The Financial Action Task Force published a 12-month review of crypto standards - Business Insider

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ICYMI: The crypto industry's lack of progress in implementing the FATF's anti-money laundering standards has led to fragmented compliance solutions

, and more — have outlined communication networks to securely exchange transaction information.

However, this wide range of solutions underlines one main challenge: convincing most or all crypto firms to abide by the same system. Fragmented solutions operating in silos, such as following national borders, would not effectively combat financial crime within the sector. A better approach would be to implement a unified and interoperable system at the global level, which is no easy task.

 

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Not for long. I've been hearing from credible sources that most VASPs are ready to implement shyftnetwork's FATF compliance solution: Veriscope. A major announcement on this front should be imminent. The wheels of progress turn slowly, but turn they do :)

😹😹

Banking fines for money laundering: $328B. Bitcoin market cap $218B. Any intelligence over there?

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