6 Dec
2020
6 Dec
'20
11:05 a.m.
In the virtual world there is negligible means of monitoring financial activity, sparse due diligence, paltry customer identification rules, nor any mandated forms or reports to complete. The virtual realm is a completely unregulated and a voluminous means of money movement. This could potentially provide a safe harbor for a criminal element including money launderers, fraudsters and/or terrorists. This could be considered as the virtual counterpart to a Hawala. https://www.bankinfosecurity.com/virtual-money-laundering-fraud-a-809