Following on from the European Unions, implementation of its 5th version of the Anti-Money Laundering Directive (AML), a proposal announced on Friday seeks to bring in stricter controls.
Under the new proposal, any crypto transactions of over 1,000 Swiss francs (~$1,025) will require client identification as opposed to the current limit of 5,000 francs (~$5,120). FINMA, the Swiss Financial Market Supervisory Authority want to implement the new lower limit due to perceived higher money-laundering risks in the crypto space.
The Dragon team take the security of your data extremely seriously, and this begins from the very instant that you sign up to use any of our services, such as, the Dragon Exchange (DRGx) or to use the Dragon Social Wallet. Dragon policies and procedures always conform to the very latest industry standards and international regulations designed to prevent any illicit activity.
When you join Dragon's ecosystem, we verify your identity using cutting edge 'Know Your Customer' and 'Anti-Money Laundering' (AML) technologies which provide you with peace of mind, and we look forward to the result of FINMA’s public consultation which ends in April.
FINMA’s proposal, if approved, will bring the new threshold in line with the “international standards” approved in mid-2019 by the Financial Action Task Force’s (FATF) directive, and will mean that It means crypto firms, including exchanges, are required to collect client information of those initiating transactions of over $1,000, as well as details about recipients of those funds.
Dragon has one of the most robust Know Your Customer (KYC) and AML systems in place to make trading Dragon Coin on the Dragon Exchange one of the safest in the industry; if you would like to find out more about how Dragon keep your data and digital assets secure, visit https://drgtoken.io/index.html to read our Privacy, AML and KYC policies today.