KPMG and Chainalysis Partner to Strengthen Crypto Fraud Detection and Compliance


KPMG in Canada has formed a strategic partnership with Chainalysis, a blockchain surveillance firm, with the goal of enhancing efforts against crypto asset fraud. This collaboration marks KPMG's entry into the Chainalysis Solution Provider program and aims to provide improved monitoring and risk management tools for cryptocurrency exchanges, financial institutions, and government agencies. The alliance comes as a response to the growing sophistication of criminal activities in the crypto industry.

KPMG and Chainalysis Join Forces

KPMG, a multinational professional services network and one of the 'Big Four' accounting organizations, has announced its partnership with Chainalysis. As part of this collaboration, KPMG professionals will undergo certification as Chainalysis Certified Investigators. This initiative aims to enhance their capabilities in detecting and preventing illicit activities within the crypto sector. Kunal Bhasin, a partner and crypto and blockchain co-leader at KPMG in Canada, believes that this partnership will further solidify KPMG's expertise in forensic investigations, crypto assets, and blockchain technology.

Focusing on Blockchain Monitoring and Risk Management

This collaboration between KPMG and Chainalysis is the first of its kind for KPMG, with a specific focus on blockchain monitoring, support, governance, and risk management. The partnership aims to assist organizations in adhering to financial regulations and advancing their anti-money laundering (AML) compliance programs. Enzo Carlucci, a national forensic leader at KPMG, states that the collaboration aims to equip organizations with the necessary tools to understand fraud and financial crime risks.

The Need for Enhanced Measures

According to the Chainalysis 2023 Crypto Crime Report, cryptocurrency-based illicit transactions reached $20.6 billion in the previous year. KPMG highlights this alarming figure and also refers to reports from the Ontario Securities Commission Contact Centre and the Canadian Anti-Fraud Centre, which have noted significant increases in crypto-related complaints and fraud losses over the past few years. These statistics further emphasize the urgency for enhanced measures to combat crypto asset fraud.


The partnership between KPMG and Chainalysis signifies a significant step towards strengthening efforts against crypto asset fraud. By leveraging Chainalysis' expertise in blockchain surveillance and KPMG's proficiency in forensic investigations, the alliance aims to provide organizations with improved tools for detecting and preventing illicit activities within the crypto industry. As the crypto landscape continues to evolve, it is crucial for businesses and regulatory agencies to collaborate and implement robust measures to ensure the integrity of the digital asset ecosystem.

What are your thoughts on KPMG's partnership with Chainalysis? Share your opinions in the comments section below.

Frequently Asked Questions

Can the government seize your gold?

You own your gold and therefore the government cannot seize it. It is yours because you worked hard for it. It belongs exclusively to you. However, there may be some exceptions to this rule. You could lose your gold if convicted of fraud against a federal government agency. You can also lose precious metals if you owe taxes. However, if you do not pay your taxes, you can still keep your gold even though it is considered property of the United States Government.

How does a gold IRA account work?

The Gold Ira Accounts are tax-free investment options for those who want to make investments in precious metals.

You can buy physical gold bullion coins at any time. You don’t have to wait to begin investing in gold.

An IRA lets you keep your gold for life. You won't have to pay taxes on your gold investments when you die.

Your heirs will inherit your gold, and not pay capital gains taxes. It is not required that you include your gold in the final estate report because it remains outside your estate.

To open a Gold IRA, you'll need to first set up an Individual Retirement Account (IRA). Once you've completed this step, an IRA administrator will be appointed to your account. This company acts as an intermediary between you and IRS.

Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual reporting.

Once you've set up your gold IRA, it's possible to buy gold bullion. The minimum deposit required for gold bullion coins purchase is $1,000 The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.

Taxes will apply to gold that you take out of an IRA. You will be liable for income taxes and penalties if you take the entire amount.

A small percentage may mean that you don't have to pay taxes. There are exceptions. However, there are exceptions. If you take 30% or more of your total IRA asset, you'll owe federal Income Taxes plus a 20% penalty.

It is best to not take out more than 50% annually of your total IRA assets. You'll be facing severe financial consequences if you do.

Can I purchase gold with my self directed IRA?

Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. If you already have a retirement account, funds can be transferred to it.

The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.

If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts can be described as financial instruments that are determined by the gold price. They allow you to speculate on future prices without owning the metal itself. But physical bullion refers to real gold and silver bars you can carry in your hand.

Which precious metal is best to invest in?

This depends on what risk you are willing take and what kind of return you desire. Although gold has traditionally been considered a safe investment choice, it may not be the most profitable. If you are looking for quick profits, gold might not be the right investment. If you have the patience to wait, then you might consider investing in silver.

If you don't care about getting rich quickly, gold is probably the way to go. If you are looking for a long-term investment that will provide steady returns, silver may be a better choice.


  • (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (
  • Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (
  • If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (
  • Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (
  • This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (

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How To

Three ways to invest in gold for retirement

It is important to understand the role of gold in your retirement plan. If you have a 401(k) account at work, there are several ways you can invest in gold. You might also be interested to invest in gold outside the workplace. One example is opening a custodial accounts at Fidelity Investments if an IRA (Individual Retirement Account), if you already own one. You might also consider purchasing precious metals directly from a trusted dealer if they are not already yours.

These are three simple rules to help you make an investment in gold.

  1. You can buy gold with your cash – No need to use credit cards or borrow money for investment financing. Instead, put cash into your accounts. This will protect your against inflation and increase your purchasing power.
  2. Physical Gold Coins – Physical gold coins are better than a paper certificate. Physical gold coins can be sold much faster than paper certificates. There are no storage fees for physical gold coins.
  3. Diversify your Portfolio – Don't put all your eggs in one basket. This means that you should diversify your wealth by investing in different assets. This helps to reduce risk and provides more flexibility when markets are volatile.


By: Jamie Redman
Title: KPMG and Chainalysis Partner to Strengthen Crypto Fraud Detection and Compliance
Sourced From:
Published Date: Wed, 22 Nov 2023 23:00:55 +0000

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