Posted by Brian Monroe - firstname.lastname@example.org 04/09/2021
Special ACFCS Exclusive Contributor Report: Three ways compliance professionals can use AML, AI, contextual investigations and more to better protect their institutions from the growing threat of crypto crime
Graphing Vital to Understanding Cryptocurrency Ecosystem – Solution Snapshot
The ability to transact across borders rapidly not only allows criminals to acquire, move, and store assets digitally often outside the regulated financial system, but also to obfuscate the origin or destination of the funds and make it harder for reporting entities to identify suspicious activity in a timely manner.
These factors add hurdles to the detection and investigation of criminal activity by national authorities.
Since VA transactions are irreversible, it is critical to assess client activity in real time prior to money laundering, fraud or other crimes occur – as the act becomes a potential futile forensic exercise rather than a proactive defense preventing the legitimizing of ill-gotten gains.
One of the best ways to create a stout AML program, bolster investigations and be seen as a true “effective” ally is to chart out some of the steps where compliance, cryptocurrency and criminal activity converge, including reviewing and risk ranking entities, adding critical context to cases and monitoring potential illicit activity in several dimensions at once.
Data visualization, leveraging graphs and seeing intersection points with fincrime program duties can be vital in understanding what can feel like a complex, anonymous and irreversible ecosystem of virtual value, international transactions and brick-and-mortar banks – the nexus where fiat funds and crypto coins change hands.
About the author: Garima Chaudhary
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