Banks urged to increase money laundering scrutiny of digital currency use


Banks should tighten their anti-money laundering (AML) controls following the charges of money laundering this week against digital currency company Liberty Reserve, industry experts are warning.

The Costa Rican-based company is believed to have laundered more than $6 billion in criminal proceeds, according to the US Attorney's Office for the Southern District of New York, which described the firm as a "financial hub of the cybercrime world".

"This news is likely to increase the scrutiny on AML

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