Money laundering is the illicit process of concealing the origins of illegally obtained money, making it appear to have come from legitimate sources. This criminal activity aims to integrate dirty money into the financial system. Digital assets, due to their pseudonymous nature, can be misused for such purposes.
Context
Money laundering activities involving cryptocurrencies are a persistent concern for regulators and law enforcement globally, frequently appearing in news headlines. Authorities are developing advanced techniques to trace illicit transactions on blockchains. Strict anti-money laundering (AML) regulations are being imposed on digital asset service providers to counter this threat.
Canadian law enforcement's unprecedented dismantling of an unregistered exchange underscores the critical imperative for robust KYC/AML compliance across digital asset operations.
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