A recent survey by First AML proves that the dark underbelly of money laundering has expanded into the realm of cryptocurrencies. It reveals the mounting concerns among compliance professionals in the United Kingdom, with 70% expressing apprehension about the escalating risks of money laundering facilitated by cryptocurrency transactions. 

The study found that 41% of organizations have encountered money laundering incidents tied to cryptocurrencies. Additionally, over half of the respondents believe that current measures only partially address the problem. 

At Blockchain Intelligence Group, we are aware of the magnitude of this risk. We make easy-to-use cutting-edge blockchain analytics solutions for financial institutions and law enforcement agencies. We’re committed to combating cryptocurrency-related money laundering and other types of financial crime, by offering simple and effective technology solutions. 

Regulators and governments acknowledge crypto’s risks with its widespread adoption. They are taking various measures to combat money laundering through crypto transactions in crypto firms and banks. Governments have introduced Anti-Money Laundering (AML) regulations that require businesses and banks to verify their customers’ identities and assess the risk of money laundering. 

Nevertheless, Know Your Customer (KYC) requirements have also been put in place to ensure that businesses and banks have adequate information about their customers. In turn, banks and businesses must report suspicious activities to the authorities, perform enhanced due diligence on high-risk customers and comply with financial sanctions. 

As regulators take enforcement action against non-compliant entities, it has become evident that businesses can no longer afford to treat AML compliance as an afterthought. Even then, a staggering 78% of polled business executives acknowledge that their company’s AML compliance could be improved. With 51% of companies having faced fines or penalties due to non-compliance and 85% of them reporting adverse effects on their operations.

The survey found that 27% of respondents face difficulty identifying and tracking suspicious entities. As criminals become more adept at using digital currencies to launder money, businesses and regulators must invest in advanced technologies to pinpoint and monitor suspicious activities. This is where blockchain analytics solutions step in to bridge the gap in combating cryptocurrency-enabled money laundering.

The growing threat of crypto-enabled money laundering demands a multi-faceted approach from businesses, compliance professionals, and regulatory bodies. It is time to prioritize and invest in robust AML processes and technologies, as well as establish clear regulatory guidance to safeguard our financial systems from the evolving FinCrime schemes.

Our Solutions

We recognize the importance of staying ahead of evolving money laundering tactics and are committed to equipping our clients with the necessary tools and knowledge to safeguard their financial systems. Our company provides cutting-edge blockchain analytics solutions and certified crypto investigation training to help financial institutions and law enforcement officers address these challenges effectively.

Our solutions offer an effective way to monitor and analyze digital currency transactions in real time. By leveraging advanced techniques such as advanced graphing and crypto transaction monitoring, our solutions can identify patterns, detect anomalies, and uncover hidden connections in blockchain data, enabling businesses and regulators to pinpoint and act upon suspicious activities promptly.

Certified Training for Compliance and Investigation

We offer government-certified training programs tailored to meet the needs of compliance professionals, financial institutions, and law enforcement investigators. Our courses cover essential topics such as digital currency fundamentals, blockchain analysis techniques and best practices for investigation and reporting.

Our training programs help law enforcement officers better understand the intricacies of cryptocurrency transactions and develop the skills necessary to investigate and prosecute criminals in the age of crypto.

Learn how you can be one step ahead of the bad actors at our website.