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Switzerland’s Financial Regulators Warn Against Money Laundering Risks Posed By Blockchain

Ramsey Baker

Summary: Switzerland’s financial regulators are warning against the risk coming from blockchain and bank’s lower profit margins, due to the high money laundering risks the country is exposed to. The report stated that while blockchain promises efficiency to banks, the anonymity and transaction speeds also attract money launderers and others looking to finance terrorist activities. The ...

Switzerland’s financial regulators are warning against the risk coming from blockchain and bank’s lower profit margins, due to the high money laundering risks the country is exposed to.

The report stated that while blockchain promises efficiency to banks, the anonymity and transaction speeds also attract money launderers and others looking to finance terrorist activities. The report also added that squeeze margins could lead banks to on-boarding new clients with a financial appeal, despite these clients coming from emerging countries which pose “strong risks.”

By Janelle Fox

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