Share to linkedinYou can only transfer money through a bank wire if your bank knows exactly who you are and the receiving bank identifies the intended recipient. There is no anonymity or pseudonymity. Soon, the crypto space, usually known as a place to hide one’s identity, will start looking more like conventional banking.
Countries should ensure that originating VASPs obtain and hold required and accurate originator information and required beneficiary information on virtual asset transfers, submit the above information to beneficiary VASPs and counterparts , and make it available on request to appropriate authorities.
Many cryptocurrency exchanges will likely try to implement these procedures, but they will face major roadblocks. Thus regulators may not gain the full AML/CFT benefits they are seeking.
October 12th 2016
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