U.S. Removes Cryptocurrency AML Measures from Defense Funding Bill

The National Defense Authorization Act (NDAA) in the United States has seen the removal of two Anti-Money Laundering (AML) provisions related to cryptocurrency. The first provision involved coordinating with regulators to establish a risk-focused examination and review system for financial institutions dealing with crypto. The second provision targeted combating anonymous crypto transactions, requiring a report on volumes linked to sanctioned entities and regulatory approaches in other jurisdictions. The elimination of these provisions suggests a reevaluation of cryptocurrency AML measures within the NDAAThe removal of these provisions suggests a shift in focus away from cryptocurrency AML measures within the NDAA framework. (Source: Cointelegraph)