Why Your Business Needs An Anti-Money Laundering Solution â Right Now
Jumio
AML regulations have been changing rapidly in recent years, both in depth and breadth. The AML 2020 Act, for example, includes the most sweeping changes in AML laws since The Patriot Act was passed in the wake of 9/11 in 2001. Among other changes, the new act focuses on:
Eliminating anonymous holding companies
Expanding its definitions to include antiquities traders and virtual currencies
This means companies are required to know exactly who their customers are, and businesses who facilitate the transfer of virtual currencies are under greater scrutiny.
A Global Movement
This expansion of AML regulations is happening around the globe. The Monetary Authority of Singapore (MAS) introduced the Payment Services Act in January 2020 to cover digital currency businesses and other virtual asset service providers (VASPs). And within a year, they passed amendments to include businesses who facilitate Digi
Surveys and Reports
Regulatory Developments
United Kingdom: FCA publishes feedback statement on Open Finance
Some of the key findings that the FCA draws out in its feedback statement are:
A legislative framework would be needed for open finance to develop fully, both to provide any statutory right to data access and to support a regulatory framework.
In addition to the regulatory framework, the following building blocks would be needed for a sustainable open finance ecosystem to develop – either in support of voluntary adoption or to support future legislation:
consumer protections informed by an ethical framework;
a liability model;
an implementation entity that is funded and governed equitably; and