction Monitoring and KYC/AML solutions for crypto, please visit https://sumsub.com/kyt/.

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