As banks get more into crypto, how can they comply with Anti-Money Laundering requirements?
As mainstream financial institutions begin to provide services related to Web3, crypto and NFTs, they would be custodians of client assets. They must protect their clients from bad actors and identify whether client assets have been obtained through illicit activities.
And while large institutions and banks have to grapple with the technological complexities of Web3 to provide digital assets services to their clients, they will only be able to provide suitable customer protection if they have a robust AML framework. The AML policy is often a broad definition of what a firm should watch for. This is generally broken down into rules and thresholds that will help implement the policy.
Data gathered through these techniques are the building block to the fundamental capabilities AML functions within banks and financial services institutions must create to deal with digital assets.Banks will need to perform proactive monitoring and screening of customer wallets, wherein they can assess whether a wallet has interacted directly or indirectly with illicit actors like hackers, sanctions, terrorist networks, mixers and so on.
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