Total amount lost to cryptocurrency fraud in the last 6 months
Number of locations that allow anonymous transactions
Cash-to-crypto money services businesses in operation
An analysis of over 10,000 transaction records associated with human trafficking, credit card theft, and child exploitation shows that under 1% of the transactions would have ID information at a company with tiered KYC requirements.
Lack of Know Your Customer (KYC) and Customer Identification Program (CIP) requirements hinders cryptocurrency providers from detecting terrorist financing, credit card theft, human trafficking, child exploitation, and money laundering.
Banks expose themselves to high-risk fraud and Anti-Money Laundering (AML) violations by offering depository accounts to cryptocurrency companies with minimal compliance standards.
Wallets known to be associated with fraudulent schemes and high-risk activity show continuous funding from BTM companies suggesting a lack of AML and fraud prevention controls.