CRYPTO-MINING AND AML – KNOW YOUR MINER (KYM)
June 27th, 2022
The creation crypto-currency units through the arcane process of ‘crypto-mining’ presents peripheral money laundering risks, during the initial validation of a crypto coin and where the transaction is mined. There could be a need for a new type of KYC – KYM, ‘Know Your Miner’.
Cryptocurrencies have become a financial behemoth, with a market cap of USDD1.24 trillion, and 19,719 currencies in use, according to CoinMarketCap.com as of June 8 (2022). (1) A great deal of ink has been spilled on cryptocurrencies’ potential to be abused by money launderers ...
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