According to the survey, nearly 70% of individuals working in compliance are worried about the threat of money laundering via cryptocurrencies.
The survey gathered responses from 250 UK business leaders and individuals working in compliance, and it also found that 41% of companies have identified cases of cryptocurrency-related money laundering. More than half (53%) of respondents believe that current practices address the threat only partially and that improvements are required. The data reveals that keeping up with evolving money laundering techniques (30%) can have the most impact when combating cryptocurrency-related money laundering.
More than half of the surveyed businesses have faced fines or penalties due to AML non-compliance. In addition, 85% of those businesses reported that the penalties have had a negative impact on their operations. The need to prioritise AML processes is made evident by the majority (78%) of business leaders who believe that their company's AML compliance can be improved.
The First AML survey also explored some of the main challenges associated with combating cryptocurrency-enabled money laundering. These include identifying and tracking suspicious actors (27%) and a lack of clear regulatory guidance (17%).
In the company press release, representatives from First AML made it clear that current practices can only do so much to address this emerging threat. They also highlighted that there are significant challenges when it comes to keeping pace with evolving money laundering techniques.
Businesses and individuals working in compliance need to find new ways of staying up to date with regulatory guidance, and at the same time, develop new processes to stay compliant.
First AML specialises in streamlining entire anti-money laundering onboarding and compliance processes. The company offers a cloud-based KYC passport that enables complex entities to share their verification across multiple companies and geographies.
The main goal is to make an otherwise complex and manual onboarding process as simple as possible for clients and cost-effective and compliant for businesses. According to First AML, the company wants to help other entities to be on the right side of history as they tackle global threats.
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