{"id":142811,"date":"2024-11-21T13:30:47","date_gmt":"2024-11-21T11:30:47","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=142811"},"modified":"2024-11-21T00:43:23","modified_gmt":"2024-11-20T22:43:23","slug":"switzerlands-finma-warns-of-rising-money-laundering-risks-in-crypto-industry","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/switzerlands-finma-warns-of-rising-money-laundering-risks-in-crypto-industry\/","title":{"rendered":"Switzerland’s FINMA Warns of Rising Money Laundering Risks in Crypto Industry"},"content":{"rendered":"

The regulator\u2019s latest report<\/a> <\/strong>highlights the increasing use of digital assets, such as cryptocurrencies and stablecoins, for illicit purposes, including sanctions evasion.<\/p>\n

The report points out that stablecoins are becoming a key tool in illegal financial transactions, posing significant challenges for enforcement agencies. The rise in misuse of these assets amplifies legal and reputational risks for financial institutions that lack robust risk management systems. FINMA stressed the importance of stronger safeguards to address vulnerabilities in the crypto space.<\/p>\n

The authority\u2019s warning underscores the substantial money laundering risks that financial intermediaries face when dealing with cryptocurrencies. FINMA cautioned that institutions without proper money laundering controls risk damaging the reputation of Switzerland\u2019s financial sector. This advisory echoes a similar one earlier this year, which urged stablecoin issuers and banks to enforce stricter identity checks on token holders to reduce money laundering exposure.<\/p>\n