These are the headlines you see every day... and they bother you. Like most users of cryptocurrencies you want a clean, fair, and well-ordered crypto space to thrive and flourish for a positive financial future for all humanity.
But action is necessary to ensure crime and crypto do not mix. That's why you're here. That's why we are here, too.
As Anti-Money Laundering, Sanctions Compliance, and Fraud Detection and Prevention professionals with crypto skills we have the power to do something about it. Right now. Today.
Traditional banks involved in digital assets will be seeking anti-financial crimes professionals with cryptocurrency expertise. According to blockchain analytics firm Elliptic, "Top-tier banks and financial institutions are increasingly launching crypto products and services – from JPMorgan to Goldman Sachs to Deutsche Bank, as well as small and medium-sized banks. As financial institutions enter the cryptoasset sector, they need to be alert to compliance expectations from banking regulators." (Elliptic - May, 2022)
Fintech companies are leaning into cryptocurrency trading, lending, and credit and consequently are running afoul of regulators, as well. We anticipate the pressure on Fintechs to show they've got the capability to detect, prevent, and report financial crimes will only grow.
Cryptocurrency exchanges are now on the radar for regulatory scrutiny related to financial crimes compliance. Take a look at these investigations and remember, regulators still have not determined which division of the US Treasury are going to take primacy for oversight.
For years, DeFi has operated with almost zero oversight by regulators from any country, but the regulators are getting closer. We can see from these stories that some of the more famous DeFi protocols are taking steps to align with anticipated regulatory expectations.
