A Study on the Anti-Money Laundering Scheme of Cryptocurrency
| Autor: | Chien-Te Lee, 李建德 |
|---|---|
| Rok vydání: | 2018 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 106 In recent years, Taiwan has gradually emphasized the crucial role of Anti-Money Laundering ("AML") Scheme by obligating Financial Institutions ("FIs") and Designated Non-Financial Businesses and Professions ("DNFBPs") to comply with AML regulations. Cryptocurrency is initially deemed by the Central Bank of the Republic of China (Taiwan) as virtual commodity, which lacks appropriate AML measures. However, competent authorities have realized cryptocurrency, which functions based on blockchain, is vulnerable to money launders due to its anonymity and liquidity. Hence, competent authorities have formulated regulatory strategies, such as “Real-Name System” and “Self-Regulatory Organization”. The objectives of this study are defining the subjects to which the aforementioned strategies apply and proposing specific AML policies. Based on the two strategies proposed by Financial Supervisory Commission ("FSC"), this study applies the Literature Review Method to examine three types of Virtual Currency Schemes, the nature of cryptocurrency, and then the blockchain schemes, properties, and operation model. On the back of the abovementioned analysis, the study identifies the impacts of cryptocurrency on Taiwan’s legal systems and the obstacles in formulating AML policies for cryptocurrency. Risk-Based Approach ("RBA") is the foundation of AML scheme. Adopting RBA is not only in line with international trend, but enabling effective allocation of necessary regulatory resources. The study analyze the ML risks of cryptocurrency by applying RBA and identifies a substantial difference in the ML risks stemming from “permissionless blockchain” and “permissioned blockchain”. This study learns that permissionless cryptocurrency featuring bidirectional flow property poses higher ML risks while permissioned cryptocurrency poses lower ML risks. Hence, the study proposes adopting different AML strategies for pemissionless and permissioned blockchain, and such strategies should be proportionate to the ML risks of pemissionless and permissioned blockchain. The study refers to “FATF Guidance for a Risk-Based Approach to Virtual Currencies”, “The Bank Secrecy Act” along with the administrative rulings from FinCEN and categorizes the persons engaged in activities related to virtual currencies into User, Exchanger, and Administrator. This study reveals that exchangers pose the most significant ML risks in the field of cryptocurrency. Based on typology analysis, this study further categorize exchangers featuring the function of money transmittance into “Over-the-Counter Platform”, “Exchange Broker”, and “Exchange Trading Platform”. By identifying the targets above, the study is able to evaluate how cryptocurrency may relate to Taiwan’s National Risk Assessment ("NRA") and thoroughly assess Taiwan’s Sector Risk ("SRA") as well as other inherent risks of “Money Transmitters”. The study intends to integrate the above risk assessment findings with cryptocurrency sector developments so as to propose effective and solid AML policies for cryptocurrency, which may be used as references for Taiwan’s AML regulatory strategies. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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