Book contents
- The Role of Distributed Ledger Technology in Banking
- The Role of Distributed Ledger Technology in Banking
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Boxes
- Contributors
- Acknowledgements
- Introduction
- Part I Why Pay Attention to Distributed Ledger Technology in Banking?
- Part II Opportunities and Challenges in Crypto-Asset Regulation
- 3 Some Reflections on the Proposed MiCA Regulation
- 4 Crypto-Assets in Banks
- 5 Cyberlaundering, VASPs’ Regulation, and AML Policy Response
- Part III The Power of Distributed Ledgers in Payments
- Part IV Enabling Financial Inclusion and ESG with Distributed Ledger Technology
- Part V A Further Look at DLT in Banking: Lessons Learned, Current Applications, and Future Scenarios
- Index
- References
5 - Cyberlaundering, VASPs’ Regulation, and AML Policy Response
from Part II - Opportunities and Challenges in Crypto-Asset Regulation
Published online by Cambridge University Press: 26 October 2023
Book contents
- The Role of Distributed Ledger Technology in Banking
- The Role of Distributed Ledger Technology in Banking
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Boxes
- Contributors
- Acknowledgements
- Introduction
- Part I Why Pay Attention to Distributed Ledger Technology in Banking?
- Part II Opportunities and Challenges in Crypto-Asset Regulation
- 3 Some Reflections on the Proposed MiCA Regulation
- 4 Crypto-Assets in Banks
- 5 Cyberlaundering, VASPs’ Regulation, and AML Policy Response
- Part III The Power of Distributed Ledgers in Payments
- Part IV Enabling Financial Inclusion and ESG with Distributed Ledger Technology
- Part V A Further Look at DLT in Banking: Lessons Learned, Current Applications, and Future Scenarios
- Index
- References
Summary
The chapter addresses how the VASPs’ nature could lend itself to illicit uses, due to the technological progress that has allowed to protect the authors’ names of transactions with virtual currency. Background aspects such as the pandemic and the conflict between Russia and Ukraine may have accelerated the use of VASPs also in illicit terms. Therefore, regulation is necessary for the uncontrolled development of the illicit exploitation of a distributed ledger technology (DLT) as an upstream subject of VASPs. The role of the FAFT is essential to understand what the international orientation and commitment are in contrasting the cyberlaundering phenomenon, in which the VASPs represent one of the main players and a particularly attentive element to all international jurisdictions.
- Type
- Chapter
- Information
- The Role of Distributed Ledger Technology in BankingFrom Theory to Practice, pp. 114 - 132Publisher: Cambridge University PressPrint publication year: 2023
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