The recently released Financial Action Task Force (FATF) paper reveals a position demanding strict know-your-customer procedures for even relatively small digital asset sales.
“In cases where a [Virtual Asset Service Provider] VASP carries out an occasional transaction, however, the designated threshold above which VASPs are required to conduct CDD is USD/EUR 1,000…”
Transactions under $1,000 are considered “occasional”.
The new rules will compel all platforms to require, name, address, amount, transfer date, etc. with every single crypto transfer.
The FATF document also discusses the potential risk for each country, based on the fact that digital asset transactions can be used to obfuscate the identity of sender and receiver.
The document shows the growing awareness of the problems posed by the attempt to create anonymous transactions.