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Mandatory to share customer information at FATF's new rules and exchanges

HOME> News> New provisions of FATF require exchange of customer information, etc.


Yuya 【CRYPTO TIMES Official Writer】

Yuya Coin Desk News

I have studied a wide range of technologies and applications of distributed ledger technology.

Financial activity working group on money laundering , commonly called FATF, has announced a provision to require the sharing of customer information when sending and receiving assets between temporary asset service providers ( VASPs ) as a crime countermeasure using cryptographic assets .

In the future, when exchanging crypto assets between VASPs , in addition to the sender ‘s name and wallet address , customer information such as the sender’s citizen number (my number in Japan) , customer identification number or birth date / birthday etc. It is mandatory to share each transaction .

Not only corporate businesses like exchanges and crypto asset payment providers, but also private traders who provide services dealing with crypto assets are considered as VASPs . On the other hand, it is said that the case of paying cryptographic assets as compensation for goods or services does not fall under VASP.

The FATF is an organization composed of 38 countries including Japan, and although the regulations themselves are not legally binding, participating countries need to pass laws in accordance with the regulations.

When the draft of this rule was released in February, there was a series of criticisms that “it is impractical to share KYC information for each transaction “, but the FATF still took action to push the rule.

Article Source: FATF

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Author: Yuya 【Coin Desk News】 – Source Post: http://destyy.com/w20Pi3

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