Financial Institutions

Why Financial Institutions Must Perform Due Diligence

These days, most people practice due diligence without even thinking about it. It’s rare that someone would make a major purchase like buying a car without performing some research beforehand.

Just as we evaluate big decisions before we make them, banks and financial institutions need to know who their prospective clients are before allowing them to open an account. This is where customer due diligence comes into play.

Money Laundering in Cryptocurrency

Money Laundering in Cryptocurrency

Since the beginning of 2019, illicit activities have been steadily increasing in cryptocurrency; last year alone, Chainalysis traced $2.8 billion in Bitcoin that moved from criminal entities to exchanges.

But how are criminals laundering money using cryptocurrencies, and what is being done about it? Here, we will explore money laundering in cryptocurrency and the likely consequences.

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