February 16, 2021
Unit21 partners with Chainalysis to offer end-to-end compliance solution for financial institutions and cryptocurrency businesses
SAN FRANCISCO, October 28th, 2020 -- Unit21, the market leader in risk modeling, today announced a partnership with Chainalysis, the blockchain analysis company, to help financial institutions and cryptocurrency businesses assess risk from money laundering and other illicit activity, protect their reputations, and develop and maintain relationships with banks and regulators. Designed to reduce manual workflows, the Chainalysis KYT (Know Your Transaction) and Unit21 integration combines a comprehensive dataset of thousands of services transacting in cryptocurrencies – including Bitcoin, Ether, Litecoin, Tether, Gemini Dollar, Dai and more – with a set of solutions that makes it easy to review both fiat and cryptocurrency transactions in real time, detect suspicious activity, manage and report on investigations, risk-rate clients, and file suspicious activity reports.
“Chainalysis’s holistic approach to monitoring blockchain activity allows our customers to receive real-time insights about both on-chain and off-chain activity, in turn equipping them to be proactive in detecting financial crimes risk,” said Trisha Kothari, co-founder and CEO of Unit21. “The integration has already helped customers streamline their investigations process, reduce fraud loss, and highlight efficiency within risk and compliance teams, and we’re excited to drive widespread adoption of the integrated solution.”
“Chainalysis is thrilled to partner with Unit21 in order to offer an end-to-end transaction monitoring solution to both financial institutions and cryptocurrency exchanges looking to build robust AML compliance programs in line with regulatory requirements,” said Jason Bonds, Chief Revenue Officer at Chainalysis.
Chainalysis provides compliance, investigation, and risk management software to the world's leading banks, businesses, and governments. Chainalysis’s compliance product, KYT, helps financial institutions and cryptocurrency businesses monitor large volumes of cryptocurrency activity and identify high-risk transactions on a continuous basis.
Optimized for operational efficiency, Unit21 equips fintechs and financial institutions with a configurable engine to model suspicious activity, so they can focus on investigations rather than process. Founded by industry experts in risk, identity and machine learning, who recognized the need for a single source of truth for risk and compliance, Unit21 builds a rich picture of client risk, allowing investigators to visualize all their data in one place while automating many of their manual processes, reducing compliance costs.
Chainalysis is the blockchain analysis company. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 50 countries. Our data platform powers investigation, compliance, and risk management tools that have been used to solve some of the world’s most high-profile cyber criminal cases and grow consumer access to cryptocurrency safely. Backed by Accel, Benchmark, and other leading names in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.
Founded in 2018 and based in San Francisco, Unit21 helps protect businesses against adversaries through a simple API and dashboard for detecting and managing money laundering, fraud, and other sophisticated risks across multiple industries. For more information, visit: https://www.unit21.ai/
Media Contact for Chainalysis:
Maddie Kennedy, Director of Communications
Maddie@chainalysis.com, +1 914.584.0386
Media Contact for Unit21:
Priya Chandrasekaran, Head of Business Development