September 27, 2021


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How compliance software detects fraud and money laundering involving crypto

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The crypto industry has boomed over the past 12 months. While 2019 began with a total market cap of $200 billion, the explosion in Bitcoin’s value resulted in this figure surging fivefold as 2020 began — and according to CoinMarketCap, the digital assets space was collectively worth $1 trillion at one point.

However, as the crypto sector continues to grow and flourish, so too does crypto-related crime. Virtual assets worth $3.8 billion were lost to fraud in 2019. This figure rose to almost $4.9 billion in 2020.

Fraud, money laundering and the financing of terrorism are not issues that are exclusive to the cryptocurrency sector — and every financial system on Earth has had to take action to ensure its infrastructure isn’t used for illicit purposes. But now, regulators around the world are stepping up their efforts to clamp down on criminal activity — and this has the potential to affect operations for crypto service providers, many of whom are still behind the curve.

Mainstream media coverage of digital assets has increasedTitle: How compliance software detects fraud and money laundering involving crypto
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Published Date: Mon, 18 Jan 2021 13:19:00 +0000