KPMG and Chainalysis Partner to Enhance Crypto Fraud Detection and Compliance

KPMG in Canada has formed a strategic partnership with Chainalysis, a blockchain surveillance firm, to strengthen efforts against crypto asset fraud. This collaboration marks KPMG's entry into the Chainalysis Solution Provider program and aims to provide enhanced monitoring and risk management tools for cryptocurrency exchanges, financial institutions, and government agencies. The announcement, made on Wednesday, highlights the initiative as a response to the increasing sophistication of crypto-related criminal activities.

Strategic Alliance Formed Between ‘Big Four’ Member KPMG and Chainalysis

KPMG, a multinational professional services network and one of the 'Big Four' accounting organizations, announced its partnership with Chainalysis on Wednesday. As part of this collaboration, KPMG professionals will be certified as Chainalysis Certified Investigators, enhancing their ability to detect and prevent illicit activities in the crypto sector.

"This collaboration will help to further solidify KPMG's expertise in forensic investigations and crypto assets and blockchain technology," said Kunal Bhasin, a partner and crypto and blockchain co-leader at KPMG in Canada.

KPMG emphasizes that this partnership is the first of its kind for the company, focusing on blockchain monitoring, support, governance, and risk management. The goal is to assist organizations in adhering to financial regulations and advancing their anti-money laundering (AML) compliance programs. Enzo Carlucci, a national forensic leader at KPMG, explains that the collaboration aims to provide organizations with the necessary tools to understand fraud and financial crime risks.

The latest Chainalysis 2023 Crypto Crime Report, highlighted by KPMG, reveals that cryptocurrency-based illicit transactions reached $20.6 billion last year. Furthermore, KPMG cites reports from the Ontario Securities Commission Contact Centre and the Canadian Anti-Fraud Centre, which indicate significant increases in crypto-related complaints and fraud losses over the past few years.

What do you think about KPMG's partnership with Chainalysis? Share your thoughts and opinions about this subject in the comments section below.


How To

Investing with gold or stocks

Investing in gold as an investment vehicle might seem like a very risky proposition these days. This is because many people believe that gold investment is no longer profitable. This belief comes from the fact most people see gold prices falling due to the global economy. They believe they would lose their money if they invested gold. There are many benefits to investing in gold. Here are some examples.

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By: Jamie Redman
Title: KPMG and Chainalysis Partner to Enhance Crypto Fraud Detection and Compliance
Sourced From:
Published Date: Wed, 22 Nov 2023 23:00:55 +0000

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