KPMG in Canada, the Canadian branch of international accounting firm KPMG, announced on Wednesday (22nd) that it is collaborating with blockchain analysis company Chainalysis to help companies combat the growing threat of fraud and criminal activities in the digital asset field.

According to a press release, the parties have entered into a strategic agreement that will see KPMG in Canada join the Chainalysis Solution Provider Program. Through the partnership, KPMG will work to provide clients with advanced blockchain monitoring, support, governance and risk management, enabling enterprises to comply with evolving cryptocurrency regulations and advance their money laundering prevention compliance programs.

Kunal Bhasin, partner and co-head of cryptoassets and blockchain at KPMG in Canada, said: “This partnership will help further solidify KPMG’s expertise in forensic investigations and cryptoassets and blockchain technology.”

The "Chainalysis 2023 Crypto Crime Report" shows that global transaction volume of illegal cryptocurrency-based transactions reached an all-time high of $20.6 billion last year. The industry continues to be plagued by sophisticated exploits such as wallet hacks and SIM swapping attacks. Recently, cryptocurrency exchange Poloniex lost approximately $114 million when its hot wallet was hacked.

Jonathan Levin, co-founder and chief strategy officer of Chainalysis, said in a statement:

"Combining KPMG's extensive knowledge and experience in crypto-asset financial crime with our platform's industry-leading risk capabilities will help provide businesses with a more comprehensive approach to reducing the risk of fraud in cryptocurrency transactions."

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, marking the company’s first direct investment in crypto assets. The allocation includes Bitcoin (BTC) and Ethereum (ETH), and implements carbon offsets to maintain net-zero carbon emissions goals and achieve the company’s stated environmental, social and governance (ESG) commitments.

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