2021 will witness lot of regulatory efforts channelled towards virtual assets: SBI official

use of crowdfunding websites create ditional risk and year 2021 will see a lot of regulatory effort channelled towards virtual assets, a senior SBI official said on Monday.

dressing a virtual 'AML/CFT Conference 2020', Sujit Kumar Varma, SBI's Deputy Managing Director (Corporate Accounts Group) said that tre-based money laundering remains a significant risk.

" use of crowdfunding websites, although t entirely new, create an ditional risk as se are specially designed to solicit funding and can be misused for terror financing," he said.

Varma also ted that crypto currencies and its potential means to finance terrorism is a significant threat especially when is anymous in nature.

" year 2021 will see a lot of regulatory effort channelled towards virtual assets. year 2021 will also likely witness introduction of more rules and regulations for virtual assets service providers," he said.

According to Varma, re will be enhanced supervision for those dealing in precious metals and jewels from next year.

senior SBI official also ted that baseline expectations of regulators are that financial institutions must ensure that re is market integrity.

" Anti-Money Laundering (AML) compliance programme should take a tailored approach...one size fits all approach won't work in case of regulatory compliance,'' he opined.

ting that regulators across globe have intensified ir scrutiny, Varma said short of trained compliance officers is forcing banks to offer higher salaries to find and recruit best talent.