KPMG partners with Chainalysis to fight cryptocurrency-relevant fraud and attacks

The two companies KPMG and Chainalysis will support encourage anti-funds laundering compliance applications in the cryptocurrency sector.

KPMG partners with Chainalysis to fight cryptocurrency-relevant fraud and attacks. Photo: KPMG

Canadian “Big 4 auditing” branch KPMG will companion with blockchain analytics unit Chainalysis, assisting firms fight the expanding danger of fraud and criminal action in digital assets.

We are collaborating with @KPMG_Canada present organizations with a extra detailed strategy to mitigating fraud dangers in crypto transactions. To know extra:https://t.co/c9Odtt0cXl

— Catenaanalysis (@catenaanalysis) November 22, 2023

Through the new partnership, KPMG will keep track of, assistance and deal with dangers for its clientele, therefore assisting them comply with crypto rules and anti-funds laundering applications.

Kunal Bhasin, co-head of cryptocurrency and blockchain at KPMG Canada, mentioned:

“This partnership will strengthen KPMG’s expertise in forensic investigations, blockchain technology and cryptocurrencies.”

In Canada, the Ontario Securities Commission also reported that the variety of cryptocurrency-relevant complaints has also viewed a 200% maximize considering the fact that 2020.

“Combining KPMG’s expertise and experience in financial crime with our industry-leading risk assessment capabilities will provide a more comprehensive approach to mitigating crypto fraud risk.” – Jonathan Levin, Founder and Chief Strategy Officer of Chainalysis, shares.

In current instances, fraud and attacks have normally been a sizzling subject in the area of digital assets, with tricks and cheats turning out to be more and more sophisticated and complicated. Based on a single Chain analysis reportsLast 12 months, the international volume of unlawful cryptocurrency trading peaked at $twenty.six billion.

Recently, the market place continues to witness a series of significant attacks, which include the reduction of 114 million bucks that hackers stole from Poloniex on the evening of November ten, HECO Chain of Cooperative (Huobi) withdrew extra than 86 million of bucks yesterday afternoon, or the KyberSwap hack that misplaced 47 million bucks just this morning…

KPMG Canada has been lively in the cryptocurrency room for some time. Last 12 months they also opened the initially cooperation center involving US and Canadian units in metaverse room. The enterprise also additional Bitcoin (BTC) and Ethereum (ETH) to its stability sheet, obtaining the NFT World of Women (WoW) and the ENS domain.

Coinlive compiled