AML (Anti-Money Laundering) and Cryptocurrency

Dear Hdac Technology supporters,

Cryptocurrency is with the risk of money laundering due to the anonymity of transactions, uncertainty in the relevant regulatory jurisdiction, illicit financial activities, and the possibility of usage for fraud and the concealment of criminal proceeds.

In addition, the FATF (Financial Action Task Force) has defined cryptocurrency as virtual assets and adopted the international standardized amendment that has imposed the obligation of preventing terrorist funding and money laundering to cryptocurrency service providers, all related affiliates such as cryptocurrency service providers, brokers, and wallet providers must comply with the prevention of money laundering act.

Currently, The Korean government has determined ‘cryptocurrency’ as one of the nine risk factors of money laundering and plans to complete the legal and institutional implementation on cryptocurrency in preparation for the mutual evaluation from the FATF planned this year.

The United States federal government is requesting the registration of cryptocurrency businesses as subject of AML obligations through FinCEN (Financial Crimes Enforcement Network), and the MAS (Monetary Authority of Singapore) is with the agenda of proceeding with a more rigorous legal due diligence an AML procedure on digital token brokers. Moreover, Switzerland and Japan are implementing enforced AML regulations on Cryptocurrency businesses in accordance with the rest of the world.

In November, 2018 Hdac Technology has completed all legal and financial inspections for AMLA (Anti-Money Laundering Act) from the VQF(Verein zur Qualitätssicherung von Finanzdienstleistungen) which joined the SRO(Self-Regulatory Organization) in May, 2018.

The results of the inspection had proved that full compliance was made with the FINMA (Swiss Financial Market Supervisory Authority) and AMLA guidelines during the ICO procedures, securing public trust and security for Hdac Technology.

Hdac Technology promises to continue business activities within the legal framework in the future.

Any question or recommendation would be welcome on Telegram! There will be more updates and events announcement on the Medium blog for the Hdac community.

Please refer to the following links and stay in the loop.

*Website : https://www.hdactech.com
*Medium : https://medium.com/@hdackorea
*Facebook : https://www.facebook.com/hdactech
*Twitter : https://twitter.com/hdactech
*Youtube : https://www.youtube.com/channel/UCGQXVXTs7RllAirD3YjjZIQ
*Github: https://github.com/Hdactech

*Telegram(KR) : https://t.me/Hdac_Official_KR
*Telegram(EN) : https://t.me/Hdac_TGE