Together, KMPG of Canada and Chainalysis are ready to take on cybercrime head-on, thanks to their combined wealth of knowledge. KPMG will be interacting with the Chainalysis Solution Provider program in accordance with the agreement between the two firms. The KPMG representatives will become licensed investigators for Chainalysis, according to the association. This will enable them to assist their clients—who are dispersed throughout both public and private sector organizations—in spotting illicit activities using cryptocurrency assets.
The partner and co-leader of KPMG’s blockchain and cryptocurrency division in Canada, Kunal Bhasin, acknowledges the team’s expertise as consultants in the field of cryptocurrency assets. By collaborating with Chainalysis, they will get the knowledge and skills necessary to help their clients become more adaptable, creative, and compliance-focused. KPMG will have a stronger foothold in the fields of blockchain technology, cryptocurrency assets, and forensic investigations.
Together, the businesses will work to enhance blockchain governance, tracking, backing, and risk management in order to help corporations comply with the ever-changing legislation around crypto assets. They will also be expanding their Anti-Money Laundering Compliance initiatives.
According to Enzo Carlucci, National Forensic Leader at KPMG Canada, industries related to cryptocurrency are constantly in need of support. Through this partnership, KPMG’s clients will now have access to Chainalysis’ blockchain data monitoring technology, which will improve their ability to identify potential fraudsters and unlawful acts and speed up response times.
According to Chainalysis’s Co-Founder and Chief Strategy Officer, Jonathan Levin, their clients will benefit from KPMG’s forensic and crypto consulting department’s experience in establishing more effective anti-money laundering programmes, know-your-transaction (KYT) procedures, and appropriate investigative concepts.
The number of people who possess Bitcoin has increased along with the number of crimes involving cryptocurrency assets. By 2022, the total value of illicit cryptocurrency transactions had accumulated to $20.6 billion. Since 2022, the Ontario Securities Commission Contact Centre has seen a two-fold increase in the volume of cryptocurrency-related issues. In 2022, there were 92,078 reports of hoodwinking to the Canadian Anti-Fraud Centre. The total amount of losses was $531 million.
KPMG is a limited liability partnership that offers consulting, tax, and auditing services. The company is controlled and owned by Canadians. For the past 150 years, the company has been in operation. In contrast, Chainalysis is a blockchain-driven data platform. They target government agencies, exchanges, financial institutions, and cybersecurity companies in more than 70 countries with data, software solutions, and research.