Criminal Record Prohibition refers to legal provisions that prevent individuals with specific criminal histories from engaging in certain financial or digital asset related activities. These prohibitions are typically implemented to uphold the integrity of financial systems and prevent illicit activities. They often apply to roles within regulated financial institutions or virtual asset service providers. Such restrictions aim to mitigate risks associated with money laundering or fraud.
Context
This concept is a significant component of anti-money laundering (AML) and counter-terrorist financing (CTF) frameworks globally. The expansion of these prohibitions to the digital asset sector highlights the increasing regulatory scrutiny on participant backgrounds. Its application seeks to prevent individuals with past offenses from exploiting new financial technologies for illegal purposes.
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