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Switzerland’s Financial Market Supervisory Authority has warned about the risks of money laundering associated with cryptocurrencies.
In its 2024 Risk Monitor report, the regulator noted that cryptocurrencies, including stablecoins, are increasingly used for cyberattacks, payments for illegal dark web activities, and evading sanctions linked to geopolitical conflicts.
Particularly, stablecoins have seen a “big rise” in illicit transactions related to sanction evasions, further complicating anti-money laundering efforts.
To combat money laundering risks, FINMA outlined its broader efforts, including onsite reviews, an overhaul of its audit program, and a focus on risk tolerance and management for entities with politically exposed customers or links to high-risk areas.
In relation to digital assets, FINMA stated that it “takes institution-specific measures to mitigate the money laundering risk,” applying targeted oversight to address vulnerabilities effectively. 2 replies
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