KMPG of Canada and Chainalysis have joined hands and, with the help of their collective experience, are preparing to fight the battle against cybercrime. As per the understanding between the two companies, KPMG will be connecting with the Chainalysis Solution Provider program.
The association will transform the KPMG officials into Chainalysis’s licensed investigators. This will help them to better help their clients, spread over public sector agencies and private sector enterprises, in identifying unlawful acts in terms of crypto assets.
Kunal Bhasin, the Partner and Crypto Assets and Blockchain Co-Leader of KPMG in Canada recognizes their team as consultants in the crypto asset arena. Their teaming up with Chainalysis will equip them with the expertise to make their clients more flexible, innovative, and compliance-oriented. KPMG’s position will become stronger in areas of forensic investigations as well as crypto assets and blockchain technology.
The companies together will be involved in improving blockchain tracking, backing, governance, and risk management so that they can assist businesses in complying with the shifting crypto asset regulations. Added to that will be the furthering of their Anti-Money Laundering Compliance programs.
Advertisement
As per the National Forensic Leader at KPMG in Canada, Enzo Carlucci, sectors involved in crypto are always reaching out for assistance. Now, through this alliance, the clients of KPMG will be utilizing Chainalysis’ blockchain data monitoring technology, in turn receiving better identification of prospective fraudsters and unlawful acts with a quicker response time.
In the words of the Co-Founder and Chief Strategy Officer of Chainalysis, Jonathan Levin, their clients will gain from the experience of KPMG’s forensic and crypto consultancy department for setting up better know-your-transaction (KYT) methods, improved anti-money laundering programs, and proper investigative ideas.
Crimes involving cryptocurrency assets have multiplied, just as the number of cryptocurrency owners. Illicit transactions involving cryptocurrencies have amassed a total value of $20.6 billion as of 2022. Crypto-related issues at the Ontario Securities Commission Contact Centre have escalated by a factor of two hundred percent since 2022. The Canadian Anti-Fraud Center received 92,078 reports of hoodwinking in 2022. The accumulated losses amounted to $531 million.
KPMG is a limited liability partnership and is involved in auditing, taxation, and consulting. Canadians own and run the company. The company has been in business for the last one and a half centuries.
Advertisement
Chainalysis, on the other hand, is a blockchain-based data platform. They offer data as well as software solutions and research targeting government bodies, exchanges, financial institutions, and cybersecurity businesses in more than seventy countries.
