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.
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.
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