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KPMG Partners with Chainalysis to Strengthen Cryptocurrency Fraud Detection and Regulatory Compliance

Author

Jay Solano

Tags

Tags Editor's Choice

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2 mins
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Author

Jay Solano

Tags

Editor's Choice

Category

News - Archive

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice

Reading time

2 mins
Last update


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KPMG in Canada has teamed up with blockchain surveillance firm Chainalysis in a strategic partnership aimed at bolstering efforts to combat cryptocurrency fraud. This collaboration, which marks KPMG’s entry into the Chainalysis Solution Provider program, focuses on providing enhanced monitoring and risk management tools for cryptocurrency exchanges, financial institutions, and government agencies. The partnership is in response to the growing sophistication of criminal activities related to cryptocurrencies.

KPMG, a multinational professional services network and one of the “Big Four” accounting organizations announced the partnership on Wednesday. As part of the collaboration, KPMG professionals will undergo certification as Chainalysis Certified Investigators, enhancing their ability to detect and prevent illicit activities within the cryptocurrency sector.

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

This partnership represents a significant step for KPMG, focusing on blockchain monitoring, support, governance, and risk management. Its primary goal is to assist organizations in adhering to financial regulations and advancing their anti-money laundering (AML) compliance programs. According to Enzo Carlucci, a national forensic leader at KPMG, the collaboration aims to provide organizations with the necessary tools to understand fraud and financial crime risks.

KPMG highlights findings from the Chainalysis 2023 Crypto Crime Report, which revealed that cryptocurrency-based illicit transactions reached $20.6 billion in the previous year. Additionally, KPMG references reports from the Ontario Securities Commission Contact Centre and the Canadian Anti-Fraud Centre, which noted significant increases in crypto-related complaints and fraud losses over the past few years.