AML CFT Protocols are rules and procedures designed to prevent illegal financial activities. They refer to the Anti-Money Laundering and Combating the Financing of Terrorism frameworks implemented within financial systems. These protocols aim to detect and report suspicious transactions, thereby mitigating illicit financial flows. Compliance with these measures is mandatory for regulated entities.
Context
AML CFT protocols are a central point of discussion in cryptocurrency regulation, as authorities seek to extend traditional financial oversight to digital assets. News often covers new regulations or enforcement actions related to these protocols, impacting how exchanges and other crypto service providers operate. The ongoing challenge involves balancing privacy concerns with the necessity of preventing financial crimes in decentralized environments.
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