KPMG Canada partners with blockchain analytics firm Chainalysis to improve fraud detection and risk management in the rapidly evolving digital assets sector.
KPMG Canada has partnered with blockchain analytics firm Chainalysis to combat the growing threat of fraud and criminal activities associated with cryptocurrencies.
The partnership is set to enhance KPMG’s service offerings in blockchain monitoring, governance and risk management, directly targeting the need for stricter compliance with changing crypto regulations and anti-money laundering initiatives.
Kunal Bhasin, partner at KPMG Canada, highlights this alliance as a reinforcement of its forensic investigation capabilities in the field of cryptoassets and blockchain technology.
This development responds to the increasing sophistication and frequency of digital asset frauds. The Chainalysis Crypto Crime Report 2023 paints a worrying picture: illicit cryptocurrency transactions reached a record $20.6 billion last year.
The digital asset sector is grappling with advanced threats, including wallet hacks and SIM swaps. A notable example is the recent $114 million loss suffered by cryptocurrency exchange Poloniex due to hot wallet breaches.
Jonathan Levin of Chainalysis highlighted the potential of the partnership, which combines KPMG’s deep knowledge of financial crimes in the crypto space with the advanced risk management platform Chainalysis. The synergy aims to offer a strengthened defense against crypto transaction fraud.
KPMG Canada is not new to the cryptocurrency landscape. Its foray into the sector includes important steps such as venturing into the metaverse, adding important cryptocurrencies to its balance sheet, and investing in digital art from the World of Women (WoW) NFT collection.
