RATE Group | Crypto Contributes to Money Laundering Problems in Latin America, Report
81158
post-template-default,single,single-post,postid-81158,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Crypto Contributes to Money Laundering Problems in Latin America, Report

28 Feb Crypto Contributes to Money Laundering Problems in Latin America, Report

Posted at 16:29h in Cryptocurrency News by

[ad_1]

Amid a major economic downturn, countries in Latin America (LATAM) are increasingly suffering from money laundering through cryptocurrencies, a new report says.

Cryptocurrencies like Bitcoin (BTC) have become a major tool of organized crime groups and hackers in LATAM countries, according to a Feb. 27 report issued by threat intelligence firm IntSights.

Titled “The Dark Side of Latin America,” the report claims that LATAM countries top the list of the world’s worst money laundering nations, while local crypto-related firms apparently lack Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

To issue the report, IntSights partnered with major global blockchain security firm CipherTrace and LATAM-focused cybersecurity startup Scitum.

Latin American crypto exchanges are associated with “extremely lax” regulations

According to the study, threat finance has been on the rise in LATAM countries as criminals in the region turn to cryptocurrency to launder large…

[ad_2]

Source link

Tags:
, , , , , , ,