David Marcus Promotes Libra’s Money Laundering Standards
David Marcus, Calibra CEO has claimed that the Anti-Money Laundering (AML) standards of Libra, Facebook’s proposed stablecoin project — will be better than other payments networks.
Finextra, referring to statements from Marcus’ speech at the Money 20/20 conference in Las Vegas, reported that he explained the project during an interview. He said, ”I want to say that the efficacy of sanction enforcing can be much higher on Libra than other payments networks.”
David Marcus said that the network’s underlying blockchain technology will allow regulators to better trace transactions and identify suspicious activities. He said:
“The open ledger – the blockchain – enables regulators to look at what is happening themselves and identify where the risk is without relying on reports. The onus is on us to do that work and now that we have the governance structure in place, we can now demonstrate this improvement.”
According to Marcus said, “It was designed to be competitive, but we still need to earn people’s trust over time to use Calibra.”
He added that any wallet could participate in the network, as long as it is compliant with AML and know-your-customer standards.