Money from bank hacks rarely gets laundered through cryptocurrencies

SWIFT: "Identified cases of laundering through cryptocurrencies remain relatively small compared to the volumes of cash laundered through traditional methods."

Despite being considered a cybercrime haven, cryptocurrencies play a very small role in laundering funds obtained from bank hacks; the SWIFT financial organization said in a report last week.

"Identified cases of laundering through cryptocurrencies remain relatively small compared to the volumes of cash laundered through traditional methods," said SWIFT, the organization that runs the SWIFT inter-bank messaging system used by almost all banks across the world to wire funds across borders.

These traditional methods include the use of money mules, front companies, cash businesses, and investments back into other forms of crime, such as drug trade or human trafficking.

👀 👉🏼 https://www.zdnet.com/article/money-from-bank-hacks-rarely-gets-laundered-through-cryptocurrencies

#money #laundering #bank #hacks #cryptocurrencies
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How money is laundered through New York banks

An ICIJ investigation reveals the role of global banks in industrial-scale money laundering — and the bloodshed and suffering that flow in its wake.

The FinCEN Files show trillions in tainted dollars flow freely through major banks, swamping a broken enforcement system.

📺 👉🏼 https://www.icij.org/investigations/fincen-files/

#investigation #FinCEN #money #laundering #video #thinkabout
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