Securities Law

Crypto Exchanges Face Tougher Global Money Laundering Rules (1)

June 21, 2019, 4:01 PM; Updated: June 21, 2019, 8:25 PM

More than 30 countries will soon need to adopt stricter rules governing cryptocurrency exchanges and transactions or risk falling out of step with new international standards.

The Financial Action Task Force—an inter-governmental group focused on money laundering—signed off on guidance June 21 instructing crypto exchanges to gather and transmit more user data. It’s meant to crack down on illicit financial activity by ensuring more details are known about parties on the receiving end of virtual asset transfers.

The U.S.-backed guidance would require other nations to take an approach to cryptocurrency that’s similar to how the U.S. Treasury Department currently polices...

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