Cryptocurrency Exchanges & Wallets

Next Generation AML/CFT screening and monitoring for Cryptocurrencies and Exchanges

Cryptocurrency Money Laundering

Money laundering is a crime that has been around for hundreds of years; however, as technology has advanced, the prevalence of money laundering has grown as well. Criminals are able to expertly use new technology to launder huge sums of money in the blink of an eye. This exchange of dirty money has only grown with the rise of cryptocurrency, such as bitcoin.

As one of the leaders in global risk compliance. Truth Technologies knows how to protect businesses and other entities from money laundering that takes place using cryptocurrency. Read below to learn more about how money laundering happens using cryptocurrency, the rules and regulations surrounding cryptocurrency, and how we can protect you from this threat.

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What is Money Laundering?

Money laundering is a process by which an individual or entity tries to conceal or mask dirty money as clean money. This process unfurls in several steps that are used to “clean” money by funneling “dirty” money through a series of legitimate accounts and businesses. The dirty money then blends in with the clean money, making it hard to tell the two apart. With the rise of cryptocurrency, this problem has only become even more prevalent.

Money Laundering Process With Cryptocurrency?

Traditionally, money laundering is a crime that has been carried out mainly through cash; however, money laundering is now taking place with cryptocurrencies. Some of the ways that this happens include:

Each time cryptocurrency is exchanged, there is another degree or layer of privacy added as it hops to a new wallet or address. This makes money laundering nearly effortless in the world of cryptocurrency.

Rules and Regulations for Cryptocurrency: Anti-Money Laundering

The United States has ruled that cryptocurrencies are treated as any other financial entity and are subject to the Bank Secrecy Act (BSA) and all of its rules and regulations. Some of the regulations that fall under the purview of this act include:

Given the prevalence of money laundering through cryptocurrency, it is important for everyone to watch transactions that take place using this financial instrument closely.

Red Flags for Money Laundering in Cryptocurrency

There are a few red flags in the world of cryptocurrency that everyone should watch for. Some of the biggest examples include:

Improved Anti-Money Laundering (AML) Screening with Truth Technologies, Inc. (TTI)

When it comes to cryptocurrency, it is critical for all organizations to guard themselves against money laundering. Truth Technologies has established itself as one of the premier leaders when it comes to anti-money laundering detection, screening, and prevention. TTI specializes in anti-fraud, AML, customer identification, and compliance. With a team of professionals from information technology and finance backgrounds, TTI is in a unique position to protect organizations against money laundering in all forms. A few of the benefits of using the tools offered by TTI include:

Realize Improved Security with Truth Technologies Today

If you would like to learn more about cryptocurrency and how to prevent money laundering, contact us today. At TTI, we offer a free tool demos so you can discover our superior AML screening and due diligence for yourself. Discover why Truth Technologies is one of the leaders in anti-money laundering tools and protection. Our software will help you protect your organizations from the threat of money laundering. Gain improved control over your business operations with TTI today.







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