Representatives of the Bitlish exchange and the British government will discuss the fight against money laundering

The Financial Regulation and Supervision Authority (FCA) and Her Majesty’s Treasury attracted experts from Bitlish to plenary discussions on the adoption of the 5th European Union Directive on Preventing the Legalization of Illegally Gained Incomes and the Financing of Terrorism (5AMLD).

The topic of plenary discussions is how to apply AML requirements to digital assets.

“We are currently reviewing the recommendations of global standards for combating the legalization (laundering) of proceeds from crime and the financing of terrorism (AML / CFT) developed by the Financial Action Task Force on Anti-Money Laundering (FATF),” says the press company release.

In May, participants in the FATF advisory forum on cryptocurrencies and virtual assets determined which countries would develop AML / CFT standards applicable to cryptoindustry. Subsequently, the FATF released a set of standards and guidelines for compliance with requirements for bank transfers for cryptobusiness. Bitlish works with regulators and other companies in the industry to predict the impact of 5AMLD on the crypto business and find the best approach to regulation.

Bitlish cryptocurrency exchange is registered in the UK, the company has bank accounts in Germany and Liechtenstein. The exchange was independently audited and received the highest level of PCI DSS Level 1 certification, with which it can process up to 6 million transactions per year.

Bitlish supports international payment systems VISA, Mastercard, Diners club, Discovery, JCB, China Union Pay, bank transfers SEPA and SWIFT and more than 30 other payment systems.

Earlier on BlockchainJournal published a detailed material on the possible consequences of the FATF directive.