AML Guidance refers to official recommendations and regulations designed to prevent money laundering. These directives are issued by regulatory bodies to financial institutions and other obligated entities, outlining procedures for identifying suspicious activities and reporting them. They typically cover customer due diligence, transaction monitoring, record-keeping, and risk assessment protocols. Adherence to AML guidance is mandatory to combat illicit financial flows and maintain financial system integrity.
Context
AML guidance remains a critical component of financial regulation, particularly gaining prominence in the digital asset space as authorities address potential misuse of cryptocurrencies. Ongoing discussions center on adapting traditional AML frameworks to the pseudonymous and decentralized nature of blockchain transactions. Future updates will likely introduce more specific requirements for virtual asset service providers, emphasizing global cooperation to establish consistent standards.
The White House framework mandates a function-based asset taxonomy and regulatory coordination, ending the prior enforcement-only compliance uncertainty.
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.
