FAQ – What are Anti Money Laundering (AML) Policies

Anti Money Laundering Policies

AML seeks to stop criminals by making it harder for them to hide or “launder” money obtained from their activities.

To protect the market from criminals, such as drug dealers, terrorists or corrupt public officials, in 1989, the G-7 formed an international committee, The Financial Action Task Force (FATF). Their mission was to fight money laundering on an international scale. In the early 2000s its scope was expanded to help combat the financing of terrorism.

The newest challenge in the fight against money laundering involves cryptocurrencies. Cryptocurrencies and online banking have made it easier for criminals to transfer and withdraw money with almost no traceability.

Cryptocurrencies are increasingly being used in blackmail schemes, drug trades, and other criminal activities. This is mostly due to their relative anonymity in comparison with the more conventional forms of currency.

This is why it is important for StakeCube to implement AML policies so that criminals cannot use the platform in order to launder money using cryptocurrencies.