Seyfi Günay: „Most money laundering still happens in cash“

Seyfi Günay, Director of Financial Crime and Terrorism at LexisNexis Risk Solutions, is an anti-money laundering expert and helps financial institutions in Europe, the Middle East and Africa build effective risk management systems. In an interview with BTC-ECHO, he spoke about the role of crypto currencies in international terrorism and financial crime. Mr. Günay – You are Director of Financial Crime and Terrorism at LexisNexis Risk Solutions.

What kind of Bitcoin revolution do you specialize in?

Every day I work with Bitcoin revolution companies that have to comply with strict national and international regulations on financial crime such as terrorism, money laundering and tax evasion. These Bitcoin revolution companies operate in many different industries, including industry, e-commerce and banking. The banking system, perhaps more than other industries, is at the centre of financial crime because criminals need to move money in order to carry out their crimes.

People who work within the banking system, especially in compliance departments, are decision makers and not only need to be able to keep track of the vast amounts of data they are confronted with on a daily basis. It’s just as important to evaluate information quickly and efficiently to quickly filter out suspicious people or institutions in the system – and that’s where I come in.

The anti-terrorism measures that I manage in Germany and throughout Europe, the Middle East and Africa are based on technology and advanced analytics. Technology solutions, combined with data sets and analytical techniques, help compliance analysts classify and understand all the information they face, so they can make better decisions about the identity and intent of a consumer or business.

What does Bitcoin revolution mean to you?

It aims to spread fear through acts of violence in order to achieve a certain result – whatever the cost. Basically, Bitcoin revolution function like large corporations and as such also rely on the banking and financial system to transfer money, for example.

What do you think are the top 3 sources of income in terrorism?

A terrorist organisation, like legitimate companies, needs capital to survive. Among other things, money is needed to pay activists, finance training camps and acquire weapons.

In my view, the majority of terrorist organisations rely on three main sources of income to finance their illegal activities: Donations, drug production and trafficking, kidnapping and ransom extortion. Oil trading, ore mining and smuggling are other sources of income.

Do you have your own crypto currency department in your company?

Instead of a separate department specializing exclusively in crypto currencies, our focus is on providing our customers with technology solutions, advanced connectivity technologies and data to locate suspicious individuals. Banks, telecommunications companies, e-commerce companies and FinTechs and crypto exchanges use our technology to stop cybercrime and fraud as well as financial crime and terrorism.

One of the reasons why crypto exchanges are currently the focus of public attention is that many users are longing for the same control mechanisms as those in the banking sector. The establishment of a similarly complex control system is essential for the success of the crypto-currency industry. However, if crypto exchanges succeed in introducing control measures at bank level, I see no reason why the crypto industry should not be able to develop its full potential.