In this interview, I spoke with Chioma Onyekelu, a Blockchain Forensics Specialist at A&D Forensics. She is a Certified Cryptocurrency Investigator, Crypto Compliance Specialist and a Registered Blockchain Educator (RBE) with ICORBP, as she discusses how blockchain technology can improve auditing, uncover illicit activities, and mitigate fraud. She also shares her vision for the future of blockchain forensics and auditing.

Nelson: Hi Chioma, thanks for joining me for this interview today. I'm Nelson Nworie, a NODO Expert, and I'm excited to learn more about your work on blockchain forensics and auditing.

Let's start with your journey into blockchain. Tell us about yourself and your experience with blockchain technology?

I'm Chioma Onyekelu, a Blockchain Forensic Specialist at A&D Forensics, certified in cryptocurrency investigation. I have expertise in investigating cryptocurrency related crimes and provide forensic reports. I'm also a Crypto Compliance Officer, helping businesses stay compliant with crypto regulations. I train law enforcement, compliance officers, and others in cryptocurrency investigation and compliance.

In 2020, as a teacher, I discovered blockchain and crypto assets, leading me to explore their potential for trading and as a side hustle. I deepened my knowledge by pursuing a Master's in Blockchain & Digital Currencies at the University of Nicosia, Cyprus, starting in Fall 2021.

During the same season, I found my passion for Blockchain Forensics under the mentorship of Mr. Adedeji Owonibi at A&D Forensics. I became certified as the First Female Certified Crypto Investigator and Crypto Compliance Specialist in Nigeria.

In 2023, I obtained a Collegiate of Science in Blockchain Studies from Althash University and became a Registered Blockchain Educator (RBE) with the International Council of Registered Blockchain Professionals (ICORBP).

Can you tell us more about your capstone project at Althash University?

During my studies at Althash University, I was privileged to work on a capstone project with a team of 5 members. Our Capstone Project Topic was: Auditing-Records can be instantly and independently verified.

The Capstone project was about leveraging the immutable, decentralized, and transparent nature of blockchain technology to enhance auditing procedures to provide immediate and independent record verification.

The primary objective of our capstone project was to enhance auditing procedures across various industries, including financial auditing, supply chain auditing, healthcare auditing, government auditing, energy auditing, and even notary services. By leveraging blockchain technology, we aimed to address the challenges associated with traditional auditing methods and introduce a more efficient and reliable approach.

Through the implementation of blockchain-based solutions, we envisioned auditors being able to instantly verify records with complete independence and transparency. This would not only streamline the auditing process but also enhance the trust and integrity of the information being audited.

My capstone project at Althash was a collaborative effort, working in a team of five members. We conducted extensive research to gain a deep understanding of the potential applications of blockchain technology in the field of auditing and the broader implications for various industries. My team members include: Onyinye Eze, Winner Mugana, Abel Goji and Michael Onoja.

You mentioned your Master's Degree in Blockchain and Digital Currencies. Did you also undertake a Project?

Yes, I conducted a Thesis Research Project as a partial requirement for my Master's Degree at the University of Nicosia. A Thesis Research differs from a Capstone project because a thesis involves academic research and analysis with the aim of contributing new knowledge. In contrast, a capstone project emphasizes the practical application of acquired skills and knowledge to address real-world issues or projects.

My Thesis Research focused on Cryptocurrency Compliance. I explored the essential skills necessary to excel as a Crypto Compliance Officer and investigated the factors influencing the transition of Compliance Officers from Traditional Finance Compliance to Crypto Compliance. The findings were quite intriguing and will be invaluable in my consultations with Web 3 Founders and Start-ups regarding Crypto Compliance, particularly in the development of our Compliance as a Service (CaaS) solution at A&D Forensics.

Talking about Crypto Compliance, how do you explain that to a Layman?

Crypto Compliance involves adhering to established rules and regulations set by Financial Regulators to prevent cryptocurrencies from being used in illicit activities, such as Money Laundering, Terrorist Financing, Ransomware Financing, Crypto Scams, and Fraud. These regulations come from bodies like FATF, SEC, FINCEN, and Financial Intelligence Units like NFIU, which is part of the EGMONT Group.

Crypto Compliance covers various aspects, including KYC, Know Your VASP, Customer Due Diligence, Wallet Screening, Transaction Monitoring, Sanctions Screening, Travel Rule, and reporting of Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs). It also involves developing Compliance Policies, providing AML Training to staff, and conducting Independent Audits.

Crypto Compliance Officers can specialize in specific sectors, though this is more common in established institutions, as Start-up Compliance Officers usually handle a broader range of responsibilities. Managing this extensive compliance function can be challenging, which is why we've simplified it with our Compliance as a Service Solution, CaaS, at A&D Forensics.

Tell us why you started working in this Niche and How you intend to help others?

My initial interest in this field arose from my desire to teach. With a Bachelor's Degree in Science Education and eight years of experience as a classroom teacher, I transitioned into blockchain education. I began as a general Blockchain Educator and now teach Cryptocurrency Investigations & Compliance to Law Enforcement Agents, Private Investigators, and Fraud Examiners through our CCI and 3CS courses at A&D Forensics. My goal is to guide individuals toward certification in our courses.

As part of my role, my team and I at A&D Forensics provide pro bono sensitization training to Law Enforcement Agencies like the EFCC, NPF, and the Military when needed. I plan to continue teaching while helping victims of cryptocurrency-related scams, hacks, and frauds recover their stolen crypto assets.

Lastly, as a Cryptocurrency Compliance Officer, I work to combat cryptocurrency-related crimes while consulting for FinTechs, Web 3 start-ups, cryptocurrency exchanges, and Money Service Businesses.

What are your thoughts on the future of blockchain Forensics and Auditing?

I believe that as blockchain technology becomes more prevalent across various sectors, the landscape of cryptocurrency-related crimes will evolve, creating a demand for professionals who can effectively combat these crimes. Notably, major financial institutions like JP Morgan and Wall Street banks are incorporating cryptocurrency assets into their portfolios. This shift underscores the need for skilled blockchain auditors and Compliance Officers who possess a deep understanding of blockchain technology and the ability to trace crypto transactions.

The future appears promising, especially with the rising number of blockchain-related projects, including Nigeria's National Blockchain Adoption Strategy. However, as these developments occur, the risk of hacks, scams, and fraud also grows. Therefore, I am dedicated to reducing these fraudulent activities by helping start-ups adhere to crypto compliance regulations and conducting cryptocurrency investigations for victims.

What are your career goals?

My career goals are multifaceted, rooted in my passion to combat cryptocurrency-related crimes and explore blockchain's diverse applications.

Firstly, I aspire to become a renowned public speaker on blockchain-related topics, sharing insights globally and inspiring others about the technology's transformative potential.

As a Blockchain Forensics Specialist, I aim to continually enhance my investigative skills to effectively trace cryptocurrency-related crimes and assist fraud victims in recovering their lost assets.

Furthermore, I strive to establish myself as a leading consultant in Crypto Compliance. By aiding Web 3 founders, startups, and VASPs, I aim to help them create robust compliance departments, ensuring regulatory adherence and best practices. I also aspire to become a Certified Fraud Examiner and a Certified Anti-Money Laundering Specialist to bridge compliance with traditional finance.

Lastly, as a Content Writer and Author at A&D Forensics, I'm committed to utilizing my writing and research skills to provide valuable insights in my profession. Through my work, I aim to offer up-to-date information, industry trends, and thought leadership in the blockchain space.

In summary, my career goals are driven by the desire to make a meaningful impact in blockchain forensics, empower others with knowledge, and contribute to the advancement of blockchain technology.

Thank you for sharing your insights with us today, Chioma. I'm sure our readers will find them very informative and inspiring.

Connect with Nelson and Chioma on LinkedIn