Pratyush Chandramadhur
Chief Business Officer
AuthBridge Research Services
One trend of particular concern is the increased use of virtual currencies, such as Bitcoin, for money laundering
An overview of how biometric-powered KYC is helping BFSI fight against money laundering. As the financial sector continues to evolve, so do the methods employed by nefarious actors to engage in illicit activities such as money laundering. This evolving challenge not only undermines the integrity and stability of the financial system, but it also erodes public trust in financial institutions and businesses facilitating the commission of other serious crimes such as drug trafficking, corruption, and terrorism.
Understanding the New Vectors Enabling Fraud & Laundering Virtual Currencies With new technologies and new norms around transactions, new fraud threat vectors have emerged for the BFSI landscape. One trend of particular concern is the increased use of virtual currencies, such as Bitcoin, for money laundering. These currencies allow for the anonymous movement of funds across borders and evade traditional financial controls.
Online Marketplaces
The use of online marketplaces, such as those on the dark web, for money laundering is also on the rise. These platforms enable the anonymous sale of illicit goods and services and the use of virtual currencies for payment.
VPNs as Catalysts
On top of these two emerging trends that compile at the top of shell companies and social media strategies for laundering, fraudsters are using Virtual Private Networks to hide their real IP addresses and location, making it difficult for authorities to trace their activities.
Denne historien er fra June 2023-utgaven av CEO Insights.
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Denne historien er fra June 2023-utgaven av CEO Insights.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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