Purpose

The aim of this paper is to assess the relevance of cryptocurrencies with regard to the money laundering risk on the market and to present widespread money laundering techniques and recognizable patterns of abuse. In addition, this paper aims to find an answer to the question to what extent the measures of the fifth EU Anti-Money Laundering Directive (AMLD) as well as other appropriate preventive measures are sufficient to reduce the money laundering risk in the area of virtual currencies (VC).

Design/methodology/approach

Firstly, the analysis requires a consideration of the theoretical foundations of money laundering methods, as well as a presentation of the technical foundations of cryptocurrencies and their ecosystem. Secondly, it is discussed to what extent VC are suitable for money laundering, which characteristics enable them to launder money and which new money laundering techniques result from this. In addition, a comparison of different money laundering risk classification is done in relation to VC from the perspective of different actors in the financial market.

Findings

Owing to their simple electronic storage and transferability, crypto assets pose a concrete risk of money laundering. Their inclusion in the fifth AMLD was therefore a necessary step by the European legislator. However, the question arises to whether the directive and the further preventive measures presented in this paper sufficiently fulfil the objective of reducing the money laundering risk in relation to VC. One positive aspect is the inclusion of the crypto custody business as a financial service in the German Banking Act. According to the definition in Section 1 (1a) sentence 2 no. 6, the offering of wallets is subject to authorization and the offering party becomes an obligated party within the meaning of the Germany Money Laundering Act. From a supervisory point of view, the new licensing requirement is very much welcomed, as the custody of private cryptographic keys entails considerable risks. However, non-custodian wallet providers who do not store the private keys of their users, are not covered. A closer analysis of the amending directive to the fourth EU AMLD reveals that other relevant players in the crypto market, such as mixer and tumbler services, are also not covered.

Originality/value

It is quite clear that cryptocurrencies and the blockchain technology will continue to accompany one in the coming years. Further credit institutions arising in the market exposed to the described risks will be seen. The paper will therefore present and evaluate possible risk reduction/options for anti-money laundering for new and existing financial institutions.

中文翻译：

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通过加密货币洗钱 - 现象分析和适当的预防措施

目的

本文的目的是评估加密货币与市场洗钱风险的相关性，并介绍广泛的洗钱技术和可识别的滥用模式。此外，本文旨在回答欧盟第五反洗钱指令（AMLD）的措施以及其他适当的预防措施在多大程度上足以降低虚拟领域的洗钱风险的问题。货币（VC）。

设计/方法/方法

首先，分析需要考虑洗钱方法的理论基础，以及加密货币及其生态系统的技术基础的介绍。其次，讨论了 VC 在多大程度上适合洗钱，哪些特征使其能够洗钱，以及由此产生的新洗钱技术。此外，还从金融市场不同参与者的角度，对风险投资进行了不同洗钱风险分类的比较。

发现

由于其简单的电子存储和可转移性，加密资产构成了洗钱的具体风险。因此，将它们纳入第五次反洗钱公约是欧洲立法者的必要步骤。然而，问题在于本文提出的指令和进一步的预防措施是否足以实现降低与 VC 相关的洗钱风险的目标。一个积极的方面是将加密托管业务作为一项金融服务纳入《德国银行法》。根据第 1 (1a) 句第 2 句中的定义。6、提供钱包需经过授权，提供方成为德国洗钱法意义上的义务方。从监管的角度来看，新的许可要求非常受欢迎，因为私人加密密钥的保管会带来相当大的风险。但是，不包括不存储用户私钥的非托管钱包提供商。对第四个欧盟反洗钱法案的修订指令的仔细分析表明，加密市场中的其他相关参与者，例如混合器和不倒翁服务，也不包括在内。

原创性/价值

很明显，在未来几年，加密货币和区块链技术将继续伴随而来。市场上出现的更多信贷机构将面临上述风险。因此，本文将介绍和评估新的和现有金融机构在反洗钱方面可能的风险降低/选择。