AML Anti Money Laundering- continued

Money laundering is the process of disguising the origins of unlawfully obtained funds, creating the illusion that they have a legitimate source.

A textbook case of money laundering involves making substantial profits from drug sales and subsequently using cash to acquire a private jet, masking the illegal origins of the funds. But that's just one example, there are many, many more.

The highlights of money laundering in the EU

💸 Criminals involved in money laundering are outpacing authorities in their ability to adapt to new technology.

💸 Nearly 70% of criminal networks operating in the EU make use of forms of money laundering to fund their activities and conceal their assets.

💸 90% of money laundering crimes fly under the police radar.

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While fines are typically issued several years after AML failings occur, the top AML fines incurred in 2022 happened across the following sectors:

Trading and Brokerage 👉 $6 billion+ in fines

Banking 👉 $2 billion+ in fines

Gambling 👉 $71.4 million+ in fines

Cryptocurrency 👉 $30 million in fines

Asset Management 👉 $2 million+ in fines