FATF: cryptographic companies are far from fully compliant with requirements

Cryptographic companies are just beginning to adapt to regulatory requirements, and there is a long way to go to full compliance. This was stated by FATF Executive Secretary David Lewis, writes Cointelegraph.

According to him, many countries have incorporated FATF recommendations into their legislation. But in the cryptographic industry, the so-called „road rule“ on combating money laundering and financing of terrorism (AML/CFT) is not applied globally or effectively.

Lewis pointed out that during the Coronavirus Pandemic, attackers began using crypt currency more often to launder money and move illegal funds. Anonymous coins, mixers and companies that often change jurisdictions are causing concern Italian Formula about FATF.

Earlier, FATF President Markus Player stated that it was necessary to adjust the guidelines for the cryptographic industry, as many countries have not fully implemented the previously adopted standards.

Recall that in October a consortium of leading US cryptographic companies presented a plan for its participants to comply with AML/CFT requirements.

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Translated with www.DeepL.com/Translator (free version)

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