International Digital Exchange Association (IDAXA) launches Global Standards Working Group enabling better implementation of AML/CTF guidelines for crypto exchanges

[Singapore, December 14 2022] Amidst growing public outcry for a stronger regulatory grip on crypto exchanges in the aftermath the FTX collapse, the International Digital Exchange Association (IDAXA) has launched a Global Standards Working Group (GSWG), following the recommendations made by Industry representatives at the recently concluded V20 Summit, held in parallel to the G20 Leaders’ Summit in Bali Indonesia. 

In paragraph 50 of their declaration, the G20 Leaders recognized “the need for the international community to step up its efforts to effectively combat money laundering, terrorism financing and proliferation financing”. They further welcomed ”the initiative by the Financial Action Task Force (FATF) to promote implementation of international standards on virtual assets”, as they encouraged “all G20 members to strengthen collaboration to adopt and effectively implement the FATF standards”.

In response, IDAXA, representing a fast growing number of jurisdictions worldwide, has formed a Global Standards Working Group to address this call to action and propose an industry-led initiative to harmonize global standards, with the objective of easing implementation across all jurisdictions.

“Creating a mechanism to follow through on the outcomes of the V20 and G20 Summits this year is mission critical for our industry. We must be proactive in our approach to expanding the regulatory harmonization, creating a level and secure playing field for all industry stakeholders and most importantly, a safe space for our customers to transact”, said IDAXA co-founder and V20 Summit Convenor, Anson Zeall.

Recognizing the imperative task ahead of it, IDAXA has tapped International standards and cyber crime   consultant Andrew Churchill to chair the GSWG, while also appointing Churchill to its Global Advisory Council, joining Former FATF Executive Secretary Rick McDonell, Former Head of FATF Canadian Delegation, Josée Nadeau, and globally recognized authority on digital asset regulation and public policy influencer,  Loretta Joseph. 

“It is with great pleasure and honor that we welcome Andrew to IDAXA’s Global Advisory Council. We are delighted to see him lead our Global Standards Working Group, as we are confident his vast experience and knowledge will provide immense value and credibility to industry’s proposed solution. We invite VASPs around the world to unite and join us in this effort to offer concrete recommendations to global regulators”, added IDAXA Chair Ekaterina Anthony, who also sits on the board of the Crypto Valley Association (CVA) of Switzerland.

Originally a Defence Analyst, Andrew Churchill first moved into the payments realm in 2001, leading the UK Government’s Cybercrime Task Force, and subsequently co-ordinating work with industry on Banking and Payments security technology requirements, particularly in Identity, Authentication and broader Cyber Security. 

In over 20 years of experience as a consultant and researcher he has advised myriad Governments, Regulators, Standards bodies and every facet of industry. He is the lead author of the British Standard in Digital Identification and Strong Customer Authentication (PAS499:2019). addressing PSD2 RTS SCA, UK member of ISO TC321 in E-Commerce Transaction Assurance, and has led industry and regulatory wargaming exercises against future threats and vulnerabilities within the payments industry, including for Open Banking. In October 2022 he was appointed as an Ambassador to the Payments Association UK, and currently he has a particular focus on the developing international legal approach to combating economic crime, especially from the viewpoint of domestic legislative programmes and its impact on the global outlook.

“I’m delighted to accept IDAXA's invitation to participate in this very timely and much needed effort to harmonize global standards for Virtual Asset Service Providers and Regulators. Full regulation can only be achieved once everyone involved is speaking the same language, and co-ordinating these common standards is an essential step in this process”, said Churchill, who has been subject matter expert on an EU Cybercrime research programme, a member of the US Federal Reserve’s Secure Payments Task Force, and an advisor to Governments on international Regulatory Alignment and standards in Secure & Trusted  environments such as payments. In addition to his first degree he holds masters in Information Security (MSc, Royal Holloway), and Defence & Security Analysis (MA, Lancaster University).


About IDAXA:

The International Digital Asset Exchange Association (IDAXA) is an independent, nonpartisan membership organization dedicated to being a resource for its members, government officials, business executives, journalists, academe, and other interested citizens in order to help them better understand the Virtual Assets world and issues that surround it. IDAXA represents the consensus voice of the industry without any favor to any individual corporate interest.