Money laundering controls are a set of policies, procedures, and technological safeguards implemented by financial institutions and digital asset service providers to prevent the illicit conversion of illegally obtained funds into legitimate assets. These measures include know-your-customer (KYC) protocols, transaction monitoring, and suspicious activity reporting. They are essential for complying with anti-money laundering (AML) regulations. The objective is to detect and deter financial crime.
Context
The implementation and effectiveness of money laundering controls are a continuous focus for regulators and businesses operating in the digital asset space. Debates often center on adapting traditional AML frameworks to the unique characteristics of blockchain technology, such as pseudonymity and global reach. News frequently reports on new regulatory requirements and technological solutions designed to enhance these controls across the crypto economy.
The DOJ's new policy, codified in an April 7th memorandum, fundamentally de-risks US operations by shifting enforcement focus exclusively to criminal conduct.
The DOJ's new "willfulness" standard for regulatory violations shifts enterprise risk from compliance error to demonstrable criminal intent, demanding immediate review of internal control documentation.
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