Ciphertrace Says Banks Unknowingly Process $2 Billion in Crypto per Year

According to the blockchain analysis firm Ciphertrace, major U.S. banks process roughly $2 billion in digital currency transactions that go undetected every year. Ciphertrace disclosed a slew of financial institutions have not deployed the right KYC/AML infrastructure to detect unregistered cryptocurrency transfers.

Also read: US to Strictly Enforce Crypto Rules Similar to FATF Guidelines

All Top 10 US Banks Have Unwittingly Processed Crypto Transactions

Ciphertace offers cryptocurrency intelligence solutions for more than 87% of the virtual assets in existence. It monitors blockchains and transactions in order to detect non-compliant behavior and money laundering. On December 16, the firm revealed that out of the top 10 banks in the U.S., every financial institution has processed digital currency transactions unknowingly. Ciphertrace claims that banks are processing around $2 billion in undetected crypto transactions per year. The blockchain analysis…