Cryptocurrency Money Laundering Is Dramatically Increasing
These muddy financial means all ought to be “laundered,” which brings to a multi-billion-dollar and increasing cryptocurrency money laundering question that is engaging the special attention of regulators all over the world.
The study statement, which searches the state of the cryptocurrency Anti-Money Laundering (AML) market, ensures comprehension into the anticipating universal collaboration and suppression by the G20 international 37-state financial crime-fighting Financial Action Task Force (FATF).
The present rules, which appear to be strict in reality, call for exchanges to be recorded or licensed or authorized, verify customers’ identities, prevent money laundering, and report suspicious trading and transactions. Sadly, they are voluntary.
Ilia Kolochenko, CEO at High-Tech Bridge told to Help Net Security that: “Cybercriminals follow easy money, and many cryptocurrency owners are the perfect victims. They are virtually unable to protect either themselves or their digital assets, being susceptible even to relatively simple phishing attacks. Law enforcement is frequently uninterested in investigating and prosecuting petty offences with digital coins theft, as they are already under water with highly-sophisticated nationwide hacks. While crypto startups are virtually ignorant even to the fundamentals of cybersecurity, spending all their efforts and resources to survive on extremely volatile and highly-competitive market”.