AML/CFT frameworks are sets of regulations and procedures to prevent illegal financial activities. These structures combat money laundering and the financing of terrorism within the financial system. They require institutions to implement measures such as customer identification, transaction monitoring, and suspicious activity reporting. Adherence to these guidelines is crucial for maintaining financial integrity and preventing illicit fund flows.
Context
The application of AML/CFT frameworks to digital assets and cryptocurrency continues to be a central regulatory concern globally. Authorities aim to adapt existing rules or create new ones to address the unique characteristics of blockchain transactions, such as pseudonymity and global reach. Debates often involve balancing regulatory oversight with the privacy and innovation principles of decentralized finance. Ongoing developments include the use of advanced analytics and blockchain surveillance tools to aid compliance efforts.
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