Firms Need to Use Tech to Mitigate Growing Money Laundering Threat

Money mule schemes, multi-customer cross-wallet activity and the use of crypto exchanges are the most common money laundering techniques, yet most firms are failing to make use of available technology to mitigate the threat, according to the latest research from Feedzai, the RiskOps platform for financial risk management.

The State of Global Anti Money Laundering Compliance Report surveyed 636 anti-money laundering (AML) compliance experts, representing 77 companies around the world, most of them from the financial services industry, and overall 74 per cent of respondents cited money mule schemes – both unwitting (44 per cent) and witting (30 per cent) – as the most common money laundering threats.