The Potential of AI and ML for .NET Development
In a tech-driven era, the convergence of Artificial Intelligence (AI)
Discover how blockchain technology is revolutionizing the fight against money laundering.
According to a recent UN survey, approximately $2 trillion of money is laundered annually. That’s nearly 2% to 5 % of the total global GDP. (Source: Europol.europa.eu)
Money Laundering is the process of moving illegal money, masking the origin, and transferring it into the legal system. Cyber criminals are coming up with innovative ways to avoid the attention of authorities.
Giver the serious nature of the crime, governments across the world are implementing AML – Anti-Money Laundering laws to protect businesses and economies from money laundering. This is where technology comes to the rescue in the 21st century. Especially Blockchain technology.
Implementing an AML solution built on blockchain technology enables institutions to leverage its unique properties to identify and prevent illicit transactions effectively. Within a blockchain system, data entries are immutable, preventing criminals from concealing transactions. By utilizing blockchain, financial institutions gain a permanent and tamper-proof record of transactions, ensuring transparency and accountability.
Blockchain, a distributed ledger framework that securely stores data on open or private networks, has gained significant popularity worldwide. Its efficiency in sharing information and data across networks makes it a valuable tool for fraud and risk departments in financial institutions combatting money laundering.
Blockchain technology possesses inherent characteristics that can potentially prevent money laundering. Did you know that transactions conducted over blockchain leave a permanent trail of record which cannot be ever altered.
Thus, it makes easier for authorities to track the original source of the money. A blockchain ledger can supervise, validate, and record each transaction’s complete history. The ledger’s readers get immediate notification of transactions as they occur.
Meliorist has a pro team to assist you with all your Blockchain queries. Get in touch with us today and know how to use the latest technologies to improve your business performance.
KYC (Know Your Customer) is an acclaimed function that is used to identify customers’ risks and help them to comply with AML laws. KYC comprises everything from establishing a customer’s identity to all their financial transactions. Using Blockchain, businesses and financial institutions can establish customer identity, analyze activities and evaluate the risks of money laundering associated with each and every customer.
Today, government authorities are making tremendous efforts and implementing AML- Anti-Money Laundering policies. With the help of Blockchain technology, financial institutions can comply with AML policies. They can use Blockchain effectively and protect their reputation by detecting financial frauds early in the screening process.
Blockchain technology has demonstrated its competence in combating money laundering. Its efficient solutions can turn the tide in the fight against fraud. Numerous blockchain solutions for money-laundering prevention are available today. If you’re ready to secure your assets using blockchain
In a tech-driven era, the convergence of Artificial Intelligence (AI)
Traditional banking systems have remained relatively unchanged for decades, but
In recent years, the world has witnessed a significant shift
Meliorist is a leading Blockchain based digital transformation consulting firm focused on helping businesses globally in various industries including finance, banking, healthcare, logistics and transportation, crypto currency and exchange, payment gateway development and more.