Money laundering is something that criminals have used for a long time. It is the process of making money that has come from things that are illegal and make it look as if it has been earned legitimately, and it is done in many ways. Some of these include opening a shop or running a casino for example.
Banks and financial institutions are required to play their part in preventing money laundering – things like AML identity verification like this w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks/ is one of the ways that banks work to prevent money laundering.
However, the internet has been a way that many criminals have been able to commit all sorts of crimes. The anonymous nature of being online has meant that it is easier for large and small criminal organisations as well as terrorist groups to operate, and something else that has been an appeal to money laundering criminals is cryptocurrency.
Because cryptocurrency is unregulated and is outside of the traditional financial institutions it has of course been an attractive proposition for money launderers. The anonymous nature of this currency which exists across borders and can easily be transferred around the world has meant that Governments are having to come up with new ways to police this new form of currency.
There are ways that you can help too – if you notice suspicious activity whether you work in an industry that is likely to be a target of criminals looking to launder money or you have noticed that someone’s lifestyle doesn’t add up to the work that they do you can report it.