A survey has revealed that 70% of compliance officers feel that crypto money laundering is becoming a major threat, and they feel only partially equipped to deal with it.
First AML, the anti-money laundering startup, conducted a survey of 250 U.K. business leaders working in compliance. In the survey, 41% of companies claimed to have witnessed money laundering through cryptocurrencies.
Bion Behdin, the Chief Revenue Officer at First AML, said:
The emergence of cryptocurrency-related money laundering presents significant challenges for businesses attempting to combat financial crime. It is clear that current practices only partially address this threat, and that keeping pace with evolving money laundering techniques presents a significant challenge. Businesses need to find effective ways of staying up to date with regulatory guidance, as well as continue to develop new processes to stay compliant.
Source: Be(In)Crypto
