Banks are more vulnerable to money laundering cases
A report prepared by the Financial Informatics Unit ensures that financial institutions are more likely to be victims of this and other activities than cryptocurrencies
The Financial Informatics Unit (FIU) prepared a report stating that banks are usually more vulnerable to money laundering and terrorist financing than cryptocurrencies.
An investigation into financial institutions, made by the division of the Financial Services Commission of South Korea, concluded that those who claim to have better systems in terms of protection against these activities, are those who are more exposed to them.
“Banks have better systems against money laundering and terrorist financing than other financial companies. However, the vulnerability of the former is greater due to the larger size of the banking sector and the innate characteristics of its products and services, such as commercial financing, cash management service and currency trading”, said the report of the FIU. .
He also stressed that although cash transactions and the management of digital currency are also vulnerable to money laundering, there are few cases that relate these two methods to the financing of terrorism.
“The anonymity of the cryptocurrency trade makes tracking difficult, and criminals can take advantage of it. The same applies to cash transactions since large denomination bills are rarely returned”, they added.
K. Tovar
Source: Businesskorea
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