VIRTUAL CURRENCIES POSE A CHALLENGE

The use of virtual currencies (VCs) may be intensifying during the Covid-19 pandemic, as every criminal earning VC illegally ultimately looks for ways to covert third party proceeds into cash or other assets.

Whilst most Banks’ AML policies do not allow for banking of VC exchanges, however, most banks do use some of the third party payment providers and payment gateways, which in turn may deal with VCs.

Every criminal earning VC illegally ultimately looks for ways to covert third party proceeds into cash or other assets.