Banks launder money more often than cryptocurrencies
Mexico's Financial Intelligence Division recently published the results of its second national risk assessment. The report emphasizes that the risk of money laundering in the banking sector far outweighs the problems faced by fintech companies.
According to El Economista, the so-called The "G7 banking" group - BBVA, Santander, Citibanamex, Banorte, HSBC, Scotiabank and Inbursa - registers much more money laundering in Mexico than companies in the blockchain sector. Brokerage firms, listed firms and banking service providers are also included in the "high risk" classification given in the report.
While the financial technology sector is still a potential promoter of both money laundering and terrorist financing, the UIF report for 2020 does not provide a risk classification for this sector.
At a virtual conference in August, one UNIF official mentioned that cryptocurrencies posed a risk of being used in illegal activities, and noted that the entity continued to regard the technology as a "new risk".
It's worth noting that, according to data provided by the Spanish Cointelegraph, the Mexican blockchain and fintech sector has almost doubled in just two years.