AML/CFT Standards are regulatory guidelines designed to prevent money laundering (AML) and counter the financing of terrorism (CFT). These global protocols mandate financial institutions and digital asset service providers to implement measures such as customer due diligence, transaction monitoring, and suspicious activity reporting. Adherence to these standards aims to safeguard the integrity of the financial system. They are essential for combating illicit financial flows.
Context
Compliance with AML/CFT Standards is a paramount discussion point in cryptocurrency news, directly impacting the regulatory acceptance and operational scope of digital asset platforms. Jurisdictions globally are adapting these standards to the unique characteristics of blockchain transactions and decentralized finance. The ongoing challenge involves balancing regulatory requirements with the privacy and innovation principles often central to crypto ecosystems.
Global VASPs must urgently operationalize the Travel Rule, as the FATF cites a 75% jurisdictional compliance shortfall, demanding rapid domestic legislative action.
The FSC's Phase Two bill mandates systemic reserve and consumer protection standards, compelling issuers to architect a robust financial market safety net.
The SFC's hard deadline compels all non-compliant VASPs to cease Hong Kong operations by May 31st, solidifying the jurisdiction's regulated market structure.
We use cookies to personalize content and marketing, and to analyze our traffic. This helps us maintain the quality of our free resources. manage your preferences below.
Detailed Cookie Preferences
This helps support our free resources through personalized marketing efforts and promotions.
Analytics cookies help us understand how visitors interact with our website, improving user experience and website performance.
Personalization cookies enable us to customize the content and features of our site based on your interactions, offering a more tailored experience.
