KPMG Canada Partners with Chainalysis to Combat Crypto Fraud

1:47 am
November 23, 2023
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**KPMG Canada Teams Up with Chainalysis to Fight Crypto Frauds and Exploits**

KPMG Canada is joining forces with Chainalysis, a blockchain analytics firm, to combat the rising challenges of fraud and exploits within the cryptocurrency sector. The partnership aims to bolster KPMG’s capabilities in forensic investigations and blockchain technology, as emphasized by Kunal Bhasin, Partner and Cryptoassets and Blockchain Co-leader at KPMG Canada.

As the digital assets ecosystem continues to expand, the threat of fraud and criminal activities also grows. The decentralized and pseudonymous nature of blockchain technology has made it an attractive platform for illicit activities such as money laundering, ransomware attacks, and fraud. In response to these evolving threats, KPMG is leveraging its expertise to provide comprehensive solutions to identify, prevent, and mitigate fraud risks associated with digital assets. The collaboration with Chainalysis also seeks to enhance Anti-Money Laundering (AML) compliance processes in the digital assets sector.

This strategic partnership coincides with broader industry efforts to combat fraud associated with crypto. Mastercard Inc has also recently announced its partnership with Feedzai to employ Artificial Intelligence in combating online money laundering and financial fraud.

KPMG Canada’s active involvement in the crypto sector, including ventures into the metaverse and the acquisition of digital assets, demonstrates its commitment to embracing emerging technologies.

**FAQs**

**1. What is KPMG Canada’s partnership with Chainalysis aimed at?**
KPMG Canada’s alliance with Chainalysis is aimed at combating the rising challenges of fraud and exploits within the cryptocurrency sector, as well as bolstering KPMG’s capabilities in forensic investigations and blockchain technology.

**2. What are the main threats in the digital assets ecosystem?**
The main threats in the digital assets ecosystem include fraud, criminal activities, money laundering, ransomware attacks, and other illicit activities that exploit the decentralized and pseudonymous nature of blockchain technology.

**3. How is KPMG Canada contributing to industry efforts against crypto fraud?**
KPMG Canada is leveraging its expertise to provide comprehensive solutions to identify, prevent, and mitigate fraud risks associated with digital assets, as well as enhancing Anti-Money Laundering (AML) compliance processes in the digital assets sector.

**4. What other industry collaborations are addressing crypto fraud?**
Mastercard Inc has recently partnered with Feedzai to employ Artificial Intelligence in combatting online money laundering and financial fraud.

**5. How is KPMG Canada embracing emerging technologies in the crypto sector?**
KPMG Canada has demonstrated its commitment to embracing emerging technologies by venturing into the metaverse, acquiring digital assets such as Bitcoin and Ethereum, and participating in the realm of Non-Fungible Tokens (NFTs).


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