One of the main claims from the classical financial system to cryptocurrencies is the impossibility or severe difficulty of tracking the movement of funds. Most often, regulators, criticizing cryptocurrencies, insist that such financial instruments cannot comply with AML policies.AML policy is a collection of rules and requirements for financial institutions, which should suppress and disclose schemes for the legalization of funds received illegally. Most often, banks use automatic systems for tracking the money of their customers, blocking and transmitting information about suspicious transactions to the appropriate authorities.
The most popular solution for combating money laundering in financial institutions is the KYC and Customer Due Diligence packages. KYC (Know Your Client) is one of the most popular requirements in the field of financial institutions. Compliance with the KYC policy implies the fact that the financial institution will fully identify its client, and in some cases, request a large number of documents for cash. Despite the fact that such an approach makes sense, the KYC policy itself is constantly tightened, which leads to excessive awareness of financial institutions about their customers. Companies also pay a great deal of attention to customers who are residents of countries with insufficient AML, which pose a great danger due to crime and corruption. Beneficiaries and funds from similar countries also fall under such prejudice.
More information here - https://en.wikipedia.org/wiki/Money_laundering
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