Crypto Meets Compliance: How MyEListing Supports US Regulatory Efforts
MyEListings' markets and economics editor and creates content about global macro events and their impact on US commercial real estate.
In addition to continuing to be a profitable target for criminals attempting to launder money, the real estate industry, along with several banks, has seen an increase in illicit financial activity since the introduction of cryptocurrencies. The Bank Secrecy Act`s introduction of "know your customer" (KYC) regulations in 1970 was the first of many steps the US government took to address this issue. Later, by altering various laws, including the Bank Secrecy Act and the Money Laundering Control Act, the Patriot Act tightened these restrictions significantly. This made organizations that operate as intermediaries for customer cash liable, in some cases criminally so, if they fail to establish, uphold, and strictly adhere to KYC compliance standards.
The ASAP Program At Myelisting.Com And Its Function In AML Initiatives
Strict KYC and anti-money laundering (AML) procedures are more important today than ever due to the rising popularity of cryptocurrencies and other technologies, and the rise in real estate transactions involving digital currencies in some measure. The ASAP program from MyEListing.com is designed to be quite useful in such a situation. The program overtly supports the interests of the US government in preventing the use of cryptocurrencies to launder criminal funds by enabling property buyers to transact more quickly and put a property under contract more readily, while adhering to strict KYC protocols.
AML Compliance And Partnership With Millenial Title
In order to ensure that they have well-designed AML compliance programs in place and are diligent in their application, MyEListing.com has partnered with title companies like Millenial Title. This is because real estate represents an asset class that criminals frequently look to in order to reintroduce illegal funds into the economy. This scrutiny is especially crucial because title companies are not technically subject to the same AML compliance standards as other institutions.
Benefits And Drawbacks Of Real Estate Transactions Using Cryptocurrencies
Multiple parties, including buyers, sellers, real estate brokers, and financial institutions, frequently participate in real estate transactions. The transaction procedure is significantly streamlined by the ASAP program, enabling all parties to benefit from the convenience and effectiveness of a quicker transaction time. The adoption of cryptocurrencies for use in these transactions can also result in cost savings and improved trade accessibility. However, given the potential for illegal activity in such transactions, a strong AML and KYC framework must be established to safeguard all parties and aid the US government`s efforts to fight money laundering. Such a framework is simply smart business.
Making Sure The ASAP Program Adheres To AML and KYC Regulations
MyEListing.com assures that the transactions carried out through the ASAP program adhere to the highest levels of AML and KYC regulations by working with title companies that have effective AML compliance programs in place. This is supportive of the US government`s continuous efforts to police money laundering operations in the real estate sector and also creates a safe and secure environment for all parties engaged in the transaction.
Future Regulation Alignment And FinCen`s Role
Additionally, the Financial Crimes Enforcement Network (FinCEN) intends to more rigorously regulate the real estate industry in order to stop money laundering and other illegal acts. MyEListing.com`s ASAP initiative proactively aligns itself with future legislation and helps to avoid money laundering in the real estate industry by supporting AML compliance measures in conjunction with title companies.
Summary: The Asap Program`s Support Of A Safe And Open Real Estate Market
In conclusion, MyEListing.com`s ASAP program promotes a variety of US regulatory interests while streamlining the real estate transaction process and enabling the use of cryptocurrencies to their intended effect, which is to enable greater speed and lower cost of financial transactions while disallowing pre-emptive censorship of transactions by unrelated third parties. Such a technology must not overtly support criminal activity in order for the mainstream financial community to accept it. MyEListing, in creating the ASAP program, sought out compliant, diligent, and like-minded title companies to partner with and looks forward to continuing to make the market a better and more robust place for all participants to conduct real estate business.
Other recent articles
Article Search
Share
All Article Categories
