Cryptocurrency and What It Means For Money Laundering
Anti money laundering (AML) in the cryptocurrency era
Since the introduction of Bitcoin, the guiding principles adopted by peers and competitors have been largely consistent; however, the principle of anonymity has become both a major driver of Bitcoin’s growth and a major blocker to its ability to fully enter the mainstream.
Cryptocurrencies pose a significant challenge for financial institutions, and AML programs. While customers are currently active in the crypto-market, formal regulatory guidance is still evolving in many jurisdictions. Booz Allen provides some insight on what AML programs can do to prepare.
“Bitcoin, and the ideas behind it, will be a
disruptor to the traditional notions of currency. In the end, currency will be better for it.”
- Edmund C. Moy, 38th Director of the U.S. Mint
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Cryptocurrency and What it Means for Money Laundering
