Cryptocurrency is a digital or virtual currency that uses cryptography to secure and verify transactions.
Cryptocurrencies are decentralized and operate outside the control of any central authority, such as a government or a bank. This makes them attractive for money launderers, who can use them to transfer funds anonymously, quickly, and globally, without leaving a trace or being subject to regulation. Cryptocurrencies pose more risk of money laundering than other sources of money, such as wire transfers, credit cards, or money service businesses, which are subject to more oversight, verification, and reporting requirements.
References:
CAMS Study Guide, 6th Edition, Chapter 1, Section 1.9, page 37
CAMS eLearning Course, Module 1, Lesson 9
ACAMS Crypto Hub
Reference: https://complyadvantage.com/knowledgebase/money-laundering-crypto-exchanges/