BIS Bulletin Proposes Revamping Crypto AML Measures With Compliance Scores
Main Idea
The Bank for International Settlements (BIS) proposes using blockchain history to create an anti-money laundering (AML) compliance score for crypto transactions, aiming to protect off-ramping institutions.
Key Points
1. The BIS paper suggests generating an AML score on a 0 to 100 point scale based on blockchain transaction history.
2. The score would help banking platforms used as off-ramps to assess risks when converting crypto to fiat.
3. Different institutions (e.g., gift card stores vs. banks) may have varying AML compliance score requirements.
4. The proposal aims to standardize AML measures for crypto transactions while accommodating different risk tolerances.
Description
The paper, issued by BIS economists, proposes using blockchain as a transaction history to overcome the limitations faced by current AML measures when dealing with decentralized assets, such as cryptocurrencies and stablecoins, in order to protect off-ramping institutions. BIS Bulletin Proposes Using Blockchain History to Build Crypto AML Score The expansion of cryptocurrency and stablecoins
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