Strategic Partnership to Strengthen Efforts Against Crypto Asset Fraud
KPMG in Canada and Chainalysis have formed a strategic alliance to enhance monitoring and risk management tools for cryptocurrency exchanges, financial institutions, and government agencies. The partnership represents KPMG’s entry into the Chainalysis Solution Provider program. This initiative is in response to the increasing sophistication of crypto-related criminal activities.
‘Big Four’ Member KPMG Collaborates with Chainalysis
KPMG, a multinational professional services network and one of the ‘Big Four’ accounting organizations, announced its partnership with the blockchain surveillance firm Chainalysis. The collaboration aims to improve KPMG professionals’ ability to detect and prevent illicit activities in the crypto sector by certifying them as Chainalysis Certified Investigators.
Kunal Bhasin, a partner and crypto and blockchain co-leader at KPMG in Canada, expressed that this collaboration will help to further solidify KPMG’s expertise in forensic investigations and crypto assets and blockchain technology.
Focus on Blockchain Monitoring and AML Compliance
The collaboration between KPMG and Chainalysis is the first of its kind for the company, focusing on blockchain monitoring, support, governance, and risk management. The partnership will assist organizations in adhering to financial regulations and advancing their anti-money laundering (AML) compliance programs. Enzo Carlucci, a national forensic leader at KPMG, stated that the collaboration aims to provide organizations with the necessary tools to understand fraud and financial crime risks.
Concerns Over Crypto-Based Illicit Transactions and Fraud Losses
KPMG highlights the latest Chainalysis 2023 Crypto Crime Report, which shows that cryptocurrency-based illicit transactions reached $20.6 billion last year. The firm also references reports of significant increases in crypto-related complaints and fraud losses from the Ontario Securities Commission Contact Centre and the Canadian Anti-Fraud Centre over the past few years.
Hot Take: KPMG and Chainalysis Join Forces to Combat Crypto Fraud
This strategic alliance between KPMG in Canada and Chainalysis is a significant step in the fight against crypto asset fraud. By leveraging Chainalysis’ expertise in blockchain monitoring and KPMG’s forensic investigations capabilities, the partnership aims to provide enhanced tools to detect and prevent illicit activities in the crypto sector, ultimately strengthening efforts against financial crimes involving cryptocurrency.
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