Anti-Money Laundering (AML) Issues in Fintech

In response to the rapid development of the financial institutions, the regulatory body is focusing on promoting innovations in FinTech business in order to increase the consumer safety, investors‘ protection, market integrity and financial inclusion so on. There are new technologies implemented to improve the services to protect financial system although it is quite difficult for regulators to control the emergence of risks and still users are facing the issues like cyber risk, compliances with regulations, AI integration, block chain integration, market saturation, money laundering issue, terrorism financing, liquidity, volatility of bank funding sources etc. This paper focused to discuss on anti- money laundering issues and available opportunities and role of Money Laundering Act 2002.