The biggest concern of most financial institutions, in relation to crypto, is its use in illegal activities, reveals an ACAMS survey
The recent survey shows opinions divided between financial institutions, the government and the crypto community.
Conducted by the Association of Certified Anti-Money Laundering Experts and the Royal United Services Institute, the survey reports that the vast majority of financial institutions are convinced that there are many risks when it comes to cryptography. It further explains that this perception is the result of the unchecked use of cryptocurrencies in illicit activities.
Government officials and members of the private sector who participated in the survey also think the same way about using cryptocurrency today.
ACAMS Executive Director Rick McDonnell said the findings reveal some of the perceptions that cryptocurrency has in the world saying:
“The results of this research provide a unique global view of how respondents from governments, financial institutions and the crypto industry itself think about cryptocurrency: its potential and its risks. Your views are worth watching as policymaking and enforcement continue to take shape around the world ”.
More than 500 professionals from different sectors participated in the survey. 96% of the surveyed population knew Bitcoin, while only 66% knew Ethereum.
70% of survey respondents identified criminal activity as their biggest concern about crypto. Most of them also highlighted money laundering as the most problematic criminal use of cryptocurrencies. Other use cases mentioned include buying illegal goods through cryptocurrency, using cryptocurrency to avoid sanctions and to facilitate crimes, such as human trafficking.
These findings are a clear indication that, despite the growing adoption of cryptocurrency, the government and financial institutions have not yet fully adopted it.
As expected, there is an abyss when it comes to how the crypto community perceives the asset class: less than 10% of participants in the crypto space consider the cryptocurrency to be risky.