Text for AML Update Service
AML Update: Cryptocurrencies and other new technologies
Purchase this policy: Anti-Money Laundering Policy
- Change date
- 19/06/2024
- Word count
- 201
- Deployment measure
- 7/10
Rationale
Criminals have exploited cryptocurrency for money laundering, cybercrime, fraud and sanctions evasion. As with fiat currency, anti-money laundering (AML) regulations and controls are in place to limit the use of cryptocurrency for criminal gain. This draft wording addresses the issue in the firm’s policy.
This firm considers that it’s AML approach to transactions funded by cryptoassets to be similar to that of cash purchases. Enhanced due diligence must be completed due to the high-risk
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