Know your client questions caught out bitcoin money launderer

March 26, 2024

"A former Chinese takeaway worker was convicted at Southwark Crown Court  for her part in converting ‘significant amounts’ of bitcoin into cash and other assets on behalf of another. She attempted to purchase properties in London valued at £4.5m, £23.5m and £12.5m. Difficulties in converting sufficient bitcoin into sterling and ‘know your customer’ questions asked of her under anti-money laundering regulations hampered the purchases. The Crown Prosecution Service said. she was challenged about the source of the proposed funding, She claimed it came from legitimate activities including bitcoin mining. Her claims were not accepted by those she instructed to assist with the sale..."

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