Spotlight Report - Crypto Sector

AML and KYC Vulnerabilities

An in-depth look into the issue to help you to identify weaknesses in your existing compliance framework.

The growth of virtual currencies, and a host of services that surround them, has undoubtedly brought significant benefits, but these developments have not gone unnoticed by bad actors.

Criminals and their enablers spotted the opportunity to exploit this newly emerging, and therefore lightly regulated, area of financial services very early on.

KYC and AML are powerful complements to each other and important elements for Crypto businesses looking to protect themselves against fraud and financial crime. Both involve verifying the identity and legitimacy of individuals and organisations through rigorous checks. In itself, that makes it harder for criminals to operate. In addition, AML checks help to uncover the money trail, understanding where money comes from and how it’s spent so that organisations can ensure it’s not laundered through them.

In this industry report, we examine:

  • Where crypto businesses may be vulnerable to AML risk
  • The current regulatory environment in the UK, EU, and US
  • Screening for sanctions, ultimate beneficial owners (UBOs), and politically exposed persons (PEPs)
  • How to ensure compliance with AML regulations

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