KPMG Canada companions with Chainalysis to deal with crypto frauds

• The collaboration is aimed toward combating digital asset fraud and enhancing anti-money laundering efforts.
• The 2 will work to handle the record-high $20.6B in international cryptocurrency-based illicit transactions.
• They may present superior blockchain monitoring and governance.

In a strategic transfer to handle the escalating menace of fraud and prison actions within the digital property sector, KPMG Canada has joined forces with blockchain analytics agency Chainalysis.

This partnership goals to bolster firms’ capabilities in adhering to evolving crypto rules and advancing their anti-money laundering compliance applications.

Enhancing crypto safety measures amid rising threats

The collaboration between the Canadian arm of KPMG and Chainalysis comes because the digital asset sector witnesses a rise within the sophistication of exploits and frauds.

The Chainalysis 2023 Crypto Crime Report revealed a record-high international cryptocurrency-based illicit transaction quantity of $20.6 billion within the earlier 12 months. Notable incidents, equivalent to pockets hacks and SIM swaps, have underscored the necessity for strong safety measures throughout the crypto area.

KPMG Canada goals to leverage its intensive data in cryptoasset monetary crimes by offering superior blockchain monitoring, help, governance, and danger administration.

Chainalysis and KPMG Canada partnership

This collaboration will allow organizations to undertake a extra complete strategy to mitigating fraud dangers in crypto transactions. Jonathan Levin, Chainalysis co-founder and chief technique officer, expressed confidence within the partnership, stating that combining KPMG’s experience with Chainalysis’ industry-leading danger capabilities will contribute to a more practical defence towards fraud within the crypto area.

KPMG Canada has been actively concerned within the cryptocurrency sector, extending its footprint into the metaverse and making strategic additions to its steadiness sheet with bitcoin and ether. This transfer underscores the consulting large’s dedication to staying forward in a quickly evolving digital panorama.

The collaboration between KPMG Canada and Chainalysis signifies a joint effort to navigate and deal with the complexities of economic crimes within the crypto sector, which proceed to pose challenges to the safety of digital property.