Chainalysis Awarded Best Solution for Transaction Monitoring Solution

Singapore/Hong Kong, 22 November 2022 – Chainalysis was awarded Best Solution: Virtual Assets – KYT/Transaction Monitoring in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.

Chainalysis was recognised for its compliance suite, implemented by government agencies, cryptocurrency businesses, and financial institutions to perform continuous transaction monitoring for all cryptocurrency assets and to detect patterns of high risk activity. This capability has become increasingly important in recent years due to a global regulatory focus on preventing cryptocurrency from being used for illicit activity, including by sanctioned persons and entities.

The solution offers transaction monitoring capabilities covering all blockchains and assets and includes address screening for DeFi native platforms. It automatically detects and alerts firms to patterns of potential high risk activity, including sanctioned addresses, darknet markets, scams and anomalous transactions. Chainalysis powers its platform by mapping crypto addresses to real-world entities. Since inception in 2014, it has mapped hundreds of millions of addresses.

Chainalysis provides real-time insights on blockchain transactions and the counterparties involved, and offers a holistic view of entity and user risk profiles through intuitive dashboards. The alerts, which are customisable to match the organisation’s risk tolerance, are generated whenever a transaction involves a risky counterparty, crosses a value threshold, or displays a specific pattern of behaviour.

The solution also provides a native case management system that allows for automated reporting, enables collaboration with peers, and produces audit logs. Earlier this year, in response to Russia-related sanctions, Chainalysis launched a free sanctions screening service that has so far been widely adopted by decentralised Web3 groups including DeFi platforms, DAOs, and DApp developers.

Speaking to their decision, the Judging Panel noted that “Deep in-house forensic expertise and rigorous evaluation processes allow Chainalysis to make sure its data is reliable and accurate. This helps to reduce risks for crypto players and financial institutions getting into the space, while also adding legitimacy to an industry during a period of massive change.” The Panel also remarked on the technical strengths of Chainalysis solutions, noting that “Chainalysis uses APIs to enable firms to automate transaction monitoring, onboard clients faster, and comply with the Travel Rule as well as local regulations.”

The Chainalysis platform is used by over 900 organisations in over 75 countries. It has opened new offices in Singapore, Japan, Korea and Australia in the last 24 months, and is expanding its footprint further – into India, Hong Kong, Taiwan and other ASEAN markets.

About the Regulation Asia Awards for Excellence 2022

The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on Judging Panel to help assess and score each submission to determine the winning entrants.

For a full list of the award 2022 winners, visit www.regulationasia.com/awards.

About Regulation Asia

Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.

Visit www.regulationasia.com or connect via LinkedIn or Twitter.