Here is the article in markdown format: EQUATORIAL GUINEA MOVES TO CRACK DOWN ON CRYPTOCURRENCY MONEY LAUNDERING

The government of Equatorial Guinea has announced plans to implement stricter anti-financial crime measures in the country’s cryptocurrency sector, as it seeks to combat the growing threat of money laundering and terrorism financing.

Cryptocurrency Money Laundering: A Growing Concern

According to estimates, cryptocurrency money laundering transactions worldwide totaled $8.6 billion last year, with some experts warning that this figure may be a significant underestimate. The use of cryptocurrencies by launderers is on the rise due to their anonymity, speed, and automation, as well as their ability to facilitate cross-border transactions without the need for traditional financial institutions.

How Cryptocurrencies Facilitate Money Laundering

The money laundering process typically involves three stages: placement, layering, and integration. Cryptocurrencies can facilitate each of these stages, making it easier for launderers to obscure the origin of illicit assets and integrate them into the legitimate financial system.

Equatorial Guinea’s AML Measures

In Equatorial Guinea, cryptocurrency exchanges and other virtual asset service providers (VASPs) will be required to implement robust anti-money laundering (AML) measures, including:

Identity Verification: Robust identity verification processes for all customers.
Real-time Transaction Monitoring: Real-time transaction monitoring to detect suspicious activity.
AML Risk Scoring: AML risk scoring to identify high-risk transactions and customers.

The country’s regulatory authorities will also work closely with international partners to share intelligence and best practices in combating financial crime.

Key Features of Equatorial Guinea’s Crypto AML Measures

Robust identity verification and know-your-customer (KYC) processes for all customers
Real-time transaction monitoring to detect suspicious activity
AML risk scoring to identify high-risk transactions and customers
Collaboration with international partners to share intelligence and best practices

Alessa’s Crypto AML Solutions

Alessa offers a range of cryptocurrency AML solutions designed to help businesses comply with regulatory requirements and mitigate the risks of money laundering. Our solutions include:

Identity Verification: Identity verification and KYC tools.
Real-time Transaction Monitoring: Real-time transaction monitoring.
AML Risk Scoring and Analytics: AML risk scoring and analytics.
Regulatory Compliance Consulting: Regulatory compliance consulting.