Anti-Money Laundering Checks for Cryptocurrency

The crypto sector is a relatively new addition to the list of AML regulated firms in the UK, but due to its highly pseudonymous nature - which enables criminals to hide their activity - combined with the pace at which it has grown over the past few years, it has become one of the most vulnerable in terms of its exposure to money laundering.

An estimated $6.4bn was laundered through cryptocurrency in 2021, a 30% rise on 2020, and as crypto becomes more and more popular, the problem will only worsen as criminals continue to take advantage of the growing cryptocurrency network. Regulations will need to adapt to the ongoing and changing threat posed by crypto money launderers, so it is vital that firms working within the sector have effective AML procedures in place that not only offer a solution now, but will continue to do so as requirements change.

SmartSearch offers an all-in-one AML solution for cryptocurrency firms and those businesses transacting within crypto assets. Our cloud-based platform offers customer identification and verification, sanction and PEP screening, ongoing monitoring and anti-fraud solutions, all from one place, with any updates to AML regulations automatically reflected in the platform.