Operations with Cryptocurrency Through the Prism of AML / CFT Legislation

Purpose of the study. Advances in technology have made money laundering more sophisticated. In addition to operations with cash and non-cash funds, scammers are increasingly using virtual assets, in particular, cryptocurrencies, for their illegal activities. The FATF and Russian money market regulators have drawn attention to the need to strengthen the fight against money laundering in this area. A huge role in this struggle is played by the creation of the necessary legal framework and doctrine of AML / CFT in the field of virtual currencies. Conclusions. As a result of the study, the author comes to the conclusion that there are many gaps in the system of Russian legislation that make it difficult to create an effective system for combating money laundering through cryptocurrencies. It is concluded that there is no regulation of certain types of cryptocurrencies in the national legislation, which leads to the fact that transactions with them, as well as the subjects involved in these transactions, are outside the legal regulation and control, which in turn violates the FATF Recommendations.

FATF, anti-money laundering, cryptocurrency, Bank of Russia, legislation, FATF, digital asset