Inside money laundering: risks, concerns and industry fault lines

July 10, 2015 By Mark Taylor

For anyone involved in payment services the chances of appearing on the U.S. government radar for non-compliance are greater than ever, and the consequences of doing so even more damaging. In the second of a two-part special, PaymentsCompliance speaks to legal experts to discover where officials are looking, what they are looking for, and best practice for avoiding pitfalls.

The U.S. Treasury’s National Money Laundering Risk Assessment (NMLRA), and National Terrorist Financing Risk Assessment, collate major threats to the financial system, ten years on from the previous releases. In that time virtual currencies have winked into existence and ripped a fault line through the heart of financial services. Those in favour of crypto-currency believe it will change payments irrevocably, and the time is now for immediate cross-border, frictionless instant settlements, propelled by new technology and distributed ledgers.

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