Lesson 24 – Why Anti-Money Laundering (AML) is important for your security?
AML is an abbreviation for the term anti-money laundering and covers the measures taken to prevent money laundering and terrorist financing. Specifically, it involves a range of internal processes to comply with legal requirements. One elementary core component of AML is the identification of all customers (KYC).
Careful scrutiny of customers and reporting requirements – AML in the crypto sector
EUWAX AG and blocknox GmbH are subject to regulatory provisions for the prevention of money laundering and terrorist financing, as well as criminal acts. These regulations include, among other things, a careful examination of customers and a duty to report suspicious activities.
The advantage of AML for BISON customers
And what does ALM mean for BISON customers? Quite simple: it assures that we operate as a trustworthy digital asset trading platform, committed to preventing illicit activities. We do everything we can to prevent illegal activities on our trading venue.
Our goal is to cultivate sustainable, long-term customer relationships, underpinned by our belief in the potential of crypto assets. To achieve this, we rely on AML-compliant processes in the area of money laundering prevention, among other strategies. The recipe for success here lies in the interaction between human experts and state-of-the-art technologies. After all, it is the use of these technologies that helps effectively identify and combat risks in the area of financial crime.
Sources
Hilal, W., Gadsden, S.A. and Yawney, J. (2021) “Financial Fraud: A Review of Anomaly Detection Techniques and Recent Advances,” Expert Systems With Applications, 193, p. 116429. Available at: https://doi.org/10.1016/j.eswa.2021.116429, zuletzt aufgerufen am 01.09.2023.
History of Anti-Money Laundering Laws (2020). Available at: https://www.fincen.gov/history-anti-money-laundering-laws, zuletzt aufgerufen am 01.09.2023.
Money laundering cases registered at Agency doubled in last 6 years according to Eurojust’s new report (no date). Available at: https://www.eurojust.europa.eu/news/money-laundering-cases-registered-agency-doubled-last-6-years-according-eurojusts-new-report, zuletzt aufgerufen am 01.09.2023.
The Transparency Register – Latest Developments Due to the 5th EU Anti-Money Laundering Directive (no date). Available at: https://www2.deloitte.com/dl/en/pages/legal/articles/transparenzregister-5-eu-geldwaescherichtlinie.html, zuletzt aufgerufen am 01.09.2023.
Flagright (2022) “The Importance of Anti-Money Laundering,” Flagright, 12 December. Available at: https://blog.flagright.com/the-importance-of-anti-money-laundering, zuletzt aufgerufen am 01.09.2023.
Disclaimer
The content of this article is for informational purposes only and does not constitute financial, investment, and/or trading advice. We strongly recommend that you conduct the necessary research before making an investment, and/or trading decision. Please note that past performance does not guarantee future results.
Liability of the Börse Stuttgart Group and its subsidiaries for the article is excluded.