In a post published on SC Magazine, COO of the anti-crime software firm Wynyard Group, Paul Stokes has explained how the cryptocurrency businesses based in UK can detect and curb money laundering activities.
Bitcoin and other cryptocurrencies such as Litecoin have been assumed/ rumored to be used in illegal money transmitting operations as their underlying blockchain technology provides an additional layer of secrecy.
Paul explained that even as criminals use newer methods to launder money, there is technology available that can help businesses comply with AML regulations in an efficient and cost-effective manner.
It must be remembered that the UK government intends to bring all the cryptocurrency businesses under anti-money laundering (AML) and know-your-customer (KYC) regulations as it aims to foster an environment of trust and security. As Britain aims to become the world leader in fintech by 2020, measures such as KYC and AML will help in bringing tremendous growth to cryptocurrency firms in the long run.
Paul said in the post,
“There is software that can integrate AML controls into an organization’s structure, based in a hosted environment.