AML Standards are rules designed to prevent illegal financial activities. These regulations mandate financial institutions, including those handling digital assets, to monitor transactions and report suspicious behavior. Their primary aim is to detect and deter money laundering and terrorism financing by requiring identity verification and record-keeping. Adherence helps maintain financial system integrity and trust in digital asset markets.
Context
Current discussions often focus on extending traditional AML frameworks to decentralized finance and non-custodial wallets. Regulatory bodies worldwide are working to establish consistent international AML requirements for virtual asset service providers. The challenge involves balancing privacy concerns with the necessity for transparency in combating illicit financial flows. Future developments may include advanced AI-driven transaction monitoring systems.
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