For institutions, entering the crypto space isn't as simple as it seems. It is critical to build the foundational infrastructure around Anti-Money Laundering to support the growing institutional appetite for digital assets.
, this has resulted in banks and fintechs looking at custody products and services for their clients.
Therefore, it is critical to build the foundational infrastructure around Anti-Money Laundering to support the growing institutional appetite for digital assets. Before getting into various types of money laundering patterns that exist in crypto, let us understand what an on-chain analytics solution is.All transactions on public blockchains are visible to anyone. Analytics tools query these blockchains to help us understand trends in transactions.
Layering can also involve blending crypto assets across different exchanges and sources, making it harder to trace back to the original source of the assets.A money mule is someone who receives crypto assets from a third party and sends it over to another party. Alternatively, they could withdraw assets as fiat cash and hand it over to someone else and receive a commission for this.
However, some illicit actors have taken to crypto mixing services like Tornado Cash to hide the providence of their crypto. These solutions can automate AML and sanction checks, identify address clusters associated with illicit activities, map the flow of digital assets across addresses to perform forensic analysis and monitor how assets are moved through activities related to dark-web markets, smart contract frauds, oracle hacks, cross-chain bridge hacks and more.
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