An AML Compliance Program outlines the procedures a financial institution follows to prevent money laundering. This program establishes internal controls and protocols to identify and report suspicious activities. It includes policies for customer verification, transaction monitoring, and record keeping. Adherence to these guidelines helps institutions meet regulatory obligations and mitigate financial crime risks.
Context
The crypto industry faces increasing scrutiny regarding the implementation and effectiveness of AML Compliance Programs. Regulatory bodies globally are pushing for stricter enforcement, impacting how digital asset firms operate and interact with traditional finance. A critical point of discussion involves adapting existing AML frameworks to the unique characteristics of blockchain transactions.
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