Mexico’s Financial Intelligence Agency conducted a second national risk assessment, according to which the risk of money laundering in the banking sector is much higher than the risks of such crimes in the cryptocurrency space.
Local newspaper El Economista reports that the banks in the local G7, which include BBVA, Santander, Citibanamex, Banorte, HSBC, Scotiabank, and Inbursa, are far more likely to report financial crime than blockchain companies. Also, brokerage companies, exchanges and banking service providers for institutional clients are often caught in money laundering.
At the same time, the researchers note that the financial technology sector, which includes cryptocurrencies, remains a favorable environment for money laundering and terrorist financing. However, the Mexican financial intelligence has not assigned a risk classification to the sector.
Recently, the UK financial regulator said it could oblige cryptocurrency firms and exchanges to provide additional reporting on possible money laundering risks.
