How do policymakers decide on AML checks for transfers in the cryptocurrency sector?

1 answers

• FIZA BADIJul 26, 2020 · 5 years ago
  At BYDFi, we believe that policymakers should prioritize a risk-based approach when deciding on AML checks for transfers in the cryptocurrency sector. This means focusing resources on high-risk transactions and entities, rather than imposing blanket AML requirements on all transfers. By adopting a risk-based approach, policymakers can effectively target and mitigate the most significant money laundering risks, while minimizing the impact on legitimate users and businesses. It's a more efficient and effective way to combat money laundering in the cryptocurrency sector. However, it's important to strike the right balance and ensure that the risk assessment methodologies are robust and regularly updated to keep pace with the evolving landscape of cryptocurrencies.
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