KPMG Canada and Chainalysis Forge Alliance to Tackle Cryptoasset Fraud

Combating Cryptoasset Fraud: A Strategic Collaboration

In a significant move to combat the rising tide of cryptoasset fraud, KPMG in Canada has joined forces with Chainalysis, a leader in blockchain data analysis. This partnership marks a critical step in enhancing the capabilities of organizations to detect, prevent, and investigate illicit crypto transactions.

Elevating Expertise in Cryptoasset Investigation

The alliance is primarily focused on advancing the certification of KPMG professionals as Chainalysis Certified Investigators. This certification boosts their proficiency in aiding both public and private sector entities in identifying and mitigating illegal activities involving cryptoassets.

Commitment to Agile and Compliant Cryptoasset Solutions

Kunal Bhasin, Cryptoassets and Blockchain co-leader at KPMG in Canada, emphasizes the firm’s role as trusted advisors in the cryptoasset realm. The collaboration with Chainalysis signifies their dedication to providing clients with dynamic, innovative, and compliance-centric solutions in an ever-changing ecosystem. This partnership is set to reinforce KPMG’s standing in forensic investigations and blockchain technology.

Advanced Blockchain Monitoring and Compliance Support

Together, KPMG and Chainalysis will offer enhanced blockchain monitoring, support, and risk management services. These services are critical in helping organizations navigate the complex landscape of cryptoasset regulations and elevate their Anti-Money Laundering Compliance programs.

KPMG: Pioneering Forensic Investigation Services in Canada

KPMG’s alliance with Chainalysis positions it as the first Canadian professional services firm to collaborate on forensic investigation services in the cryptoasset space. This partnership is a testament to KPMG’s commitment to staying at the forefront of financial crime investigation and prevention.

A Faster Response to Crypto Crime

Enzo Carlucci, National Forensic Leader at KPMG in Canada, notes that cryptoasset exchanges, financial institutions, and government agencies are increasingly seeking innovative solutions to track and investigate criminal activities in crypto. The collaboration with Chainalysis will enhance the ability of KPMG’s clients to identify and respond swiftly to potentially criminal transactions.

Enhanced KYT and AML Protocols

Jonathan Levin, Chainalysis Cofounder and Chief Strategy Officer, highlights the benefits of leveraging KPMG’s expertise in forensic and cryptoasset advisory services. The integration of KPMG’s knowledge with Chainalysis’s risk capabilities will provide a more comprehensive approach to mitigating fraud risks in crypto transactions.

The Rising Challenge of Cryptoasset Fraud

The need for such a partnership is underscored by the growing scale of cryptoasset fraud globally. With illicit cryptocurrency transactions reaching record highs and a significant increase in crypto-related complaints and reported losses, the urgency for robust solutions is evident.

The alliance between KPMG in Canada and Chainalysis is poised to make a substantial impact in the realm of cryptoasset security. By combining KPMG’s forensic expertise with Chainalysis’s blockchain analysis capabilities, this partnership is geared towards creating a safer, more transparent environment for crypto transactions.