KPMG and Chainalysis Partner to Enhance Crypto Fraud Detection and Compliance

KPMG in Canada and Chainalysis have entered into a strategic partnership aimed at strengthening efforts against crypto asset fraud. This alliance, marking KPMG’s entry into the Chainalysis Solution Provider program, is focused on providing enhanced monitoring and risk management tools for cryptocurrency exchanges, financial institutions, and government agencies. The announcement on Wednesday details that the initiative is a response to the increasing sophistication of crypto-related criminal activities.

Strategic Alliance Formed Between ‘Big Four’ Member KPMG and Chainalysis

KPMG, a multinational professional services network and one of the ‘Big Four’ accounting organizations revealed on Wednesday that it has partnered with the blockchain surveillance firm Chainalysis. KPMG details that the collaboration enables the certification of KPMG professionals as Chainalysis Certified Investigators, aiming to improve their ability to detect and prevent illicit activities in the crypto sector.

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

KPMG details that the collaboration is the first of its kind for the company, focusing on blockchain monitoring, support, governance, and risk management. The partnership is intended 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.

The professional services firm highlights the latest Chainalysis 2023 Crypto Crime Report which shows cryptocurrency-based illicit transactions reached $20.6 billion last year. Additionally, KPMG cites the Ontario Securities Commission Contact Centre and the Canadian Anti-Fraud Centre reports of significant increases in crypto-related complaints and fraud losses over the past few years.

What do you think about KPMG’s partnership with Chainalysis? Share your thoughts and opinions about this subject in the comments section below.

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