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Not sure how you would launder money through crypto. Let say a drug dealer has $100k worth of dirty cash. He or she could buy $500 amazon gift cards from most
by adrr 9y ago
Not sure how you would launder money through crypto. Let say a drug dealer has $100k worth of dirty cash. He or she could buy $500 amazon gift cards from most stores and launder it through their market place by buying the books.
How would someone do it with crypto? Know your customer(KYC) laws would require legitimate bitcoin sellers to verify you identity. I assume this even true for bitcoin ATMs. Trying to launder $100k this way would a generate suspicious activity(SAR) report to the government.
- mihaifm 9y agoHe could put a small sum of money on an exchange, let's say $10k. Then transfer it into a anonymous cryptocurrency like Monero or ZCash. "Friends" send him the rest of the money (in the form of Monero) which he then brings back to the exchange. He can justify the amount by "smart" trading. With the current volatility in the market, making 10x profits is not unheard of.