BIS Unveils New Plan to Curb Illicit Cryptocurrency Transactions

The Bank for International Settlements (BIS) has proposed a new system for tracking the origins of cryptocurrency, aiming to make it harder for criminals to convert illicit funds into traditional currency. In its latest bulletin, the BIS outlined an ‘AML compliance score’ for crypto assets before they are exchanged for fiat currency. This score would reflect the likelihood that specific cryptocurrency holdings might be linked to illegal activities.