AML (Anti-Money Laundering) in 2024: A Guide for Banks and Fintechs - The Droitwich Standard

AML (Anti-Money Laundering) in 2024: A Guide for Banks and Fintechs

Droitwich Editorial 3rd May, 2024 Updated: 3rd May, 2024   0

The importance of AML (Anti-Money Laundering) measures cannot be overstated. As we navigate through 2024, both banks and fintech companies are facing increasing challenges and

responsibilities to prevent money laundering activities.

This guide aims to shed light on key strategies and technologies that can aid in enhancing AML efforts, focusing on areas such as asset management, wallet safety, and cryptocurrency


AML and Asset Management

Money management plays a crucial role in AML strategies. Financial institutions must ensure that they have comprehensive systems in place to monitor transactions for any suspicious


This includes implementing automated tools that can flag unusual patterns indicative of money laundering, such as unusually large transactions or frequent transfers to high-risk jurisdictions.

By strengthening their money management practices, banks and fintechs can not only comply with AML regulations but also protect their customers’ assets.

AML for Wallet Safety

Wallet security is another critical aspect of AML. With the rise of digital finance, ensuring the security of electronic wallets is paramount.

Financial institutions should invest in state-of-the-art security measures, such as two-factor authentication and encryption, to safeguard their customers’ wallets against unauthorised access.

Additionally, educating customers about safe wallet practices is essential to prevent fraud and enhance overall AML efforts.

AML and Overall Security

Cryptocurrency Security has emerged as a significant concern for AML as digital currencies gain popularity. The anonymous nature of transactions in some cryptocurrencies can pose

challenges for AML monitoring.

Therefore, banks and fintechs need to adopt advanced technologies capable of tracing and identifying the source of crypto transactions. Implementing strict know-your-customer (KYC) and

anti-money laundering protocols for cryptocurrency transactions is essential to mitigate risks and ensure compliance.

AML Check Service

Those looking to delve deeper into AML practices, especially concerning cryptocurrencies, can get a check of, for instance, bitcoin aml on WhiteBIT. WhiteBIT’s AML crypto check solutions

are designed to combat the laundering of money through digital currencies, providing a secure platform for exchanges and enhancing overall financial security.


Anti-Money Laundering in 2024 requires a multi-faceted approach, combining traditional finance security practices with innovative solutions to address the challenges presented by digital

currencies. Banks and fintechs must stay ahead of the curve by adopting and continuously updating their AML, asset management, wallet security, and cryptocurrency security measures.

Doing so not only ensures regulatory compliance but also builds trust with customers, paving the way for a safer and more secure financial ecosystem.

This is a submitted article. 


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