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Enforcing KYC, AML Laws Is Key to Reducing Ransomware Attacks, Report Says
Summary: Better enforcement of cryptocurrency regulations can help address an increasing number of ransomware attacks, a public-private task force claimed Thursday. The report recommended properly enforcing existing know-your-customer (KYC) and anti-money laundering (AML) laws to help tamp down payments made in crypto, and hinted that additional regulations may be necessary. “The cryptocurrency sector that enables ransomware ...
Better enforcement of cryptocurrency regulations can help address an increasing number of ransomware attacks, a public-private task force claimed Thursday.
The report recommended properly enforcing existing know-your-customer (KYC) and anti-money laundering (AML) laws to help tamp down payments made in crypto, and hinted that additional regulations may be necessary.
“The cryptocurrency sector that enables ransomware crime should be more closely regulated. Governments should require cryptocurrency exchanges, crypto kiosks, and over-the-counter (OTC) trading ‘desks’ to comply with existing laws, including Know Your Customer (KYC), Anti-Money Laundering (AML), and Combatting Financing of Terrorism (CFT) laws,” the report said.
By Amy Liu
Tags: AML,Crypto,KYC,Ransomware
Link: Enforcing KYC, AML Laws Is Key to Reducing Ransomware Attacks, Report Says [Copy]
