Compliance professionals fear the rise in crypto money laundering

A survey revealed that 70% of compliance officers feel that crypto money laundering has become a major threat, and feel they are partially equipped to deal with it..

Anti-money laundering startup AML First conducted a survey of 250 UK business leaders who work in compliance. In the survey, 41% of the companies claimed to have witnessed money laundering through cryptocurrency.

Peon Behdin, Chief Revenue Officer at First AML, He said:

The emergence of cryptocurrency-related money laundering presents significant challenges for companies trying to combat financial crime. It is clear that current practices only partially address this threat, and keeping up with the evolving techniques of money laundering is a major challenge. Companies need to find effective ways to stay current with regulatory guidance, as well as continue to develop new processes to stay in compliance.

Is cryptocurrency really used for money laundering?

The public ledger feature of the blockchain makes it difficult for money launderers to hide the trace of money. Due to the rising awareness in social media and the rise of espionage on the series, the wallets of criminals are instantly in the spotlight of the public. Also, law enforcement agencies track wallet activity.

In the end, law enforcement agencies took money from money launderers because of the transparency of blockchain technology. Last year, authorities seized $25 million worth of bitcoin from Russian darknet marketplace Hydra, which was known to facilitate money laundering.

Then last month, Europol seized nearly $50 million in Bitcoin from a money laundering racket.

Due to large seizures by law enforcement agencies, year-end balances of illegal titles also declined in 2022, according to Chainalysis report. The screenshot below shows that the criminal’s wallet balances fell to $2.9 billion in 2022 from about $12 billion in 2021.

source: decomposition

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