Crypto Currency Laundering

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Crypto Currency Laundering plays a vital role. In the era where technological advancements the Fintech sector has found itself at the forefront of this boom. From mobile banking and online stock trading platforms to unequivocally the most coveted one – cryptocurrency. Instantly crypto currency arises.Therefore, it does not require any third party. All the transaction that takes place in crypto currency systems will jointly be verified in the private network. The progress of technology that is taking place is growing significantly. It affects the economic development in terms of financial technology at large. Hence, the need for cash has been decreasing rapidly as the use of digital money or digital currency is increasing day by day.

Criminals use dirty money

Criminals use crypto money laundering to hide the illicit money by using different type of methods. Additionally, criminals readily exploit the fast-moving pace of technological advancement with financial transactions, using new payment methods such as cryptocurrencies, rapidly gaining acceptance worldwide. 

Crypto currency Susceptible to money laundering

There are a lot of reasons why crypto currency are susceptible to money laundering. Therefore, individuals and criminal organization can hide their true identity. By conducting the transaction anonymously.

Risk in Crypto Currency Laundering

 Crypto asset system or exchange has the potential to display risks that can be exploited. Hence,while banks have a distinct and heavily-regulated global system of legal protections and obligations, the crypto asset market isn’t as universally protected or regulated. Risk is associated in crypto currency laundering are:

  • Source of Funds

Through KYC Regulations the funds transaction takes place. Similarly, multiple banks can tie up with single crypto wallet.

  • Risk within specific jurisdiction

In some geographical areas, there is a fraction of the amount of AML or KYC regulations needed. Therefore, alongside a lack of full implementation of preventive measures. The existence of regulatory bodies creates opportunities that can be exploited by criminal groups. 

Overview of Certified Anti-Money Laundering Professional Program

Riskpro Learning has launched a new certification program named Certified Anti-Money Laundering Professional (CAMP) for the compliance, AML professionals. To meet the regulatory needs in the emerging market environment. Additionally, Certified Anti-Money Laundering Professional regarded as one of the best international certifications in the AML domain. Hence, to gain the global recognition for the course, Riskpro Learning Academy has entered into the agreement to offer certification program to the global compliance officers.

The Certified Anti-Money Laundering Professional Program is a very unique certification program that offers a lot of benefits. As well as flexibilities to the international community who are working in the AML, compliance domain. Hence, Certified Anti-Money Laundering is interesting experience for the compliance professionals.

The aim of launching this program is to put forth the aspect of crypto currency laundering. While doing the program, this topic will help the aspirants to understand the meaning of different terms like crypto currency, crypto asset. Why crypto currency laundering sounds interesting for the criminals, how do crypto currency crimes take place.

Conclusion

Cryptocurrencies are a relatively new innovation, but they have quickly transitioned from a niche market to global commodity. They have been abused in a number of illicit and illegal ways.