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How banks can identify money laundering involving crypto, explained

What are the tools that banks and financial institutions need to identify money laundering involving crypto? This explained guide reveals all.
How does blockchain analytics software work for financial institutions exposed to crypto?They enable transactions to be monitored on all major blockchains — 24/7 and in real time.The risk associated with incoming and outgoing transactions can be determined — covering high value payments, transfers involving multiple digital assets and/or accounts, as well as transactions that appear to have no logical business explanation. A clearer picture can also be gathered over time by piecing together intelligence from entities making frequent transfers over a specific timeframe.Compliance software companies like Crystal Blockchain enable suspicious patterns to be detected, and for financial institutions to understand the sources of funds and wealth. Crucially, they can also identify whether the crypto used in transactions is suspected to be stolen or fraudulent, all by assessing if the coins transferred to or from wallets have been connected with mixers or P2P services.Learn more about Crystal BlockchainDisclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice. What are the practical solutions available for limiting crypto risk exposure?Following the money laundering red flag indicator guidelines set out by the FATF …
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