FIU identifies G7 banks as the largest sources of illegal money, not crypto companies in Mexico

The financial intelligence unit (FIU) reported that commercial banks across the country are more prone to money laundering than Mexican cryptocurrency companies. According to the division, the report is based on the activities of the G7 banking group, which includes Inbursa, BBVA, Citibanamex and some others

G7 banking group suspected of financial crimes

Mexico’s financial intelligence division noted that they were able to make this conclusion because these G7 banks conduct illegal transactions than most crypto companies.

Regulators around the world have always disapproved of Bitcoin As a simple way to conduct illegal money transactions. In addition, digital asset platforms have always been viewed by regulators around the world as a haven for illegal money laundering operations, which has caused restrictions in some countries.

To deal with the threat of money laundering through digital asset platforms, the authorities have made it mandatory for crypto companies to impose special requirements on their clients. It should be noted that the G7 banking group accounts for almost 80% of Bank transactions that occur in front of the government. Most of them are related to money laundering.