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FATF Compliance
Last Updated 2020-08-04
FATF stands for Financial Action Task Force and is an intergovernmental organization that provides financial policy recommendations to combat money laundering activities including terrorism financing.
We strongly advise our users not to make transactions for such activities. Please use fiat cash for that.
FATF recently announced a recommendation; travel rule for cryptocurrencies. They realized that they cannot exercise control over blockchain so they announced a traceability guideline for cryptocurrency exchanges.
FATF's travel rule requires exchanges to perform KYC and store all transactional information for audits, taxes and also to prevent money laundering.
(i) originator’s name (i.e., the sending customer); - KYC @ exchanges
(ii) originator’s account number where such an account is used to process the transaction (e.g., the VA wallet); - transactional information
(iii) originator’s physical (geographical) address, or national identity number, or customer identification number (i.e., not a transaction number) that uniquely identifies the originator to the ordering institution, or date and place of birth; - KYC @ exchanges
(iv) beneficiary’s name; and - transactional information
(v) beneficiary account number where such an account is used to process the transaction (e.g., the VA wallet). - transactional information
These measures, however, will become useless once on-chain trading is available.
Last modified 3yr ago