On June 21, FATF, the intergovernmental Financial Action Task Force released its crypto guidelines which compels exchanges to collect and transfer customer information such as originator’s name, his account number and location information, as well beneficiary’s name and beneficiary’s account number, during transactions.
At the 2019 G20 summit held on June 28–29 in Osaka, Japan, the forum said: “We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism.”
Naturally Industry leaders at crypto companies such as Circle, Coinbase and Chainalysis seems to be respectfully no too happy about the guidelines saying it will be costly to implement and would require unprecedented collaboration globally.