Global identity platform Acuant, which works for fraud prevention and anti-money laundering (AML) compliance, has partnered with Chainalysis, a blockchain analysis company, to boost risk assessment, automated workflows and safer transactions among companies, a press release emailed to PYMNTS said.
The aim is to help companies protect their reputations with superior anti-money-laundering services.
Customers of both companies will now gain the ability to leverage both platforms on the Acuant interface. That will let them seamlessly manage transactions that are indicative of higher risk.
They’ll also have access to the Chainalysis Know Your Transactions (KYT) along with the graphical investigative software, Chainalysis Reactor, used often to follow the flow of funds across the blockchain for different investigations.
The release says the integration of the reactor and KYT will strengthen Acuant Compliance native cryptocurrency support with the Chainalysis investigative interface.
Currently, Acuant Compliance provides comprehensive AML solutions for over 50 crypto exchanges and blockchain businesses around the world, the release noted. The native crypto support along with the integrated KYC helps to protect against fraud and suspicious activity.
Meanwhile, Chainalysis’ KYT aids businesses in monitoring large volumes of cryptocurrency transactions.
“We at Chainalysis believe cryptocurrency has the potential to boost the global economy, making a more equitable, fair and accessible financial infrastructure. In order to realize this vision, we need to establish greater trust and transparency,” said Jordan Bregman, director of Business Development at Chainalysis. “Our partnership with Acuant brings us closer to this goal and we’re excited to see our progress within the next few years.”
Chainalysis recently landed $100 million in Series D financing, which brought the company’s total value to over $2 billion.
Previous investors Ribbit and Addition invested more in the firm and TIME Ventures, the investment fund for Marc Benioff, also participated this time.
With the new funds, the company plans to make new hires and continue its global expansion.