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.

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

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