Security News > 2021 > March > Money laundering is a real issue in tech: Here's what is being done to stop it
Scott Matteson: How is technology being used for money laundering efforts?
Gudmundur Kristjansson: Money laundering begins when illegal sums are deposited in a bank, which triggers a complex sequence of banking transfers or commercial transactions that return the money to the launderer in an obscure and indirect way.
Zac Cohen: Fraudsters have gotten more sophisticated in taking advantage of advances in technology and the burgeoning digital economy to perpetrate money laundering activities.
Online marketplaces can be used to conduct money laundering since perpetrators can feel that their activities will go unnoticed due to huge transaction volumes processed on those platforms.
Gudmundur Kristjansson: Banks have been put at the center of the money laundering picture by regulators around the world.
Financial institutions can utilize graph databases to find patterns and behaviors between transactions and quickly identify money laundering efforts.