Crypto scams hit $9.9B; 90% UK apps fail AML, data sharing

Crypto scams reached $9.9 billion in 2024 as 90% of UK crypto apps failed anti-money laundering (AML) compliance checks. Fraudsters increasingly exploit digital assets to launder proceeds from traditional finance, prompting urgent calls for cross-industry data sharing to deter financial crime. Industry experts—including Cifas CEO Mike Haley—advocate integrating crypto on- and off-ramps with mainstream payment data, enhancing AML defences through upstream data flows, and partnering with established fraud prevention specialists. They argue that broader data sharing improves visibility across the fraud value chain and strengthens AML compliance frameworks. The UK’s regulatory environment supports these measures: an ICO ruling ensures data protection rules do not block fraud prevention, and the Data (Use and Access) Act 2025 classifies crime prevention as legitimate interest. Future digital asset regulations are expected to mandate consumer protection and data sharing. Expanding public-private initiatives like the Joint Money Laundering Intelligence Taskforce to include crypto could further bolster market integrity and early scam detection.