While #Bitcoin is often accused of being used for money laundering, it is actually cash that is used to move money without traces. 90% of money laundering crimes go undetected with $800 billion to $2 trillion being ‘laundered’ each year. The United States makes up to 38% of the money laundered globally. With that said, it doesn’t seem that KYC and AML regulations are useful at all.

Banks are fined for failing to comply with laws and regulations or for cases of money laundering. In 2022 banks paid $1.8 Trillion in fines. The institutions hit with the biggest fines are as follows:

Bank of America: $225 million

Citigroup: $200 million

Goldman Sachs: $200 million

Morgan Stanley: $200 million

Credit Suisse: $200 million

Barclays: $200 million

Deutsche Bank: $200 million

Nomura: $100 million

Jefferies: $80 million