Financial Watchdog Rethinks AML Guidance for Banks and Bitcoin

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The Financial Action Task Force (FATF) has taken note of the issues hindering partnerships between bitcoin businesses and banks.

At a Brussels meeting with industry figures last Friday, the anti-money laundering policy maker proposed a risk-based approach that ensures every digital currency business is evaluated on an individual basis.

A risk-based approach means that banks identify and assess the money laundering and terrorist financing risks they are exposed to, setting the appropriate mitigation measures accordingly.

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