Bitfinex cryptocurrency exchange will test Notabene’s solution to ensure compliance with the updated Financial Action Task Force (AML) requirements.
About it
reported on the website of technology solutions provider Notabene. Its tool aims to improve the security of the exchange of customer identities between Virtual Asset Service Providers (VASP) while maintaining data confidentiality.
Recently, the Financial Action Task Force on Money Laundering (FATF) presented updated guidance on digital asset regulation, according to which cryptocurrency companies are considered regulated financial institutions. This means that companies that store and exchange virtual assets on behalf of customers are required to comply with regulatory requirements.
We are talking about the principle of “Travel Rule” concerning the exchange of data about the participants in transactions, as well as the strengthening of measures to combat money laundering (AML). Therefore, Bitfinex intends to prepare for the new FATF rules using the Notabene tool, with which the exchange will be able to exchange information with any counterparties using the same infrastructure. Recently, Tether also announced its readiness to test this tool.
“Bitfinex has always strived to comply with regulatory requirements. We decided to test Notabene’s solution because it will help us comply with the regulations without sacrificing users, ”said Paolo Ardoino, CTO of Bitfinex.
“Bitfinex has been considered an integral part of the cryptocurrency community for many years. The exchange shares our views on the open cryptocurrency ecosystem and we are delighted to help it comply with the updated FATF guidelines, ”added Notabene CEO Pelle Braendgaard.
Many cryptocurrency projects are convinced of the need to implement services to verify compliance with AML rules. For example, in August, the Cardano Foundation chose Coinfirm to analyze transactions with ADA cryptocurrency and tokens based on the Cardano blockchain.
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