Ruba has the largest number of Virtual Asset Service Providers (VASPs) with missing "Know Your Customer" procedures, followed by the strongest region in Asia Pacific (APAC) and North America, claims CipherTrace, an anti-money laundering and forensic solution developer for cryptocurrency and blockchain.
The 2020 Geographic Risk Report argued that “Effective Know Your Customer (KYC) protocols are a vital part of any anti-money laundering (AML) system. But for the sake of knowing how robustly implementing these protocols are, and obtaining geographic locations where KYC can be" exploited. " By washers
Funds, criminals and extremists, researchers analyzed KYC operations for more than 800 virtual asset service providers in more than 80 countries. They set "weak", "porous" or "strong" Know your customers points in them, based on how easy it is to launder money after opening the account.
What they find is that many countries continue to host virtual asset service providers with a lack of 56% of KYC procedures globally with weak or porous measures in 2020. Compared to last year's result which stated that two-thirds (65%) of the most popular 120 were exchanges. Cryptocurrencies are weak or porous practices, and the result this year has been an improvement - however
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