DEVELOPING DEFI SHOULD BE ASSESSED FOR AML POTENTIAL, SAY EXPERTS
August 26th, 2023
As decentralised finance (DeFI), non-fungible tokens (NFT) and associated crypto-currency based technologies expand in scope, regulators are playing whack-a-mole to try and ensure services are covered by AML/CFT legislation. It is sometimes not fit-for-purpose, with a US Treasury risk assessment (1) released in April (2023) stressing that some DeFI services could legitimately be exempt from Bank Secrecy Act (BSA) AML/CFT rules. A good example is ‘disintermediated’ services, such as unhosted wallets, whose owners can transfer their virtual assets without the ...
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