June 17, 2024

AML Services And Financial Crime: Examples Of Successful Crime Prevention


Cryptocurrency has changed the financial world dramatically. While most people recognize the positive change and buy virtual currency after learning how to check cryptocurrency for safety, others still consider it a means of illegal activity.

While the second group of people isn’t entirely wrong, there are ways of crypto verification to ensure its safety. There are Anti-Money Laundering procedures that help prevent illegal activity, including terrorism funding. This article explains what AML is and lists successful examples of crime prevention.

What Are AML Services and How Does It Work?

AML (anti-money laundering) services include a number of methods and technologies aimed to detect, monitor, and prevent money laundering and other financial crimes. Specialized entities, such as financial institutions, regulatory authorities, and dedicated AML service providers (AML check online), provide these solutions.

AML services assist in identifying suspicious transactions, patterns, and behaviors that may suggest criminal activities by employing advanced technologies and data analysis methodologies. For instance, these services include KYC, regulatory compliance, machine learning, automated monitoring, etc.

Examples Of Successful Crime Prevention

There are quite a few examples of AML services that helped prevent money-laundering crimes. For instance, in Brazil, Operation Car Wash investigated corruption and money laundering activities involving Petrobras, the state-owned oil company.

AML services were critical in detecting suspicious transactions and unraveling the intricate web of bribes and illicit financial flows. The operation resulted in the trial of high-profile individuals, the recovery of large amounts of stolen money, and a reinvigorated commitment to fighting corruption in the country.

Another example of a successful anti-money laundering operation is the Panama Papers Leak in 2016. It revealed a big worldwide network of offshore organizations implicated in money laundering and tax fraud. Numerous prosecutions, financial penalties, and greater regulatory monitoring resulted from this leak.

The bottom line is that anti-money laundering works and helps prevent crimes. Thus, it should be safe for potential crypto investors to buy virtual currencies on exchanges, such as WhiteBIT, that implement AML procedures and comply with the most recent crypto regulations.


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