Can anti-money laundering effectively stop crime leveraging cryptocurrency

[Khezo]

There Are 2 Categories Of Money Launderers For Both Cryptocurrencies & Paper Currency

• Individual Money Laundering
• Business Money Laundering

Individual Money Laundering Usually Targets "Easy Money" Or Tax Evasion - Quite Frequently The Money Laundering Scheme Gets Flagged Due To A Lack Of "Structuring"

A Fraud Analysis Of Finances Will Yield Discrepancies Between Assets & Liabilities & Raise Questions About Imbalances Of Tax Receipts

However It Is The "Business Money Laundering" That Frequently Defeats Anti-Money-Laundering & Crime-Financing Investigations

 

[Ralphjoe]

The only practical way that one can prevent any form of money laundering or any criminal financial act on cryptocurrency is by doing a comprehensive KYC for every cryptocurrency wallet holders and developing a financial monitoring system to combat any form of money laundering.

 

[btaliat]

The tremendous growth of hackers should make all crypto users to always try to secure better their personal details. They should do two factor authentication in order to secure their information.

 

[Good-Person]

The only practical way that one can prevent any form of money laundering or any criminal financial act on cryptocurrency is by doing a comprehensive KYC for every cryptocurrency wallet holders and developing a financial monitoring system to combat any form of money laundering.

Yes, KYC is a great way to stop money laundering; however, not everyone would be willing to give their personal information or documents in order to get verified as many people are reluctant to give out their personal information to companies online. The main purpose of cryptocurrencies is that it is a decentralized digital asset and it operates anonymously. If we emphasize a lot on KYC, it would take away the main purpose of cryptocurrencies.

 

[Senator]

The introduction of the KYC by most of the cryptocurrency exchanges over the few years was to prevent and play in line with the antimoney laundering laws in the first place. You can't virtually transact with some of them without this.

 

[Ayokex]

One of the reasons why many countries of the world are going against the invention of cryptocurrency is their inability to trace and monitor it. This may somewhat encourage money laundering.

 

[Bookwormlux]

One of the reasons why many countries of the world are going against the invention of cryptocurrency is their inability to trace and monitor it. This may somewhat encourage money laundering.

With kyc verification process, it would be easy to track these criminal transactions that are carried out using crypto currencies. The government can adopt it.

 

[Hena101]

The tremendous growth of hackers should make all crypto users to always try to secure better their personal details. They should do two factor authentication in order to secure their information.

That's a very good advice that every crypto user should try and do because the hackers are everywhere looking for someone to destroy.

 

[Nomad]

People will always find loopholes, no matter what kind of measures and the law the government introduces. Money laundering was in existence even before the rise of crypto currencies, therefore, blaming crypto currencies for money laundering is a biased idea.

 

[Setho]

There's been a lot of questions in the past about how terrorist organisations and corrupt officials can use crypto for their advantage but I think that it is just matter of time.

 

[Didosky]

It may or it might not.. it all depends on that plaform. That is why lot of platform will require you to do a full kyc they get to Know their costumer and their costumer get to know them in terms of security and other things like that

 

[Nurudeen]

So far the government isn't the one regulating the crypto currency exchange Business I don't think the anti money laundering agency can stop anything to do with money laundering through crypto currency

 

[Abigael]

One of the reasons why many countries of the world are going against the invention of cryptocurrency is their inability to trace and monitor it. This may somewhat encourage money laundering.

That is right. The anonymity in cryptocurrencies transaction makes them the best to be used for money laundering. That is why some governments are moving towards taxing cryptocurrencies. This will enable them to trace such crimes.

 

[FreshKaz11]

There Are 2 Categories Of Money Launderers For Both Cryptocurrencies & Paper Currency

• Individual Money Laundering
• Business Money Laundering

Individual Money Laundering Usually Targets "Easy Money" Or Tax Evasion - Quite Frequently The Money Laundering Scheme Gets Flagged Due To A Lack Of "Structuring"

A Fraud Analysis Of Finances Will Yield Discrepancies Between Assets & Liabilities & Raise Questions About Imbalances Of Tax Receipts

However It Is The "Business Money Laundering" That Frequently Defeats Anti-Money-Laundering & Crime-Financing Investigations

You are absolutely right about the fact that business laundering is the one that frequently defeat anti money laundering and crime financing investigations as well, so I don’t think there is anything to stop all this though.

 

[Yusuf]

Money laundering is really a serious crime all over the world and I think it's very important that government look into it in depth with crypto currency exchange Business because criminals are now using crypto currency exchange Business to launder money

 

[Josemendez]

This is what I have always said here on this forum . We might see regulation as a drawback to cryptocurrency but the fact still remain that regulations is very necessary for the success of cryptocurrency when it comes to preventing fraudulent activities and money laundering

 

[HayKay]

The only practical way that one can prevent any form of money laundering or any criminal financial act on cryptocurrency is by doing a comprehensive KYC for every cryptocurrency wallet holders and developing a financial monitoring system to combat any form of money laundering.

Doing or ensuring all wallet holders do a KYC wouldn't stop registered businesses from scamming or laundering people because there'll be certain privileges they'll have. What I feel should be done is to limit the amount of crypto one can hold at a particular time. Anything more, the account will be locked and then inquiries should start

 

[gammarays]

Anti money laundering policy has its limits. The best way to fight crypto scams is to enforce a strict òrder on doing a compulsory kyc for every crypto holders globally. There must be an identity for every one.

 

[Grandeur]

Let's be honest, there is no feasible way now to completely eradicate fraud in the crypto market because even if there's a ledger for transactions, it can still be untraceable

 

[Shigobad2020]

There Are 2 Categories Of Money Launderers For Both Cryptocurrencies & Paper Currency

• Individual Money Laundering
• Business Money Laundering

Individual Money Laundering Usually Targets "Easy Money" Or Tax Evasion - Quite Frequently The Money Laundering Scheme Gets Flagged Due To A Lack Of "Structuring"

A Fraud Analysis Of Finances Will Yield Discrepancies Between Assets & Liabilities & Raise Questions About Imbalances Of Tax Receipts

However It Is The "Business Money Laundering" That Frequently Defeats Anti-Money-Laundering & Crime-Financing Investigations

I don't believe that its the work of anti money laundering will be effective in tracing people that's using crypto currency to launder money because crypto currency is not easy to trace.