PRIVATE COMPANIES DEVELOPING ELECTRONIC WALLETS WOULD BE RESPONSIBLE FOR AML CONTROLS OVER ‘DIGITAL POUND’
February 22nd, 2023
The British government and the Bank of England have said private electronic wallet developers would be responsible for AML under planned technical systems required to launch a potential digital version of the UK’s Pound Sterling.
They have launched a detailed consultation paper and associated working paper, which say that the central bank would store all digital pound transaction data on a central database (1) (2). This – however - would be anonymised, with regulated private firms called payment interface providers (PIPs) and external service interface ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.