KPMG Canada, the Canadian arm of the global consulting giant, is collaborating with blockchain analytics firm Chainalysis to combat fraud and criminal activities in the digital asset industry.
The partnership sees KPMG aim to provide advanced blockchain monitoring, support, governance, and risk management to its clients, helping them comply with evolving cryptocurrency regulations and strengthen their anti-money laundering efforts.
The initiative responds to increasing complexities and frequencies of frauds in the digital asset sector, with Chainalysis’ 2023 Crypto Crime Report pointing to a record illicit crypto transaction volume of $20.6 billion.
The industry has been facing sophisticated threats, including wallet hacks, SIM swaps, and significant losses, like the recent $114 million theft from Poloniex’s hot wallets.
Last year, KPMG Canada stepped into the metaverse by opening its first collaboration hub between its U.S. and Canadian units, adding Bitcoin and Ethereum to its balance sheet, and investing in digital art from the World of Women (WoW) NFT collection.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/nov/23/
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