Blockchain
How banks can identify money laundering involving crypto, explained
What are the tools that banks and financial institutions need to identify money laundering involving crypto? This explained guide reveals all.
Information is power to help organizations mitigate risks for indirect exposure to crypto.
When it comes to preventing money laundering in traditional fiat, banks need a certain amount of information to ensure they can manage any potential risks involved in facilitating these transactions. The same applies with cryptocurrencies.
A bank can face challenges if it faces direct exposure to crypto — but they can also be exposed indirectly if one of their customers is transacting using digital assets.
There are a series of checks that can help manage AML risk: Know Your Customer, Know Your Payments, Know Customer Behavior, and Know Your Partner.
Given the volume of transactions that banks can process on a daily basis, ensuring the monitoring process is fully automated is essential to reduce the likelihood that suspicious activity falls through the net.
