The crypto nexus: The next compliance challenge

Cryptocurrency has been increasingly professionalized in recent years, offering millions of transactions to a global base of everyday users. However, this trend of mainstream investment has happened in tandem with recent high-profile prosecutions of former crypto leaders. The decentralized nature of cryptocurrency still presents opportunities for bad actors to exploit, particularly for laundering money. Approximately $72 billion a year of illicit transactions is being paid for with crypto, a large portion of which is cleaning dirty money, according to a recent Europol report. The reality of crypto’s role in financial crime, alongside its increasing popularity, presents challenges for compliance teams,… [Continue Reading]