Central Bank Digital Currencies Create Risks, But Could Crush Crime
The mainstream financial world faces a brave new dawn as central banks prepare to introduce digital currencies. The move is fraught with risks, but necessary to avoid losing control of economies to unregulated cryptocurrency markets. And it could, ironically, be the best move central banks ever make in fighting financial crime.
FATF Report: New Tech Set to Boost Financial Crime Fighting Efforts
Experts have welcomed a Financial Action Task Force report highlighting new technologies that can help fight financial crime. The task force emphasized how advances — such as customer due diligence tools, artificial intelligence and blockchain — can make anti-money laundering and counter-terrorist financing (AML/CFT) efforts faster, cheaper, and more effective. There are still barriers to their adoption, but these can be overcome, said the report.
Banks Face Tough Battle Against Crypto Money Launderers
Bank bosses can no longer bury their heads in the sand. Virtual currencies such as Bitcoin are becoming mainstream and many traditional banking customers are transacting with cryptocurrency exchanges. The institutions must ensure robust anti-money laundering (AML) and counterterrorist financing (CTF) regimes in this area to avoid deep fines and potential jail time for executives.
