Fighting Crimes Involving Crypto, KPMG Audit Firm Collaborates With Chainalysis

The audit company is wary of crypto fraud by cooperating with Chainalysis. (Photo; Doc. CoinRise)

JAKARTA The rise of illegal activities that use crypto assets as a transaction tool has made a number of audit companies vigilant. This time, the KPMG, an international professional audit service company, chose to form a partnership with the blockchain surveillance platform, Chainalysis.

This partnership is aimed at preventing and detecting illegal activities involving crypto. That way, KPMG will train its professionals as Chainalysis Certified Investigators.

Kunal Bhasin, partner and co-leader crypto and blockchain KPMG Canada, assessed that this collaboration will strengthen KPMG's expertise in forensic investigations, crypto assets and blockchain technology. This effort provides opportunities for KPMG professionals to be more effective in dealing with security challenges in the crypto sector.

This is a collaboration between KPMG and Chainalysis to focus on monitoring, support, governance, and blockchain risk management. The main goal is to help organizations comply with financial regulations and improve anti-money laundering compliance (AML) programs.

Enzo Carlucci, the national forensic leader at KPMG, explained that this collaboration aims to provide the necessary tools for the company in order to understand the risks of fraud and financial crime. Especially, by involving experienced experts from Chainalysis, KPMG hopes to make a positive contribution to security and compliance in the crypto sector.

The KPMG highlighted the results of the 2023 Crypto Chainalysis Crime Report which stated that illegal cryptocurrency-based transactions reached 20.6 billion US dollars (around Rp. 292 trillion) last year. This is in the spotlight due to the increasing number of cases of fraud and financial crimes in the crypto ecosystem.

In addition, the KPMG refers to a report from the Contact Center of the Ontario Securities Commission and Canada's Anti-fraud Center that recorded a significant increase in crypto-related complaints and losses due to fraud over the past few years. This collaboration is expected to help reduce risk and increase overall crypto market integrity.