Financial Crime Plagues Guyana’s Cryptocurrency Sector: Experts Warn

As the use of digital assets continues to gain popularity in Guyana, financial crimes have become a growing concern for the country’s financial services industry. Experts warn that the pervasiveness of undetected money laundering, terrorist financing, sanctions evasion, and fraud within traditional financial markets means that most financial crime is likely going undetected in the digital asset space.

The “Crypto Winter” Exacerbates Vulnerability

The current “Crypto Winter” has only added to the vulnerability, with increased pressure on firms to protect themselves from bad actors. The high volume and diversity of activity in the sector, combined with developing regulatory expectations and a shortage of skilled resources, have created unprecedented strain for financial institutions.

Experts Weigh In on Financial Crime

Ernst & Young (EY) recently brought together a team of experts to discuss the pervasiveness and scale of financial crime, the risks faced by digital assets, and how firms and regulators are managing these risks. The panel highlighted the importance of understanding the risks faced by digital assets and the need for firms to take steps to protect themselves from money laundering, terrorist financing, sanctions evasion, and fraud.

Quotes from Experts

• “Financial crime is a widespread issue that affects not only traditional financial markets but also the growing digital asset sector. It’s essential for firms and regulators to work together to stay ahead of these criminals.” - Mike Cyran, Americas Financial Services Assurance Partner at EY
• “The use of digital assets has created new vulnerabilities, and it’s crucial that firms take steps to protect themselves from money laundering, terrorist financing, sanctions evasion, and fraud.” - Steve Beattie, Financial Crime Consulting and Crypto Risk Leader at EY
• “Regulators are working to develop new rules and guidelines, but it’s a complex issue, and we need to ensure that our solutions are effective in managing these risks.” - Kristina Sanger, Principal, Financial Crimes Compliance at EY
• “A shortage of skilled resources is a significant challenge for firms, but it’s essential to invest in training and development to stay ahead of these criminals.” - Christopher Dillon, Managing Director, Financial Crimes Compliance at EY
• “The future of financial crime will be shaped by advances in technology, regulatory developments, and the continued growth of digital assets. It’s crucial for firms to remain vigilant and adapt to changing circumstances to stay ahead of these criminals.” - Keith Andrzejewski, Principal, Financial Crimes Technology at EY