Can you clarify how your exchange and your POS integration proposes to comply with the 4th EU AML directive
that brings with it lots of regulations and requirements and penalties and fines.
Also, the EU commission commented here
and explicitly states that virtual currency exchanges are within scope.
How can virtual currencies be used to finance terrorism and what can we do to prevent this?
Banks and payment institutions fall under the scope of the Fourth AMLD, which requires them to comply with specific rules, such as verifying customers’ identity and monitoring financial transactions. Virtual currency operators were initially not included in the scope of the Directive.
Virtual currencies are developing quickly and are an example of digital innovation. However, at the same time, there is a risk that virtual currencies could be used by terrorist organisations
to circumvent the traditional financial system and conceal financial transactions as these can be carried out in an anonymous manner.
That is why the Commission proposes to bring virtual currency exchange platforms and custodian wallet providers
under the scope of the Fourth AMLD, in order to help identify users who trade in virtual currencies. Bringing these two actors under the Fourth AMLD and making them "obliged entities" will ensure better controls, ensuring that they apply customer due diligence and contribute to preventing money laundering and terrorist financing.
I do understand that Ukraine is (not yet) in the EU but AML regulations are in place throughout the world, and Ukraine as a prospective member of the EU will want to show its willingness and ability to comply with EU directives.
How will you tackle compliance with the regulations?