As a result of the pandemic, e-commerce has boomed for the past two years. At the same time, the opportunity to use online transactions (especially credit cards) to attempt money laundering has also increased.
According to the Electronic Transactions Association (ETA) of the US, 50% to 70% of online sales of illegal drugs, counterfeit goods, and illegal adult content involve some form of money laundering. They revealed more than 90% of illegal gambling sites use online transactions to transfer money from illegal transactions to normal payment transaction systems using credit card settlements.
Austreme provides a one-stop solution for this type of transaction, money laundering detection, and online store illegal content monitoring, which has proven to reduce the labor and operational costs of underwriting and risk management for companies, reducing their business, reputational and financial risks.
More detailed information can be found here.