The Association of Cryptocurrency Enterprises and Startups, Singapore, has developed a Code of Practice in partnership with multinational law firm Linklaters.
Anti-money laundering or AML is a set of regulations, instructions, laws and procedures, established to prevent the practice of generating illegal income and its legalization through specially designed actions. AML regulations oblige companies and financial institutions to vet their customers through due-diligence procedures and prove the legal source of a customer’s assets. Financial institutions must verify the origin of large sums of money, track suspicious activities and report large cash transactions. It’s also the responsibility of institutions to notify customers about AML practices and required procedures. AML is considered to be not only useful in stopping money laundering itself, but also in preventing illegal activities by discovering the source of this money, and helps to trace criminals through the tracking of financial flows. Still, AML is a strain on companies and may cause its development to slow down.
- Binance Reveals ‘Venus’ — Its Own Project to Rival Facebook’s Libra
- Japan’s Retail Giant Rakuten Officially Launches Crypto Exchange
- PlusToken Suspected Ponzi Moves $240M in Four Bitcoin Transactions
- Bitcoin Price Bullish Wedge Forms Pointing to $11K, Says Trader
- Top-5 Crypto Performers: LINK, LEO, BCH, ETC, BSV, OKB*