Blockchain as AML tool: a work in progress

Author: Karry Lai | Published: 2 May 2018

Fintech thought leaders in the banking and insurance sectors believe that distributed ledger technology isn’t yet a bullet-proof solution and more work needs to be done to resolve issues such as weeding out possibility of fraud on a blockchain.

Countering money laundering involves conducting research on individuals and entities suspected of illegal financing. This is done by digging up information on individual profiles, and mapping how suspicious transactions may be linked to one another to trace if they indeed qualify as fraudulent or illegal.

"The key challenge to adopting the technology is not the technology itself, but the feasibility of creating a sharing and shared framework"

One area that is seeing much development in combatting anti-money laundering (AML) is the use of blockchain technology, which enables the identification of suspicious transactions effectively by keeping track of transactions and activities of customers in real-time.

No silo

Where blockchain is...