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16 November 2019

CipherTrace Urges Crypto Companies to Prepare for Anti-Money Laundering Compliance

CipherTrace Urges Crypto Companies to Prepare for Anti-Money Laundering Compliance


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“The new regulations coming from FATF will ultimately change the way crypto companies operate, requiring them to track not only their own customers’ transactions, but also where their customers are sending money to,” Dave Jevans, CEO of CipherTrace, told Cointelegraph.

One of the main goals of the CipherTrace conference was to gather regulators, banks, crypto companies and programmers together to make sense of the new guidelines, and then build a solution that would allow organizations to easily comply with the FATF rules.

“We need to come up with solutions to ensure that companies can easily comply with these regulations, which is what we aim to achieve here.”.

While these rules are not yet legally binding — as the FATF said in a public statement in June that countries have until June 2020 to adopt the guidelines — a broad theme at the CipherTrace conference was that action must be taken immediately.

The G-20 stated that it already uses the recommendations for anti-money laundering regulation of cryptocurrencies, so crypto companies that fail to comply with the new regulations are likely to face penalties.

Although this may be the case, John Jefferies, CipherTrace’s chief financial analyst, pointed out that many companies operating in the cryptocurrency sphere have yet to comply with the new regulations.

While most crypto companies are not yet compliant with the FATF regulations, Jevans, the CEO of CipherTrace, stressed the importance of getting everyone on the same page.

One of the stated goals of privacy coins such as Monero and Zcash is to ensure that users have anonymized transactions, so it is questionable how these could be compliant with the new regulations.

His team came up with an impressive solution that aims to keep data anonymous when information is being exchanged between Virtual Asset Service Providers.

CipherTrace announced the release of TRISA in September as an open-source, peer-to-peer design for cryptocurrency companies and blockchain projects to comply with the FATF regulations.

The discussions throughout the event demonstrated that action must be taken now to ensure that crypto companies are compliant with the FATF regulations by June 2020

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