30 Mar '15, 3pm

Financial Watchdog Rethinks AML Guidance for Banks and Bitcoin

Financial Watchdog Rethinks AML Guidance for Banks and Bitcoin

The Financial Action Task Force (FATF) has taken note of the issues hindering partnerships between bitcoin businesses and banks. At a Brussels meeting with industry figures last Friday, the anti-money laundering policy maker proposed a risk-based approach that ensures every digital currency business is evaluated on an individual basis. A risk-based approach means that banks identify and assess the money laundering and terrorist financing risks they are exposed to, setting the appropriate mitigation measures accordingly. Securing a banking partner has proved to be notoriously difficult for bitcoin businesses. FATF's proposal hopes to move the digital currency sector away from the current de-risking model which, according to industry insiders, has seen banks closing or denying bank accounts to bitcoin businesses, citing money laundering as a blanket term. The policy maker di...

Full article: http://www.coindesk.com/financial-watchdog-fatf-wants-to-...

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