AML/CFT will be important in the future of cryptocurrencies
Not only cryptocurrencies, but currencies have the problem of AML/CFT.
AML/CFT stands for Anti-Money Laundering/Countering the Financing of Terrorism, and is an internationally coordinated effort to combat organized crime and terrorism.
At the center of this effort is an international organization called FATF.
Each country is required to implement AML/CFT in accordance with the recommendations of the FATF (Financial Action Task Force).
One of the specific initiatives of AML/CFT is that financial institutions in each country are required to conduct identity verification when conducting financial transactions with users.
This applies not only to banks and other financial institutions, but also to cryptocurrency exchanges.
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Knowing KYC for Cryptocurrency Exchanges
KYC refers to the verification of a person's identity when using a financial institution.
By performing KYC (Know Your Customer), the user's wallet managed by the exchange can be linked to the individual, and all cryptocurrencies traded through the wallet can be identified to the individual.
In this way, not only AML/CFT but also tax evasion can be prevented.
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