AML/ATF fundamentals for virtual brokers and exchanges
With virtual currencies expected to become more prevalent in the coming years, regulators globally must decide how to deal with ‘non-traditional’ trade and payment systems that have emerged; while at the same time protecting consumers and creating a sound marketplace through the implementation of appropriate regulation.
The U.S. and Canada have made significant progress in defining the anti-money laundering (AML)/anti-terrorist financing (ATF) program requirements for certain virtual currency businesses -- brokers and exchanges in particular. As virtual currency brokers and exchanges (VCB&Es) look to market their products and services cross-border, they have an interest in gaining an understanding of the AML/ATF rules and regulations that apply to them.
This paper takes a deep dive into: