Australian Banking Association CEO: A large proportion of fraudulent funds are laundered through cryptocurrency exchanges

Odaily Planet Daily News Australian Banking Association CEO Anna Bligh said that a large part of fraudulent funds are laundered through cryptocurrency exchanges. Australian authorities must also do more to “ensure that cryptocurrencies are not used as an escape vehicle to defraud funds,” Bligh added. Reports suggest the measure will come in addition to stopping scams from reaching Australians via mobile phones, emails and social media. According to the Australian Financial Crime Exchange, as much as 47% of the proceeds of fraud and financial scams in the country are laundered through cryptocurrency trading platforms. To combat this, the Australian Financial Review reports that many banks are now limiting the amount they can send to cryptocurrency exchanges. (Bitcoin.com)