March 28, 2024

FATF: US does not follow crypto recommendations

FATF: US does not follow crypto recommendations

The Financial Action Task Force (FATF) issued a statement stating,that the United States does not fully comply with crypto recommendations.

In a report released on Thursday, FATF officials said the US authorities were not properly monitoring and auditing cryptocurrency service providers. The document states:

The current approach of the authorities is not focused on possible risks. In addition, since 2014, only 30% of all registered cryptocurrency enterprises have passed the proper inspection.

Moreover, US financial institutions keep transaction records of $ 3,000 or more. Recall that, according to the recommendations of the FATF, financial institutions must keep records of transactions worth $ 1000 or more.

Such a high threshold clearly does not take into account the risks of money laundering and terrorist financing.

However, according to FATF representatives, the USare still “substantially compliant” with recommendations. The group divides countries into four categories – compliant, largely compliant, partially compliant, and not compliant. 

FATF has published updated compliance ratings for all countries. It can be found at the link. 

Based on materialswww.theblockcrypto.com