In a world where assets and holders of value do not have only the ordinary physical form, crime is diverse. It comes in more shapes than violent street mugging. The frequency of financial crimes heightened with the technological advancements made in the past couple of decades, the mainstreaming of Bitcoin and the various types of cryptocurrency, and the emerging Non-Fungible Tokens (NFTs).
Key takeaways:
Introduction to Financial Crime
Blockchain Intelligence Group’s QLUE
How QLUE can help in Financial Crime
A crime is the causing of offence on another. It is very distinct as a concept because laws are the first to recognise it and define punishments for the offenders to compensate the offended. Laws consider the crime financial when the offence involves property, in a way that unlawfully manipulates the original privilege of the offended toward named property, moving a portion of the benefit or all of it to the offender.
Known forms of financial crime are terrorist financing, fraud, theft, tax evasion, bribery and money laundering. Criminals are evolving with technology, they continuously look for loopholes and gaps and are using cryptocurrency to perpetrate the forementioned financial crimes. According to a Financial Crime Report Q1 – 2021 by Feedzai, infosecurity magazine highlights a surge in Financial Crime following the leaning of businesses and individuals toward digital banking and commerce.
The pseudonymous nature of cryptocurrency and inconsistent compliance of crypto businesses create viable ventures for financial crime. Based on a research by reuters, crypto crime losses were at a breaking $10.5 billion at the end of 2021. Nations are acknowledging the situation and alongside continuously pressing new laws and regulations to protect digital assets, they’re staying up to date with intelligent solutions capable of facilitating compliance and law enforcement.
Blockchain Intelligence Group, a global technology company offering innovative search, analytics and risk-scoring technology solutions for the cryptocurrency marketplace, contributes to this mission with QLUE™. QLUE™ is an easy, fast and accurate investigative tool, scalable for any operation, from freelance investigators to a sprawling law enforcement agency.
How can QLUE help solve in Financial Crime?
While blockchain data is public and available to everyone, QLUE™ provides exactly what investigators and law enforcement professionals are looking for to accurately and conveniently solve cases of high complexity. Using QLUE™ investigators can search a cryptocurrency address and instantly see data on transaction history, attribution, counter-party exposure, sanctions, third-party AML and CTF flags, and more, revealing hidden evidence and saving hours of manual investigation effort.
How QLUE Can Help Solve Financial Crime
Written By: Omar Marzouk
Writer, Content marketing at Blockchain Group
