On October 22, some of our members had the pleasure to attend a second training session on digital assets with Loretta Joseph, a renowned advisor to financial regulators across the world. She’s currently working with the Vanuatu Financial Services Commission which was hosting the event. Watch it below or go to the first training session if you’ve missed it.
In this video, Loretta explores the implications of the latest plenary of the Financial Action Task Force which took place just the day before we met her. The FATF sets regulatory standards on digital assets for its 232 member jurisdictions, especially when it comes to anti-money laundering and countering the financing of terrorism (AML-CFT).
Among other decisions, the FATF is now only giving six months to jurisdictions to implement its recommendations on digital assets. Loretta spends some time discussing the 16th recommendation, a.k.a. the infamous “Travel Rule” which requires services providers and financial institutions to report identifying information for all transactions over $1000 or €1000, even though the threshold is $10,000 for traditional wire transfers and money laundering is much harder to do with cryptocurrencies.
Her comment on the matter: “The travel rule has attracted the most complaints, but they’re not going to change it. The FATF is very powerful, and if you get graylisted it can ruin everything for you. They can make your life very difficult.”
Yeah, tell us about it!