The US Commodity Futures Trading Commission (CFTC), the US Securities and Exchange Commission (SEC), and the Financial Crimes Enforcement Network (FinCEN) bureau in the Treasury have all demanded businesses to establish and implement an effective AML program, with record-keeping and reporting requirements met which include suspicious activity reporting (SAR).
Categorisation of a digital asset is down to ‘the facts and circumstances underlying an asset, activity or service, including its economic reality and use’, rather than terminology, according to Fintech Futures.
Within the umbrella of financial institutions affected by these SAR there are registered companies such as oil company BP, as well as large banks Deutsche Bank, Goldman Sachs, Bank of America, Credit Suisse and Wells Fargo Bank.
To support the fight against AML/CFT, in Europe, at the beginning of October 2019, three European Supervisory Authorities (ESAs) published their second joint opinion on the money laundering (ML) and terrorist financing (TF) risks impacting the European Union’s (EU) financial industry.
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