What is the digital asset Anti-Money Laundering Act of 2022?

Yesterday, the U.S. Senate proposed the Digital Asset Anti-Money Laundering Act Of 2022 — a bill that is not only deeply concerning to international human rights, but unconstitutional and in direct opposition to current U.S. consumer privacy regulations. What’s In The Bill?

Why are digital payments a target for anti-financial crime?

In any case, vulnerabilities in existing controls across the anti–financial crime value chain are targets for those engaged in financial crime. Crucially, digital and contactless payments as well as remote onboarding are capabilities now favored by many more customers.

Why do banks need a strong anti-money laundering & fraud control system?

Perceived weaknesses in the controls applied by electronic-payments platforms will consequently draw attention from regulators. Banks, furthermore, are increasingly expecting the PSPs that form part of their network to have strong anti–money laundering (AML) and fraud controls in place.

What is the EU-level anti-money laundering authority (Amla)?

The EU-level Anti–Money Laundering Authority (AMLA) will be supported by new legislative measures designed to strengthen the detection of suspicious activities and better insulate the financial system from criminal misuse.