The revised guidance comes after a 12-month review of the initial release, which found that some jurisdictions’ AML and CFT regimes with respect to digital assets were still underdeveloped or not developed at all.
Compliance officers at financial institutions feel they still have a low understanding of digital assets, blockchain, and their surrounding legal issues.
The new guidelines include the need to apply for an operating license, the minimum capital for service providers and stringent anti-money laundering programs.
Two Democrats have asked the White House to provide further details on a recent significant seizure of digital currencies.
New proposals from the U.K.’s financial regulator could see more firms required to report on managing the risks of financial crimes.
Terrorist groups allegedly solicited social media users for donations, posing as organizations seeking to help victims of Syria conflict.
The ban has been introduced to prevent the use of digital currency for money laundering, terrorism financing and the drugs trade.
Rand research listed three illicit use-cases for digital currencies: money laundering, trade in illicit goods and services, and terrorism financing.
The move comes after the FATF recommended changes in policy in Hong Kong to comply more closely with its standard guidelines.
The February conference has been flagged in a confidential report, in which experts warn developers not to attend the event.
Outside of the previously lightly regulated cryptocurrency ecosystem, the guidance is essentially the application of FATF’s operative guidance called the “travel rule” for traditional financial institutions towards crypto businesses.
In a move that is sure to be quite controversial, it appears U.S. President Donald Trump is considering labeling Mexican cartels as terrorist organizations.
