Decentralised finance services used for illicit transfers, U.S. regulator says
The HinduNorth Korea, cybercriminals, ransomware attackers, thieves, and scammers are using decentralised finance services to transfer and launder their illicit proceeds, the U.S. Treasury Department warned on Thursday. In a new illicit finance risk assessment on decentralised finance, the Treasury found that illicit actors are exploiting vulnerabilities in U.S. and foreign anti-money laundering and combating the financing of terrorism regulation and enforcement as well as the technology underpinning the services. DeFi services that fail to comply with these obligations to prevent money laundering and terrorism financing pose the most significant illicit finance risk in this domain, the assessment found. Nelson added that the private sector should use the findings of the assessment to inform their risk mitigation strategies and to take steps to prevent illicit actors from using decentralised finance services.
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