Given the rapid changes in the crypto asset world, organizations should update their AML programs to mitigate risk.
For those not familiar, the phrase “Same same, but different” refers to the description of two things that appear largely similar but are also very different. Take, for example, the similarities and differences between a Belgian Malinois and a German Shepherd. Or, in the financial crime prevention world, consider the similarities and differences between fiat currency and crypto assets when it comes to managing risk in anti-money laundering (AML) programs.
The base principles of managing risks related to source, volume, and movement remain the same whether referring to fiat or crypto assets. But the exact mechanics are nuanced enough that existing programs definitely need to be updated.