KPMG Canada and Chainalysis have partnered to combat cybercrime, leveraging their combined expertise. Under the agreement, KPMG will join Chainalysis's Solution Provider program, allowing KPMG officials to become licensed investigators through Chainalysis.

This collaboration aims to enhance KPMG's ability to assist clients, including public sector agencies and private sector enterprises, in identifying illegal activities related to crypto assets. Kunal Bhasin, Partner and Crypto Assets and Blockchain Co-Leader at KPMG Canada, emphasizes their team's consultancy role in the crypto asset space. Teaming up with Chainalysis will equip them with additional expertise to make clients more adaptable, innovative, and compliance-focused. KPMG's capabilities in forensic investigations, crypto assets, and blockchain technology will be further strengthened.

The partnership will focus on enhancing blockchain tracking, support, governance, and risk management to help businesses comply with evolving crypto asset regulations and strengthen their Anti-Money Laundering Compliance programs.

Enzo Carlucci, National Forensic Leader at KPMG Canada, highlights the demand for assistance from sectors involved in crypto. Through this alliance, KPMG's clients will benefit from Chainalysis's blockchain data monitoring technology, enabling better identification of potential fraudsters and illegal activities with faster response times.

Jonathan Levin, Co-Founder and Chief Strategy Officer of Chainalysis, emphasizes that clients will benefit from KPMG's forensic and crypto consultancy department's experience in establishing better know-your-transaction (KYT) methods, improving anti-money laundering programs, and developing investigative strategies.

Cryptocurrency-related crimes have increased alongside the growing number of cryptocurrency owners, with illicit transactions totaling $20.6 billion in 2022. Reports of crypto-related issues to the Ontario Securities Commission Contact Centre have risen by 200% since 2022, with the Canadian Anti-Fraud Center receiving 92,078 reports of fraud in 2022, resulting in losses of $531 million.

KPMG, a limited liability partnership specializing in auditing, taxation, and consulting, has been owned and operated by Canadians for over 150 years.

Chainalysis is a blockchain-based data platform offering data, software solutions, and research to government bodies, exchanges, financial institutions, and cybersecurity firms in over 70 countries.