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The Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP), a joint public-private initiative in Singapore, has recently published a comprehensive best practice guide. This guide focuses on managing potential risks associated with money laundering, terrorism financing, and sanctions tied to customer relationships in the digital assets sector.On a Twitter thread, Chainalysis, a well-known platform for investigating cryptocurrency, announced that ACIP had shared a guide on how to avoid money laundering.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/5434877b47ac4be5aa1f37c7cbd9d32a.png" />This essential <a href="https://abs.org.sg/docs/library/acip-best-practices-for-the-management-of-ml-tf-and-pf-risks-from-customer-relationships-with-a-nexus-to-digital-assets_100723-%28publish%29.pdf" rel="noopener noreferrer nofollow">document</a> scrutinized three categories of customer relationships: Digital Payment Token Service Providers (DPTSPs) and Financial Institutions (FIs) engaged in digital asset services; legal entities that operate with digital asset-based business models; and individuals who majorly rely on digital assets as a substantial source of wealth.The guide <a href="https://twitter.com/chainalysis/status/1679777994687250437" rel="noopener noreferrer nofollow">offers</a> extensive advice to mitigate potential risks and pitfalls, proposing specific measures customized for each type of customer relationship. To illustrate the implementation of these risk management practices, the document features seven practical case studies. These case studies explored diverse situations, including onboarding DPTSPs, tracing the origin of wealth, and conducting on-chain screenings to manage money laundering, terrorism financing, and sanctions risks.Read full article at <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">C</a><a href="https://cryptotale.org/acip-releases-comprehensive-guide-to-counter-risks-in-digital-asset-industry/" rel="noopener noreferrer nofollow">ryptoTale.</a>

ACIP Releases Comprehensive Guide to Counter Risks in Digital Asset Industry

CryptoTale

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