Following the Money with Chainalysis: 7 Questions for Simona Suskeviciene from BVNK

Following the Cash is a brand new Q&A sequence that spotlights how Chainalysis prospects use our merchandise in the true world — from compliance groups and investigators to pioneers driving crypto adoption.

Simona is the VP of Monetary Crime Operations at BVNK.

What’s the largest false impression about your job? 

The most important false impression often comes from individuals with restricted publicity to crypto. Earlier than shifting into this area, I spent greater than a decade in conventional finance. What strikes me is how many individuals from that world nonetheless imagine crypto is inherently “unclean” or can’t be trusted. Even individuals in my very own community joke that I’ve gone over to the “darkish aspect,” as if crypto funds can’t probably be official. The fact may be very completely different. Like all monetary system, there are dangers – however there are additionally extremely subtle compliance frameworks and instruments that make crypto transactions typically extra clear and traceable than these in conventional finance.

How has your work modified the way in which you concentrate on cash or belief? 

I bear in mind when worldwide funds might take days – generally weeks – to course of, with excessive charges and fixed anxiousness about whether or not the cash would ever arrive. My work has utterly reframed that. Immediately, I do know {that a} cost, whether or not home or worldwide, could be accomplished in minutes. The know-how proves that belief isn’t about ready for intermediaries to “clear” transactions; it’s about choosing the proper methodology and dealing with organizations that prioritize safety and compliance. It has made me far more optimistic about what “cash” could be: not only a medium of trade, however a system that builds belief globally, rapidly, and pretty.

Which blockchain do you suppose will outline the following 5 years? 

I don’t suppose the longer term belongs to a single chain. As an alternative, we’ll see a cluster of dominant blockchains, every excelling in several niches. Ethereum will seemingly stay the spine over the following 5 years – it’s already forward in terms of stablecoins, arguably an important space of growth in the present day, and its ecosystem depth offers it unmatched resilience.

That mentioned, we’re additionally seeing the rise of blockchains particularly optimized for high-volume funds. Solana is probably the most talked-about instance in the present day, nevertheless it has opened the door for different gamers who are actually growing payment-focused chains designed to mix velocity, scalability, and decrease prices. For retailers and cost suppliers like BVNK, that evolution is thrilling as a result of it factors to a future the place completely different blockchains specialize – Ethereum because the trusted settlement layer, and payment-optimized chains because the rails for on a regular basis transactions.

What’s probably the most “Wait, that is my job?!” second you’ve had? 

Truthfully, I really feel this very often. Folks outdoors of monetary crime would possibly assume cash is solely a software to purchase issues and that crime is uncommon. However working on this area reveals me how typically cash is used with unhealthy intentions. What amazes me much more is that we now have the instruments and experience to cease that. In comparison with how monetary establishments operated years in the past, we’re in a totally completely different league. Immediately, we are able to determine dangers with exceptional velocity and precision, and each time I see that in motion, I believe: wow, we are literally making the monetary system safer.

How has Chainalysis modified your day-to-day work? 

For my crew, Chainalysis has turn into important – it makes their work sooner, extra correct, and extra environment friendly. For me personally, it’s greater than only a software: it’s a proof level. It permits me to indicate shoppers, banks, and regulators that crypto could be protected, clear, and reliable. At BVNK, compliance is non-negotiable, and we put money into best-in-class options. Chainalysis has turn into a real aggressive benefit for us – each when it comes to operational effectivity and in constructing confidence with our stakeholders.

For those who might automate one a part of your job, what wouldn’t it be? 

One half I’d automate is conserving monitor of fines issued to monetary establishments for AML deficiencies globally. Think about an AI system that not solely flags new enforcement actions however interprets them in context and reveals how they may apply to your particular enterprise mannequin – that might be game-changing. At BVNK, we make investments closely in compliance and preserve an in depth eye on regulatory adjustments, however enforcement actions reveal how regulators truly apply the principles in observe. Understanding these traits helps us keep sharp, anticipate expectations, and at all times stay one step forward.

What software (moreover Chainalysis!) might you not stay with out? 

I’ll admit it: I’ve turn into a full-blown AI fanatic. I used to be an early adopter, and I exploit a number of AI instruments on daily basis. The important thing lesson has been discovering steadiness – not over-relying on AI, however utilizing it to supercharge effectivity. If I needed to decide only one, it could be ChatGPT. It’s the place my AI journey started, and it stays my go-to. There’s nothing higher than having a dense regulatory replace summarized for you if you don’t have time to learn 100 pages – although I’ll add a compliance disclaimer: at all times cross-check and ensure you’re counting on authoritative sources!

 

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