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Binance to Employ Coinfirm’s AML Platform to Follow FATF Rules

by Monica Padillo

Cryptocurrency exchange Binance will employ Coinfirm’s blockchain-agnostic AML Platform to comply with the Financial Action Task Force’s new guidelines on anti-money laundering.

Binance explained in a press release that it will utilize Coinfirm’s AML and blockchain analytics offering to streamline transactions and improve internal AML and risk analysis processes as part of a broader effort to protect the crypto economy.

“With new and more expansive AML and regulatory standards being put in place across the globe and governmental bodies such as the FATF placing new rules on the market in order to ensure sustainable growth of the market, we are looking forward to our collaboration with Coinfirm,” said Samuel Lim, Binance’s chief compliance officer.

The new guidelines called Interpretive Note to Recommendation 15 on New Technologies, which was adopted and issued in June, require countries to monitor crypto service providers regarding their obligations on AML and countering financing of terrorism.

Crypto service providers are also expected to practice customer due diligence, record keeping, suspicious transaction reporting, and screening of transactions to comply with certain financial sanctions.