Pawel Kuskowski talks to Amanda Wick, founder and CEO of The Association of Women in Crypto, former Chief of Legal Affairs at Chainalysis and Senior Policy Advisor at the Financial Crimes Enforcement Network (FinCEN) who has been in crypto since 2013. They discuss the size of money laundering in crypto and how there are caveats to the estimate of this figure but think that it is realistically similar to the amount of money laundering happening in traditional finance. However, the more important question to ask is "How do you detect money laundering?" which with the tools available in blockchain analytics are so much better in crypto than in traditional finance.
They also discuss how to track exchanges notorious for money laundering via external tracking tools providing honest vetted data but that there could be a structural problem in the incentive structure. There is also a problem if regulatory bodies do not have a designated authority to deal with enforcement in certain jurisdictions. The nature of the US government being reactive to the changes in regulation is causing the US to lose the innovation war in digital assets as crypto exchanges leave the jurisdiction.
They also discuss the risk of DeFi being built without building in any AML and CFT measures due to negligence. Digital identity and zero knowledge proofs are pieces that can be part of the future of digital assets because we are now at the point where it is too expensive for DeFi services to move fast and break things without paying attention to any regulatory considerations as a money transmitter.
#AML #CFT #compliance
______
Gatenox has been designed specifically with the Web3.0 era in mind and seeks to unlock its full potential for businesses. By combining the best of decentralised and centralised technologies, Gatenox is the fastest, most secure and reliable way to generate trust between businesses, organisations and regulated entities - by generating near real-time verification.
Thanks to the network effect of our solution, the Gatenox Hub platform provides ongoing, accretive value to users and verifiers alike. As the platform’s understanding of those who use it increases, so too does the speed at which business can be executed. By designing our systems to meet your know-your-client (KYC) requirements, Gatenox is the world’s leading provider of compliance for the Web3.0 era.
Subscribe to our YouTube channel: youtube.com/@gatenox
Visit our website: gatenox.com/
Follow us on Twitter: twitter.com/gatenox
Follow us on LinkedIn: linkedin.com/company/gatenox/
- The state of AML and CFT in crypto ( Download)
- MASSIVE Threat To CRYPTO! FATF’s Travel Rule Explained!! ( Download)
- Q&A Session AML IN CRYPTO ( Download)
- New AML Regulation bans self-hosted crypto wallets | Expert Analysis ( Download)
- Rajpal Khangura — How To Fight Money Laundering In Crypto | Expert Interview ( Download)
- The Whitehouse #Crypto Fact Sheet Explained (BETWEEN THE LINES) ( Download)
- David Carlisle of Elliptic on Crypto Compliance and Anti-Money Laundering ( Download)
- Understanding AML/CFT Regulations in the United States | What is Anti-Money Laundering (AML) ( Download)
- FATF Publishes Crypto Anti-Money Laundering Guidance ( Download)
- Anti Money Laundering & Terrorism Financing – What is AML and CFT ( Download)
- Cryptocurrencies: an unconventional challenge to the AML/CFT regulators ( Download)
- Crypto Compliance Crash Course: Master MiCAR & AML ( Download)
- Legal roundtable: AML/CTF and global implementation of recommendations by FATF ( Download)
- DC Blockchain Summit '24 | High Stakes: Immutable AML/CFT Compliance ( Download)
- US is Planning THIS For Crypto! All Regulations Explained! ( Download)
