Topic: [2019-06-22]FATF to Strengthen Control Over Crypto Exchanges to Prevent Money La (Read 154 times)
July 06, 2019, 01:49:36 AM
The main thing here is that the intergovernmental bodies that have an influence on the majority of the states of the world finally establish common rules for the regulation of cryptocurrency. FATF rules provide that verification should be applied only to those who send or receive payments in the amount of more than one thousand dollars. For bounty hunters, this should mean that if we are paid to participate in ICO bounty companies with tokens worth less than a thousand dollars, then we should not undergo any KYC checks.
July 04, 2019, 08:39:54 AM
As i understood FATF is only recommending countries to make these regulations , it does not mean that every country which is part of FATF will be doing exactly what they are recommended.
But it looks like there are already those who are going to implement exactly those regulations , Lithuania is doing it.
https://cointelegraph.com/news/lithuania-to-regulate-cryptocurrency-exchange-sector-with-obligatory-id-checks
But it looks like there are already those who are going to implement exactly those regulations , Lithuania is doing it.
https://cointelegraph.com/news/lithuania-to-regulate-cryptocurrency-exchange-sector-with-obligatory-id-checks
June 26, 2019, 04:12:39 PM
I would like them to show data on how many cases of money laundering exist per day, week, month, and year so as to justify the strengthening exchange control that they want to implement. they need to show proof that is justifiable the strengthening exchange control that they intend to implement. It seems to me that they are taking positions based on political issues to defend the banks and interests of small groups that just want power and control over people
June 23, 2019, 03:59:04 AM
The FATF — an intergovernmental organization that focuses its efforts on fighting money laundering — is planning to strengthen control over cryptocurrency exchanges to preclude digital currencies from being used in money laundering and related crimes.
This is quite expected and just like any other industry involving money and finance there can be more coming regulations which players have to follow otherwise there will be some problems. The most important thing is that cryptocurrency industry is not singled out with these strict regulations as these are also implemented even by banks and other financial intermediaries. The industry could not anymore live on an island...it has to be a part of the mainstream infrastructure and as such has to follow the rules and procedures handed down by regulators.
June 22, 2019, 06:24:59 PM
FATF to Strengthen Control Over Crypto Exchanges to Prevent Money Laundering
Today’s Financial Action Task Force’s (FATF) announcement focused on digital currency’s role in money laundering and heightened regulation, as Secretary Steven Mnuchin noted in his closing remarks.
The FATF — an intergovernmental organization that focuses its efforts on fighting money laundering — is planning to strengthen control over cryptocurrency exchanges to preclude digital currencies from being used in money laundering and related crimes.
U.S. Secretary of the Treasury Steven Mnuchin said that the new measure will require that crypto assets service providers comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) procedures in the same way traditional institutions do. The organization’s final guidance pamphlet went into greater detail on this subject.
https://cointelegraph.com/news/fatf-to-strengthen-control-over-crypto-exchanges-to-prevent-money-laundering
Today’s Financial Action Task Force’s (FATF) announcement focused on digital currency’s role in money laundering and heightened regulation, as Secretary Steven Mnuchin noted in his closing remarks.
The FATF — an intergovernmental organization that focuses its efforts on fighting money laundering — is planning to strengthen control over cryptocurrency exchanges to preclude digital currencies from being used in money laundering and related crimes.
U.S. Secretary of the Treasury Steven Mnuchin said that the new measure will require that crypto assets service providers comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) procedures in the same way traditional institutions do. The organization’s final guidance pamphlet went into greater detail on this subject.
https://cointelegraph.com/news/fatf-to-strengthen-control-over-crypto-exchanges-to-prevent-money-laundering
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