The areas of Anti-Money Laundering (AML) that are most relevant to the crypto and web3 industries include:
Customer Due Diligence (CDD): This involves verifying the identity of customers, and assessing the potential risks associated with their activities.
Transaction Monitoring: Monitoring cryptocurrency transactions to detect and prevent illicit activities, such as money laundering, terrorist financing, and other illegal activities.
Sanctions Screening: Screening transactions against lists of sanctioned individuals and entities to ensure that they are not involved in illegal activities.
Risk Assessment: Assessing the risks associated with specific cryptocurrency exchanges, wallets, and other service providers, and implementing measures to manage these risks.
Regulatory Compliance: Staying informed about and complying with the latest AML regulations and guidance issued by relevant regulatory bodies, such as the Financial Action Task Force (FATF).
Reporting and Record Keeping: Keeping records of transactions and customer information, and reporting suspicious activities to the relevant authorities.
These are some of the key areas of AML that are relevant to the crypto and web3 industries. As the industry continues to evolve, new areas of AML may emerge, and it is important for AML professionals in the crypto and web3 industries to stay informed about the latest trends and developments.