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AML for a blockchain age

Author

Listed:
  • Christiansen, Neal

    (Senior Counsel, Coinbase, USA)

  • Jaber, Valerie-Leila

    (Global Head of Financial Crime Compliance, Coinbase, USA)

  • Rabenn, Grant

    (Director of Financial Crimes Legal, Coinbase, USA)

  • Strait, Melissa

    (Chief Compliance Officer, Coinbase, USA)

Abstract

Blockchain technology is not only unlocking important innovations in financial systems, it is also the foundation for powerful new tools used to combat illicit finance. This paper describes some of the ways that this technology not only enhances traditional compliance tools but also goes further, offering investigators unprecedented access to transactional data. The result is that virtual asset service providers, unlike traditional financial institutions, are not limited to static or opaque stores of customer information but can instead conduct more sophisticated analyses that are faster, more reliable and more dynamic than what was previously available. Given this new compliance landscape, this paper sheds light on where the most significant illicit finance threats are in the cryptocurrency ecosystem and, further, how regulators can support the development and adoption of powerful new compliance tools, including those using novel digital identity systems.

Suggested Citation

  • Christiansen, Neal & Jaber, Valerie-Leila & Rabenn, Grant & Strait, Melissa, 2023. "AML for a blockchain age," Journal of Financial Compliance, Henry Stewart Publications, vol. 7(2), pages 148-159, December.
    • Handle: RePEc:aza:jfc000:y:2023:v:7:i:2:p:148-159
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    More about this item

    Keywords

    virtual assets; cryptocurrency; virtual asset service provider; VASP; blockchain analytics; know your transaction; KYT; decentralised identity; DID;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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