Cryptocurrency money laundering is increasing dramatically, being already three times greater than in 2017. And we're only half way through the year, observes Dave Jevans, founder and CEO of CipherTrace, and chairman of the Anti-Phishing Working Group.
New research from CipherTrace looks at the state of the cryptocurrency anti-money laundering market and provides insights into the pending global cooperation and crackdown by the G20 international 37-nation financial crime-fighting Financial Action Task Force.
Crypto money laundering is enabled by a variety of factors, according to Jevans. "The first is the general anonymity of cryptocurrencies and the diverse regulatory environments in which these exchanges work. The next thing are active money laundering services. At the third level we see auxiliary services that are being abused for money laundering purposes."
So, is regulation of cryptocurrencies that are designed to be anonymous and borderless even possible? Jevans' personal view is that this is viable.
"What we want is to get cryptocurrencies and crypto assets legitimate, safe, investable and globally transactable to create that vision and fulfill it of a really different type of economy and model."
In this interview (see audio link below photo), Jevans also discusses:
- What is enabling crypto money laundering and how does it work?
- Where AML regulation is seeded globally and the highest locale for crypto crime;
- What technologies are available to track criminal activity?
Jevans is the founder and CEO of CipherTrace. He has 20 years of experience in the security and payments markets. He also serves as the chairman of the Anti-Phishing Working Group, a consortium of more than 1,500 government agencies, financial services companies, ISPs, law enforcement agencies and technology vendors.