A Global AML Standard refers to a set of internationally recognized principles and guidelines designed to combat money laundering and terrorist financing across jurisdictions. These standards, often promulgated by bodies like the Financial Action Task Force, aim to harmonize regulatory requirements and facilitate cooperation among nations. Adherence to such standards is crucial for maintaining integrity within the global financial system. They provide a common framework for financial institutions and digital asset service providers.
Context
Crypto news regularly addresses the challenges and progress in applying global AML standards to the digital asset sector. Reports often detail how different countries are adapting these guidelines to regulate cryptocurrency exchanges and decentralized finance platforms. The ongoing effort to achieve consistent international application of these standards is a major theme, impacting regulatory developments and market access for crypto businesses.
Virtual Asset Service Providers must immediately upgrade compliance frameworks to support Confirmation of Payee verification for all cross-border transfers.
Global VASPs must immediately integrate Confirmation of Payee systems to comply with the Travel Rule's new anti-fraud and proliferation financing mandate.
VASPs must immediately integrate Confirmation of Payee and ISO 20022 standards to meet the Travel Rule's expanded fraud and proliferation financing objectives.
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