KPMG in Canada, the Canadian branch of international accounting firm KPMG, announced on Wednesday (22nd) that it is partnering with blockchain analysis company Chainalysis to help businesses combat the growing threats of fraud and criminal activities in the digital asset space.
According to a press release, the two parties have reached a strategic agreement, with KPMG in Canada joining the Chainalysis Solution Provider Program. Through this collaboration, KPMG will focus on providing clients with advanced blockchain monitoring, support, governance, and risk management to help companies comply with evolving cryptocurrency regulations and advance their anti-money laundering compliance programs.
Kunal Bhasin, Partner and Co-Leader of Crypto Assets and Blockchain at KPMG in Canada, stated, “This partnership will help further strengthen KPMG’s expertise in forensic investigations and cryptocurrency and blockchain technology.”
The “Chainalysis 2023 Crypto Crime Report” shows that global illicit transactions involving cryptocurrency reached a record high of $20.6 billion last year. The industry continues to be plagued by complex vulnerabilities such as wallet hacks and SIM card swap attacks. Recently, cryptocurrency exchange Poloniex suffered a loss of approximately $114 million due to a hack on its hot wallet.
Jonathan Levin, Co-Founder and Chief Strategy Officer of Chainalysis, stated in a press release, “KPMG Canada has been active in the cryptocurrency space for some time.” According to previous reports by Zombit, KPMG in Canada announced last year that it would include cryptocurrencies in its asset allocation for the first time, with investments in Bitcoin (BTC) and Ethereum (ETH), and implementing carbon offsets to maintain a net-zero carbon target, in line with the company’s environmental, social, and governance (ESG) commitments.