Illicit finance controls are measures and regulations implemented to prevent and detect illegal financial activities, including money laundering, terrorist financing, and sanctions evasion. These controls involve stringent reporting requirements, customer due diligence, and transaction monitoring. Their purpose is to safeguard the integrity of the financial system. Governments and financial institutions collaborate on these efforts.
Context
The rise of digital assets has intensified the focus on illicit finance controls, as regulators work to apply existing anti-money laundering (AML) and counter-terrorist financing (CTF) rules to virtual assets. News often highlights efforts by international bodies and national authorities to develop specific guidance for crypto businesses. The challenge involves balancing privacy concerns with the need for transparency to combat financial crime effectively.
The new federal stablecoin law mandates a 100% reserve framework and prohibits yield, fundamentally restructuring issuer capital and product offerings for legitimacy.
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