With the ongoing threat of crypto fraud and criminals growing more sophisticated every day, organizations need ever-powerful solutions “to help them investigate and recover stolen funds.”
KPMG in Canada and Chainalysis are teaming up “to help meet that growing need by announcing a strategic agreement in which KPMG will join the Chainalysis Solution Provider program.”
The collaboration advances the certification of KPMG professionals as Chainalysis Certified Investigators, which “enhances their ability to assist clients across public sector agencies and private sector businesses to detect and prevent illicit activity related to cryptoassets.”
Kunal Bhasin, partner and Cryptoassets and Blockchain co-leader at KPMG in Canada, said:
“Our clients look to us as trusted advisors in the cryptoasset space, and our relationship with Chainalysis is a commitment to helping those clients be more agile, innovative and compliance-focused in an ecosystem that’s constantly evolving. This collaboration will help to further solidify KPMG’s expertise in forensic investigations and cryptoassets and blockchain technology.”
The combination leverages the expertise of both firms “to provide enhanced blockchain monitoring, support, governance and risk management to help organizations adhere to evolving cryptoasset regulations and advance their Anti-Money Laundering Compliance programs. KPMG is the first Canadian professional services firm to team up with Chainalysis on forensic investigation services.”
He adds:
“Cryptoasset exchanges, crypto-native companies, financial institutions, government and law enforcement agencies are increasingly looking for innovative ways to help them ‘follow the crypto’ to investigate criminal activity. By teaming up with Chainalysis, KPMG clients can benefit from Chainalysis’ proprietary blockchain data monitoring technology, resulting in improved identification of potentially criminal activities and faster response times,” says Enzo Carlucci, National Forensic Leader at KPMG in Canada. “Addressing and reporting criminal activities quickly can be challenging for organizations, but this collaboration helps address that. Together we’re providing clients with a comprehensive understanding of fraud and financial crime risks, and knowledge to help them make well-informed decisions quickly and effectively,”
Cryptoasset fraud has grown “over the last few years as crypto ownership has increased. Globally, cryptocurrency-based illicit transaction volume hit an all-time high of US$20.6 billion last year,” according to the Chainalysis 2023 Crypto Crime Report.
The Ontario Securities Commission Contact Centre “has seen a 200 per cent increase in crypto-related complaints since 2020, and the Canadian Anti-Fraud Centre received 92,078 reports of fraud in 2022, with a reported $531 million in losses, up from $379 million in 2021 and $165 million in 2020.”