https://techmonitor.ai/comment-2/can-compliance-keep-up-with-the-convergence-of-cybercrime-and-crypto

The rise of digital assets has brought new opportunities for investment and innovation, but it's also introduced new challenges in the fight against financial crime. While it's important to note that the majority of crypto companies operate legitimately and most cryptocurrency transactions are lawful, the relative anonymity of these assets has also attracted criminal elements.

In the UK, the National Crime Agency's National Assessment Centre estimates that over £1 billion of illicit cash is transferred overseas through cryptocurrencies, with hundreds of millions being laundered. As crypto gains popularity and becomes more mainstream, financial institutions continue to grapple with the complexities of developing effective anti-money laundering (AML) and risk management frameworks to prevent bad actors from exploiting their systems.