Auditor KPMG Launches Blockchain-Based Compliance Suite, Chain Fusion, For Institutions to Manage Crypto Assets
KPMG launches a crypto asset management suite, KPMG Chain Fusion, to assist institutions and crypto-focused firms in KYC/AML regulation compliance.
A press release on Tuesday, states that the new patent-pending management suite employs “advanced analytics capabilities,” which allows institutional clients to adopt regulations on crypto-asset transfers from financial authorities across the globe.
This capability ensures that companies can efficiently conduct their business operations, enhancing the security, accessibility, and processing of both traditional finance and blockchain-related activities.
The statement reads:
“At its core, KPMG Chain Fusion leverages a structured data model to combine data originating from blockchain infrastructure and traditional systems in support of analytics for business, risk, and compliance objectives.”
In short, the platform is to help new institutional investors in the field circumvent the harsh blockchain regulatory world. Companies that join the suite will be able to confirm cryptographically, that they do operate crypto-asset services and help in the tracing of money launderers, terrorist financiers, and hackers – keeping their business safe from these inherent crypto industry risks.
According to Sam Wyner, the director and co-lead of the KPMG Cryptoasset Services team, the management suite has been in development for the past year with the tools kit launched in February.
The Amalgamation of Traditional and Crypto-Assets World
While the suite is expected to help the fintech companies and traditional financial institutions in regulatory compliance, Wyner believes integration between the two worlds is ideal. He said:
“Leading crypto-asset technology solutions can address process and control requirements within their systems, but the greater challenge is making sure systems can work together, with all the right processes and controls in place between those systems.”
One of the challenges in this is being able to pull data from the traditional systems and blockchain systems, and still being able to run queries.
The big four accounting firms have had a knack for blockchain and crypto-asset activities. The KPMG Chain Fusion joins a list of blockchain projects currently led by the firm including, the KPMG Origins, a blockchain-based tracing, and tracking app.