The cryptocurrency industry is eager to comply with the Financial Action Task Force's so-called Travel Rule, and appears willing to work with regulators to expedite the process, a new survey found.by Notabene, a crypto compliance firm based in New York, most of the crypto industry will be Travel Rule-compliant by Q2 2022. Currently, the report claims that about 70% of respondents are either practicing the rule or planning to complete their compliance in Q1/Q2 2022.
. Since 2014, FATF has been monitoring this area to establish norms to address these new dangers. Since then, the FATF has continued to adjust and clarify its positions on Anti-Money Laundering requirements for the crypto sector to keep up with its rapid development. The FATF's Recommendation 16 on wire transfers, also known as the Travel Rule, states that virtual asset service providers , financial institutions and other regulated entities in member countries must give originator and beneficiary details to counterparts in transactions of $1,000 or more.
The survey polled 56 businesses from all over the world responded, 45% of which are based in the Asia Pacific base, 30% in Europe, the Middle East and Africa, and 25% in North America. Thirteen percent of respondents have a banking license or are a bank; 86% are crypto-native firms. According to the survey, roughly one-third of firms completely or partially adhere to the regulation. The report also revealed that 92% of respondents have internal compliance and legal departments, and 78% of these businesses consider these teams able to guarantee the company acts in accordance with external rules and internal controls.
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