Anonymity of cryptos fast becoming a myth: Jonathan Bowman

cnbctv18.com:

Even as the risks associated with the use of cryptocurrencies like money laundering, terror financing continue to increase as the sector evolves, the anonymity of crypto is fast becoming a myth with on-chain analysis tools that aid in tracking payments from different people and their wallets.In an interview with CNBC TV18, Jonathan Camilleri Bowman, CEO of Sekuritance, a RegTech platform from where governments can use blockchain as a regulatory solution to identify, verify and transact safely online, said increasing regulatory enforcement has pushed for all organizations no matter the size to have an effective compliance program within their business structure.The new compliance mandates necessitated by governments across the world means customers provide data multiple times, especially for rules governing KYC, anti-money laundering, and combatting terror finance, holding back the rapid development of highly secure blockchain and cryptocurrencies market.While these challenges have given rise to several regulatory technology (RegTech) companies, they tend to operate in silos, adding an extra layer to difficulty to an already fractured system, with customers having to double up the data they provide and pay extra fees for compliance.“Taking into consideration how the world is evolving, increasing regulatory enforcement has pushed for all organizations no matter the size to have an effective compliance program within their business structure. Keeping things in check is an effective way of keeping away from hefty fines and reputational damage which could be detrimental to a business.