August 2019
Intermediate to advanced
392 pages
14h 11m
English
Content preview from The REGTECH Book
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The Role of Anti–Money Laundering Law and Compliance in FinTech
By Christine Duhaime, BA, JD, CAMS
Founder, Digital Finance Institute
The disruption caused by the emergence of FinTech is transforming financial services, but the growth of the space is constrained by anti–money laundering (AML) and counterterrorist financing (CTF) laws that are in place to protect both the global financial system and consumers. However, AML and CTF laws do more than protect the global financial system – they protect the rule of law and democracy and are essential for international security because they operate to stop terrorism, to prevent the collapse of entire countries from the theft of national treasuries by corrupt officials, and to disrupt transnational criminal organizations.
Currently, some FinTechs are innovating in financial services in a vacuum, often providing financial services without understanding or complying with AML and CTF laws. Financial regulators all over the globe advocate for responsible innovation in FinTech, and that means providing services that incorporate AML/CTF. FinTechs that provide financial services without understanding and complying with AML/CTF laws as applicable will be inhibited in their ability to scale, particularly as financial crime controls are increasing.
Anti–Money Laundering Law
AML/CTF laws were initially drafted in response to mounting concern over drug trafficking, transnational organized crime, and global money laundering. In 1989, the Financial ...
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