BIS Proposes AML Risk Scores for Crypto Conversion: A New Anti-Money Laundering Strategy

The Bank for International Settlements (BIS) has proposed a new measure to combat illicit finance in the cryptocurrency sector. The proposal recommends assigning anti-money laundering (AML) risk scores to cryptocurrencies before they can be converted into fiat currency, aiming to identify and prevent potential money laundering activities at crucial points in the conversion process. This strategy focuses on high-risk chokepoints where crypto assets transition from a blockchain environment into regulated financial systems.