’s Financial Services Agency (FSA) is said to be scrutinizing exchanges in the country to ensure anti-money laundering (AML) processes are in place.
A from the Nikkei Asian Review on Wednesday, citing an unnamed FSA official, said that inspections are being carried out ahead of the G20 next month. The G20 – the international forum of which holds the presidency for 2019 – is planning measures to on money laundering using and, hence, the country aims to ensure that it has its financial house in order, they said.
Adding to the pressure, global money-laundering watchdog, the Financial Action Task Force (FATF), will review ’s domestic money laundering laws this autumn – an investigation that will include platforms.
exchanges are, therefore, being asked by the FSA to clearly explain what measures they are taking to prevent money laundering, such as verifying user IDs to prevent anonymous transactions.
Last month, exchanges Huobi and Fisco were reportedly by the FSA to assess their customer protection and AML provisions.
The FSA official said in today’s report:
“We’ll continue with the on-site inspections, and we’ll make sure everything is sound.”
is also trying to make improvements after receiving the FATF’s lowest rating for customer identification processes at financial institutions in 2008, the official added.
The FATF a draft document earlier this year, proposing a number of measures that national governments should adopt to more effectively supervise transactions, and therefore lower money laundering risks.
has already been making moves to tighten up the crypto industry. The nation in April 2017 that brought exchanges under AML/know-your-customer (KYC) rules and mandated that such platforms must be licensed. The law also notably recognizes as a legal method of payment.
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Published at Thu, 23 May 2019 14:13:43 +0000
