Understand AML vis-a-vis the crypto ecosystem with Web3 AML


AML or Anti-Money Laundering refers to laws and regulations that prevent money from illegally entering the financial system. In the world of cryptocurrency, it refers to policies that are designed to stop crypto from being used to launder money fund illegal activities, or support terrorism. 

In 2024, many stablecoins such as Tether will block USDT tokens on blockchain addresses that received tokens illegally or were obtained by circumventing sanctions. More and more countries are also starting to use cryptocurrency to circumvent sanctions. This prevents auditors from tracing the source of funds as these countries use complex schemes to launder cryptocurrency.

While there are a lot of people joining the crypto space it becomes imperative to know more about not just how to trade and invest carefully but also how to avoid falling into scams. Web3 AML has created a course called ‘AML Forensics in Crypto: Hackers’ Laundering Blueprints’ that helps users navigate the dark web and trace and prevent illicit crypto activities. 

Dwelling deep into the crypto sphere

The course by Web3 AML discussed the basics of crypto-money laundering, anti-money laundering, and how counter-financing terrorism works for crypto assets. Apart from this the course also looks at how to analyze modern types of DeFi protocols from the point of view of cryptocurrency laundering.

Learners will also see the use of real-world examples to analyze fraudulent transactions, identify abnormal user behavior, and identify patterns of cryptocurrency laundering. They will also understand how attackers earn crypto using modern blockchain strategies. This will in turn facilitate an understanding of using modern blockchain forensic tools. Additionally, it takes into account the recommendations for working with high-risk crypto protocols and cryptocurrencies set by FATF (Financial Action Task Force) and OFAC (Office of Foreign Assets Control). 

The course is 2 hours 33 minutes in duration and is divided into 4 sections for the ease of the learner. These 4 sections include information that is divided by topics and sub-topics into Blockchain from a hacker’s point of view, Cryptocurrency laundering detection tools, Methods of cryptocurrency laundering, and Mistakes made by hackers when laundering cryptocurrency. By demonstrating how hackers launder crypto using DeFi protocols, the course will help a learner understand and identify what can go wrong and how to deal with it. 

There are a total of 34 lectures which can be accessed on both mobile phones and TV. At the end of the course, users will get a certificate of completion and will be able to detect stolen cryptocurrency and track all the participants in the laundering chain. 

Conclusion 

The way hacking of a smart contract is different from classic hacking is that in the case of the second one, the hacker still needs to sell the stolen information. In the case of a smart contract hack, however, the hacker gets something valuable immediately in the form of cryptocurrency. While the blockchain data is available for everyone to see on the internet, the hacker needs to be extra cautious in covering his tracks so that the transactions are not traced back to him. 

Web3 AML Group specializes in providing services that are compliant with AML regulations in the Web3 field for corporate clients and aims to ensure that businesses not only meet the anti-money laundering regulations but also remain at the forefront of innovation and security in the world of digital finance. Through this course, they are trying to take a step forward in this direction by spreading more awareness. 

Disclaimer: This is a paid post and should not be treated as news/advice. 

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