{"id":100130,"date":"2024-11-20T13:27:28","date_gmt":"2024-11-20T17:27:28","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=100130"},"modified":"2024-11-20T13:28:39","modified_gmt":"2024-11-20T17:28:39","slug":"finma-warns-of-money-laundering-risks","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/finma-warns-of-money-laundering-risks\/","title":{"rendered":"FINMA Warns of Money Laundering Risks with Crypto"},"content":{"rendered":"\n

The Financial Market Supervisory Authority of Switzerland has warned about the dangers of cryptocurrency-related money laundering<\/a>.\u00a0<\/p>\n\n\n\n

\"FINMA
FINMA Warns of Money Laundering Risks with Crypto<\/figcaption><\/figure>\n\n\n\n

According to the regulator's 2024 Risk Monitor report, stablecoins and other cryptocurrencies are being used more frequently for cyberattacks, payments for illicit dark web activity<\/a>, and avoiding sanctions associated with geopolitical events. <\/p>\n\n\n\n

Anti-money laundering measures have been made more difficult by the “big rise” in illegal transactions involving stablecoins that are connected to sanction evasions. <\/p>\n\n\n\n

FINMA described its wider initiatives to address money laundering threats, which include onsite assessments, a revamp of its audit program, and an emphasis on risk management\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> and tolerance for organizations with politically exposed clients or connections to high-risk regions. <\/p>\n\n\n\n

According to FINMA, it “takes institution-specific measures to mitigate the money laundering risk” with regard to digital assets, implementing focused monitoring to address vulnerabilities successfully. <\/p>\n\n\n\n

The regulator released recommendations earlier this year to address stablecoin vulnerabilities, requiring issuers to confirm the names of beneficial owners and token holders.\u00a0<\/p>\n\n\n\n

The regulator also warned that financial intermediaries involved in the cryptocurrency industry<\/a> who do not implement appropriate risk management procedures risk legal repercussions and reputational harm. <\/p>\n\n\n\n

Switzerland is one of many countries that have regulatory issues regarding cryptocurrencies and stablecoins. <\/p>\n\n\n\n

Due to their possible connections to money laundering and other illegal activity, cryptocurrencies and associated companies have come under heightened investigation worldwide, leading to calls for improved governance across nations. <\/p>\n\n\n\n

Crypto-asset companies were named by the U.K. Financial Conduct Authority in May as one of the industries most susceptible to money laundering in 2022\u20132023. <\/p>\n\n\n\n

In order to mitigate these risks, the regulator has instituted a stringent registration procedure for cryptocurrency enterprises. <\/p>\n\n\n\n

Over the years, platforms such as Binance, KuCoin, and others have also come under fire in relation to claims of money laundering. <\/p>\n\n\n\n

The largest stablecoin in the world, USDT, is issued by Tether, which has long been accused of aiding money laundering and other illegal operations. <\/p>\n\n\n\n

Following rumors that the U.S. Department of Justice<\/a> had opened an investigation into possible sanctions and anti-money laundering offenses, the corporation was recently the subject of increased attention. However, it denied any misconduct, saying it has not seen “any indication” of an investigation.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Market Supervisory Authority of Switzerland has warned about the dangers of cryptocurrency-related money laundering.\u00a0 According to the regulator’s 2024 Risk Monitor report, stablecoins and other cryptocurrencies are being used more frequently for cyberattacks, payments for illicit dark web activity, and avoiding sanctions associated with geopolitical events. Anti-money laundering measures have been made more […]<\/p>\n","protected":false},"author":43,"featured_media":100132,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[16991,1437,569],"class_list":["post-100130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-finma","tag-money-laundering","tag-switzerland"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/croc_1732120767561.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=100130"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100130\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/100132"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=100130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=100130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=100130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}