![]() ![]() Next, CipherTrace researchers found that two-thirds of the 120 most popular cryptocurrency exchanges have weak or porous know your customer (KYC) practices. ![]() “(The Travel Rule) is the most commonly cited violation with regard to money service businesses engaged in virtual currencies.” It will no doubt have implications as regulators seek to have KYC information shared globally. This has left firms struggling to find a technical solution in time to avoid potentially severe penalties or blacklisting. At the same time, US regulators emphasized that a similar Travel Rule which has long applied to fiat funds transfers-also applies to cryptocurrency transactions. In a major challenge to business models and user privacy, among other changes this rule requires virtual asset service providers (VASPs) to securely transmit (and store) sender and receiver information whenever cryptocurrency moves. After months to absorb its implications, these businesses are coming to grips with the fact that in just seven months they will need to comply with the so-called FATF funds Travel Rule. CipherTrace research also revealed important trends and issues around the status of anti-money laundering (AML) and counter terrorism funding (CTF) regulation and compliance.įirst, the third quarter saw growing awareness of perhaps the biggest clampdown on virtual asset transactions to ever impact crypto exchanges as well as banks and other financial institutions. Several major trends in Q3 2019 impacted the crypto asset community and financial institutions that deal in virtual assets. ![]()
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