RATE Group | Cryptocurrency Anti-Money Laundering Regulations by International Financial Task Force I…
46157
post-template-default,single,single-post,postid-46157,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Cryptocurrency Anti-Money Laundering Regulations by International Financial Task Force I…

19 Oct Cryptocurrency Anti-Money Laundering Regulations by International Financial Task Force I…

Posted at 20:50h in Cryptocurrency News by

[ad_1]

The Financial Action Task Force announced plans to set forth rules regulating cryptocurrency in line with its global AML/CFT standards. This move is geared towards eradicating the use of digital currencies for money laundering and financing terrorism.

FATF Recommendations and The Digital Currency Industry

As reported by Reuters, the global watchdog made this announcement at its 2018 plenary session. The set of rules will apply to cryptocurrency exchange operators, ICOs and providers of encrypted wallets operational in member jurisdictions.

A publication on the FATF website gives further information about the organization’s plan. The FATF has updated its standards to include digital currency activities. This is in response to the increasing use of cryptocurrency as a tool for terrorist financing and money laundering.  Through a systematic process, the FATF will issue these amendments and elaborate on how they apply to digital assets. The FATF will offer guidance in its…

[ad_2]

Source link

Tags:
, , , , , , ,