Putting a Face on Anonymous Financial Crime

Hosted by Dubai Police, the World Police Summit (WPS) will be taking place from 7-9 March 2023 at the Dubai World Trade Centre, Dubai, UAE and in this, its second edition, will provide a platform to explore the current challenges facing police forces and the latest technology advances, strategies, and innovations across the law enforcement and security spectrum.

One of the topics under discussion will be ‘Financial Crime and Money Laundering’; with one area attracting particular attention – how can you verify the identity of cryptocurrency users?

Cryptocurrencies are digitally generated and stored currencies that enable users to trade tokens. The tokens are exchanged anonymously through a decentralised payment system: the blockchain. To maintain anonymity, the parties to cryptocurrency transactions are identified by a unique string of random numbers rather than by a name or other personally identifiable information.