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Cryptocurrency - how does it impact Anti-Money Laundering and Financial Crime activities?
If we consider the 3 stages of Money Laundering (Placement, Layering and Integration) the ownership of Cryptocurrency from an illegal perspective fits into the "Layering" stage. The initial purchase from a traditional bank account requires a debit card like £Sterling, $USD, Euros etc., commonly referred to as FIAT currency to be linked to a "Wallet" (Secure Wallets, Mobile Wallets, Cold Storage Wallets, Hosted Wallets, Desktop Wallets, Multi-signature Paper Wallets and Hot Wallets).
This is done in order to purchase crypto assets. Thus if the initial money derived from the proceeds of crime, then the funds are already in the financial system.
The ICA Demystifying Cryptocurrencies course is an excellent introduction to this fascinating topic and will supplement any Anti-Money Laundering / Financial Crime compliance programme.
27/04/2021
In today’s world, firms are required to take the appropriate steps to identify and assess the risks that could be used for money laundering and financial crime.
Policies, controls and procedures play an important role in addressing and mitigating these risks and documenting all of these aspects is critical.
Why not download our FREE ANTI-FRAUD POLICY Template to get you started?
https://lnkd.in/dxjqVuu
FinCrime Protection Ltd, provides independent and bespoke consultancy services to protect you against compliance risk globally.
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