KPMG Canada and blockchain analytics firm Chainalysis have partnered up to tackle fraud and criminal activities in the digital asset sector. The collaboration is intended to address the record-high global cryptocurrency-based illicit transaction volume of $20.6 billion revealed by the Chainalysis 2023 Crypto Crime Report.
The two will work to provide advanced blockchain monitoring and risk management, as well as governance in order to help companies comply with evolving crypto regulations and anti-money laundering compliance programs.
KPMG Canada, which has already been involved in the cryptocurrency sector, will leverage its expertise in cryptoasset financial crimes to support the partnership. Chainalysis co-founder and chief strategy officer, Jonathan Levin, expressed confidence in the collaboration, claiming that it will contribute to a more effective defense against fraud in the crypto space.
This strategic move indicates a joint effort to address the increasing complexity of financial crimes in the crypto sector and the need for robust security measures. The partnership between KPMG Canada and Chainalysis is a significant step towards navigating and tackling the rising threats of fraud and exploitation in the digital asset sector.
