How do Criminals Launder Money using Video Games?
Financial Institutions have made the KYC process more stringent using advanced technologies such as AI, ML, and AML software to streamline the AML compliance process. The online gaming industry is unregulated, and there are no stringent KYC rules which users need to follow. They quickly transfer in-game currency, and the fraudulent transactions are lost in the legit transactions.
More about in-game currencies
Convertible in-game currency

Non-convertible in-game currency
How are Video Games used for Money Laundering?
How to prevent money laundering in video games?
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About the Author
Pathik Shah
FCA, CAMS, CISA, CS, DISA (ICAI), FAFP (ICAI)
Pathik is a Chartered Accountant with more than 26 years of experience in governance, risk, and compliance. He helps companies with end-to-end AML compliance services, from conducting Enterprise- Wide Risk Assessments to implementing the robust AML Compliance framework. He has played a pivotal role as a functional expert in developing and implementing RegTech solutions for streamlined compliance.