Anti-Money Laundering (AML)
What does Anti-Money Laundering (AML) mean?
The laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.
Main Idea:
By providing strict definitions and rules for Anti-Money Laundering (AML), governments pass on the burden of preventing illegal uses of funds to financial institutions and banks. AML is the overarching term for the range of processes these firms must have in place to meet such regulations (national and international).
The Controversy over Cryptocurrency:
Cryptocurrency ledgers are a popular application of blockchain technologies. If the blockchain technology that underlies the cryptocurrency ledgers and the trading platforms are fully decentralized, there are no identifiable financial entities to hold accountable for compliance. As a result, central banks and regulatory commissions frequently object to cryptocurrency because they claim they will incentivize more criminal behavior.
Advocates for cryptocurrency, on the other hand, argue that the easiest and most widely used way to use funds for criminal purposes is to use cash printed by the central banks.
As always, the argument for regulation such as Anti-Money Laundering depends on your assessment of the costs versus benefits.
Used in a Sentence:
Before issuing credit or taking deposits, traditional financial institutions must comply with two sets of regulations for screening and monitoring their customers: AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations.
Last Updated: January 23, 2023
Read what Geeq has to say about Anti-Money Laundering (AML)...
The following articles are written by the Geeq team to share and inform about the industry we are passionate about.
To learn more about events, announcements and learn about other topics visit our news section
Community announcement - Tokenomics Update - January 2024
Why has Geeq taken a no-smart contracts route? To deliver an efficient, reliable, predictable engine to solve these three problems and more.
Choose Geeq as your favorite to win "Best in Class". Here are 5 reasons why Geeq is poised to set the world's standards in blockchain.
8 Ways Geeq is the Essential Foundation for Blockchains. Here are the reasons Geeq provides the Layer 0 (L0) foundation that blockchains and smart contracts need.
UPDATE: Now with links to video and Slides! John P. Conley introduced Geeq's Algorithmic Monetary Policy and Stabilized Token to the public at SFBW.
This is the Geeq token allocation and release schedule. Please note: Geeq did not hold an ICO or IDO.
Ask Me Anything on Telegram: TH 1/24/2019, 4 pm EST
Details are available for the official GEEQ contract address.
$GEEQ has partnered with Ferrum Network to offer non-custodial liquidity staking. Watch this space!
Late Friday Update for Geeq Tokens - The Unlocked-round is fully subscribed. The Pre-round is still OPEN.
April highlights: encryption upgrade, chain state view for chain hash proofs.
Geeq introduces the counterparty NFT, which requires both parties' signatures before there is a transfer of the asset's deed. This reduces risk.