Anti-money laundering is a set of regulations and procedures that attempts to stop the laundering of illegal funds. Learn more about AML ⤵️
. For this reason, increased regulation and documentation of users’ identities are sometimes seen as contrary to crypto’s ethos.checks are an obligation for financial institutions and service providers as part of AML laws. KYC requires a user to submit personal information verifying their identity. This process creates accountability for any financial transactions made by the user. KYC is a proactive part of AML and falls under customer due diligence.
However, it’s now common for illegitimate funds to be digital rather than physical cash. This difference changes the methods used to launder money. There are now even more options to hide and wash “dirty” money than before. For example, you can directly transfer money without the use of a bank. Payment networks like Paypal or Venmo provide another layer for launderers to use and regulators to monitor.
1. Suspicious activities, such as large inflows or outflows of funds, are automatically flagged or reported. Inconsistent behavior, such as an increase in the number of withdrawals from a typically low-activity account, is another example. Cryptocurrency exchanges typically take a proactive approach to AML. With the vast amount of compliance pressure placed on the crypto industry, it’s standard for exchanges like Binance to be more vigilant and cautious than required. Transaction monitoring and enhanced due diligence are the two key tools in fighting money laundering schemes.The FATF is an international organization founded by the G7 to combat the financing of terrorism and money laundering.
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