Nearly 70% of individuals working in compliance in the UK are worried about the growing threat of money laundering via cryptocurrencies, according to a survey by anti-money laundering platform First AML.
Illicit addresses sent nearly $24 billion worth of cryptocurrency in 2022, according to another study, which speaks to the dangerous connection between crypto and money laundering.
In its survey of 250 compliance professionals in the UK, First AML found that:
- Just over half (53%) believe current practices only partially address the risks associated with money laundering via cryptocurrencies.
- 41% have identified instances of money laundering related to cryptocurrencies.
- 51% have experienced fines or penalties due to AML non-compliance.
“The emergence of cryptocurrency-related money laundering presents significant challenges for businesses attempting to combat financial crime,” Bion Behdin, First AML’s chief revenue officer, said in a news release. “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 and continue to develop new processes to stay compliant.”
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