o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

Financial Action Task Force Adopts Changes to Standards Covering Virtual Currencies

Posted on October 19, 2018 by nbelov

The Financial Action Task Force has introduced changes to its AML standards covering digital currency-related firms.

The Financial Action Task Force (FATF) has adopted changes to its standards regarding digital currencies and firms involved into cryptocurrency-related activities, according to an announcement published Oct. 19.

Paris-based FATF, also known as Groupe d’action financière (GAFI), is an intergovernmental organization established in 1989 on the initiative of the G7 to set standards and promote effective implementation of legal, regulatory and operational measures to fight money laundering. The FATF has since developed a series of Recommendations recognized as the international standard for combating money laundering (ML) and the financing of illicit activities.

In 2015, the FATF introduced guidance on a risk-based approach to digital currencies, calling all countries to take coordinated action in preventing the use of virtual currencies for crime and terrorism financing (TF).

Now, the organization has determined that the Recommendations require revision as governments and the private sector have sought clarification on exactly which activities the FATF standards apply to.

Per the changes, jurisdictions should ensure that virtual asset service providers — exchanges, wallet providers, and providers of financial services for Initial Coin Offerings (ICOs) — are subject to anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.

According to the FATF, such entities should be registered or licensed and monitored for due diligence compliance, record-keeping, and reporting of suspicious transactions.

The FATF also noted that it will provide clarification in ML and TF risks related to virtual currencies, and at the same time develop a regulatory environment where companies are free to innovate. The statement further reads:

“As part of a staged approach, the FATF will prepare updated guidance on a risk-based approach to regulating virtual asset service providers, including their supervision and monitoring; and guidance for operational and law enforcement authorities on identifying and investigating illicit activity involving virtual assets.”

Last month, the FATF’s president Marshall Billingslea said that current AML standards and regimes for cryptocurrencies are “very much a patchwork quilt or spotty process,” which is “creating significant vulnerabilities for both national and international financial systems”. However, he pointed out that despite the risks related to these assets, digital currency as an asset class present “a great opportunity.”

In June, the FATF announced its efforts to develop binding rules for crypto exchanges, which would also be an upgrade to the non-binding resolutions which were adopted by the FATF in June 2015. Apart from AML measures and reporting suspicious trading operations, the agency will also investigate how to work with countries who have moved to ban cryptocurrencies.

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • Social-Media Disruptor Project Liberty to Run on Polkadot’s Blockchain Network – CoinDesk May 24, 2022
  • ADDX bags $58M to reduce min. private investment by 10x via smart contracts May 24, 2022
  • WEF 2022, May 24: Latest updates from the Cointelegraph Davos team May 24, 2022
  • Stake Casino and the Crypto Boom: How Blockchain Technology Changed More than Just the Finance Industry – Analytics Insight May 24, 2022
  • What does the crypto crash mean for blockchain, crypto VCs? – ITP.net May 24, 2022
  • Crystal Blockchain is expanding its sales team for H2 2022 – PR Newswire May 24, 2022
  • Crystal Blockchain is expanding its sales team for H2 2022 – Yahoo Finance May 24, 2022
  • HIVE Blockchain Technologies announces 1-for-5 share consolidation – Seeking Alpha May 24, 2022
  • Blockchain in Healthcare Market Growth Prospect and Future Scenario by Key Players- IBM Corporation, Microsoft Corporation, Guardtime AS – The Daily Vale – The Daily Vale May 24, 2022
  • Project SEED to Shape the Future of Blockchain Gaming | Bitcoinist.com – Bitcoinist May 24, 2022
  • Can blockchain offer the solution to crowdfunding? – CryptoSlate May 24, 2022
  • Massive Growth of Blockchain in Genomic Data Management Market by 2029 | Amazon.com Inc, PayPal, Staples Inc – The Daily Vale – The Daily Vale May 24, 2022
  • Law Decoded: The long waves in the aftermath of UST’s crash, May 16-23 May 24, 2022
  • Coinbase offers 'thousands of tokens' in expanded swap service May 24, 2022
  • FTX reportedly shopping for brokerages in preparation for stock trading May 24, 2022
  • HIVE Blockchain Announces 5 to 1 Share Consolidation Effective at Market Open May 24, 2022 – Yahoo Finance May 24, 2022
  • Financial experts seek review of blockchain, fintech regulations – Punch Newspapers May 24, 2022
  • Accubits named among global blockchain solutions providers – BusinessLine May 24, 2022
  • IoT and Blockchain Market 2022 to Register Incredible Developments – IBM, Intel, The Linux Foundation, Microsoft, Ethereum Foundation, etc – The Daily Vale – The Daily Vale May 24, 2022
  • Blockchain Distributed Ledger Market Upcoming Trends, Segmented by Type, Application, End-User and Region -Chain, Microsoft Corporation, Eris Industries, IBM, Blockchain Tech, Accenture, Earthport, Deloitte, Intel, Digital Asset Holdings – The Daily Vale – The Daily Vale May 24, 2022
  • eBay drops first NFT collection to non-crypto mainstream buyers May 24, 2022
  • South Korean police request exchanges freeze LFG related funds May 24, 2022
  • Legion Network Launches Blockchain Super App – GlobeNewswire May 24, 2022
  • Core Ethereum developer details changes to expect after the Merge May 24, 2022
  • Blockchain In Automotive Market would Register a Healthy Growth of USD 49.93 billion by 2027 :IBM (US), Microsoft (US), Accenture (Ireland), carVertical (Estonia), Helbiz (US), Tech Mahindra (India), SHIFTMobility (US), BigchainDB (Germany) – The Daily V – The Daily Vale May 24, 2022
  • Blockchain Platforms Software Market Size 2022-2029| Key Players – IBM, Intel, Microsoft, Ethereum, Ripple – The Daily Vale – The Daily Vale May 24, 2022
  • Legal Issues Arise Where the U.S. Government Meets the Metaverse – The National Law Review May 23, 2022
  • LongHash Ventures Partners With Protocol Labs to Launch the Third LongHashX Accelerator Filecoin Cohort May 23, 2022
  • The blockchain tide is out – The Financial Express May 23, 2022
  • EDC Blockchain (EDC) What Does the Chart Say Monday? – InvestorsObserver May 23, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com