SBI Virtual Currencies Agrees To Comply With FATF Crypto Compliance For Money Laundering, Terrorism


  • SBI VC will be making use of a novel KYC/AML system that will automatically allow the company to know if an account holder is indulging in any shady crypto related activities.
  • Since the crypto industry has been plagued with a number of scams and ponzi schemes over the years, SBI VCs latest move to introduce such stringent security/privacy measures has been welcomed by the crypto community at large.

As per an a statement released by the CEO of SBI BITS — a unit of SBI Holdings — SBIVC will lay in complete accordance with the guidelines set forth by the Financial Action Task Force (FATF) in regards to issues such as money laundering and terrorism.

Additionally, for those of our readers who may not be aware, it is worth pointing out that

SBI Holdings is one of Japan’s largest financial service providers — with the firm’s securities division currently taking care of over 4 million brokerage accounts.

SBIVC is presently a part of the XRP ecosystem and is registered with the Financial Services Agency as a virtual currency registrar.

As per a host of data available online, the aforementioned exchange has been operational since mid-2018 under the guidance of CEO, Mr. Chon.

The FATF has recently released a host of guidelines that are designed to keep an eye on people making use of crypto-assets for illicit purposes. In this regard, a spokesperson for SBIVC recently stated that the company will be enforcing FATFs AML rules to prevent issues such as money laundering, terrorism funding from taking place.

According to a number of insider sources, SBI Bank and SBIVC’s KYC system has been created in such a way that it can automatically detect virtual currency related transactions. Not only that, the system also comes with a module that can autonomously reject deposits into a person's account if the tx has been flagged for fraud.

On the subject of money laundering, Chon was quoted as saying:

“When dealing with a virtual currency like traditional financial instruments, it is naturally necessary to comply with the rules of traditional financials”

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