The KPMG accounting firm, one of the Big Four, Introduction of a crypto management suite with analysis functions.
According to an announcement on June 22, the new KPMG Chain Fusion suite is designed to enable financial technology companies (FinTech) to offer cryptocurrency services more easily at an institutional level. The news follows a KPMG report that institutional custody services are of paramount importance.
Ensure the compliance of crypto technology companies
Crypto assets work completely different traditional assets related to technological infrastructure, operational mechanics and inherent risks. These differences lead to sufficient data management challenges Meet customer account management requirements, Fight against money laundering and security.
KPMG Chain Fusion aims to do this Fix issues caused by comparing crypto assets with their traditional versions. The director and co-director of the company’s crypto services team, Sam Wyner, noted:
“Regulators and auditors expect fully implemented controls and processes inside and outside a crypto business – whether it’s crypto assets or traditional systems or anything in between.”
KPMG relies on blockchain
KPMG is increasingly investing in services related to blockchain technology. Cointelegraph reported in late 2019 that the company had launched a tracking platform based on this technology in Australia, China and Japan.
In January, KPMG also predicted that the Internet and blockchain technology would be used together to tackle the impacts of climate change.