KPMG Canada partners with Chainalysis to tackle crypto frauds

6:32 pm
November 23, 2023

**KPMG Canada Joins Forces with Chainalysis to Combat Crypto Fraud**

KPMG Canada is teaming up with Chainalysis, a blockchain analytics firm, in an effort to address the surging threat of fraud and criminal activities in the digital assets sector. The collaboration’s objective is to strengthen companies’ capabilities in complying with evolving crypto regulations and advancing their anti-money laundering compliance programs. This move reflects a strategic response to the rising sophistication of exploits and frauds within the digital asset industry.

The partnership seeks to tackle the record-high global cryptocurrency-based illicit transaction volume, which amounted to $20.6 billion in the previous year, as revealed by the Chainalysis 2023 Crypto Crime Report. Notable incidents such as wallet hacks and SIM swaps emphasize the need for robust security measures within the crypto space.

KPMG Canada aims to harness its extensive knowledge in cryptoasset financial crimes by providing advanced blockchain monitoring, support, governance, and risk management. The collaboration with Chainalysis aims to enable organizations to adopt a more comprehensive approach to mitigating fraud risks in crypto transactions.

Jonathan Levin, Chainalysis co-founder, and chief strategy officer, has articulated confidence in the partnership, asserting that the combination of KPMG’s expertise with Chainalysis’ industry-leading risk capabilities will contribute to a more effective defense against fraud in the crypto space.

This collaboration signifies a joint effort to navigate and address the complexities of financial crimes in the crypto sector, which continue to pose challenges to the security of digital assets. KPMG Canada’s proactive involvement in the cryptocurrency sector, including expanding its footprint into the metaverse and strategic additions to its balance sheet with bitcoin and ether, exemplifies the consulting giant’s commitment to staying ahead in a rapidly evolving digital landscape.

**FAQs**

1. **What is the objective of the partnership between KPMG Canada and Chainalysis?**
The objective of the partnership is to strengthen companies’ capabilities in complying with evolving crypto regulations and advancing their anti-money laundering compliance programs.

2. **What is the record-high global cryptocurrency-based illicit transaction volume mentioned in the article?**
According to the Chainalysis 2023 Crypto Crime Report, the global cryptocurrency-based illicit transaction volume was $20.6 billion in the previous year.

3. **How does KPMG Canada aim to contribute to combating crypto fraud?**
KPMG Canada aims to harness its extensive knowledge in cryptoasset financial crimes by providing advanced blockchain monitoring, support, governance, and risk management.

4. **What does the collaboration between KPMG Canada and Chainalysis signify?**
The collaboration signifies a joint effort to address the complexities of financial crimes in the crypto sector and tackle the challenges to the security of digital assets.


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