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.
Under the changes to FATF global standards, crypto exchanges, certain types of wallet providers and providers of financial services for ICOs will be subjected to AML/CFT regulations, such as conducting customer due diligence including ongoing monitoring, record-keeping, and reporting of suspicious transactions.
During its meeting in Buenos Aires, the G20 forum set out plans to put the cryptocurrency sector under anti-money laundering (AML) standards.
The European Union has recently adopted a new directive to cover cryptocurrencies in order to fight money laundering and terrorism financing activities.