In order to foster responsible technological advancements and utilize technology to diminish the risks associated with illicit financial activities, the Treasury is actively seeking to implement a wide range of measures. One of its key suggestions is to enhance inclusivity within the financial system and counteract the detrimental practice of derisking. Derisking involves the refusal of correspondent services to small banks located in regions with high levels of illicit activities. This practice not only adversely affects legitimate users of banking services, but also promotes the adoption of payment and remittance solutions based on cryptocurrencies, which do not rely on traditional banking channels.
US Treasury to implement stricter regulations on virtual assets, and enhance utilization of artificial intelligence
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