The Basel Institute on Governance is offering a new Cryptocurrencies and Anti-Money Laundering Training course aimed at law enforcement officials, professionals in AML compliance and FinTech/RegTech fields, as well as policymakers and investigative journalists.

Delivered over four three-hour online sessions, the course covers the essentials of how to detect and prevent the use of virtual assets for illicit activities. 

Basel Institute senior advisor and former board member Hans-Peter Bauer presented at the Baltic AML Forum on 2 October on the topic of Country Risk Assessment -  A Difficult Task. 

The Forum was opened by the Lithuanian Minister of Finance and attended by 150 participants, who were mainly compliance officers and tech experts from Baltic-region banks, FinTech companies and cryptocurrency ventures.

Falling rankings in the Basel AML Index, released today, show how many countries’ AML systems are a weak defence against today’s money laundering risks.

Ineffective anti-money laundering and counter financing of terrorism (AML/CFT) systems and lack of transparency are leaving the door open to increasingly sophisticated money laundering schemes.

Cryptocurrency regulations are developing fast. Across the world, authorities are reacting to the emerging threat posed by criminals using new payment methods to conceal and launder the proceeds of their crimes.

However, as the application of anti-money laundering/combating the financing of terrorism (AML/CFT) due diligence requirements becomes stricter and more entities implement preventative measures, criminals are constantly looking elsewhere for potential havens for their illicit activities.