The Financial Anti-Money Laundering Measures Development Group (FATF) has denied rumors about the creation of a certain system for collecting and exchanging personal data of individuals engaged in cryptocurrency transactions. This was the organization’s senior analyst Tom Neilan in a conversation with Finance Magnates .

Previously, this information was distributed by a number of media with reference to the Nikkei Asian Review, however, according to Neilan, it is not true.

“We do not create such a system and certainly do not come into contact with such data ,” he stressed.

So, he pointed out that the FATF is developing regulatory standards and promoting their effective implementation, but it is not a law enforcement agency or a business focused on creating technological solutions.

Nevertheless, the FATF confirmed that they are interacting with the private sector on the creation of various systems, but do not take any part in their development or use.

“These are their systems and they own them.”

Neilan stressed that the FATF standards for the crypto industry, which the group introduced at the end of June, are not new.

“These are the same requirements that banks and other financial institutions comply with. "Their goal is not to harm the privacy of users, but to prevent criminal activity."

BlockchainJournal previously spoke about the implications of the FATF leadership for the industry.

A game of cat and mouse with regulators, or what the new FATF recommendations mean for the bitcoin industry

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