Zachary Kelman, managing partner at Kelman Law PLLC, joins the show to shed light on the FATF – it's origins and its current mandate – the travel rule, and what the industry can expect from these developments. Covered in this episode:

• Zach's prior career in bank compliance and how he decided to focus on Bitcoin
• How Zach noticed the blurring of lines between stopping crime and politics for bank AML
• Why overseas payments in the correspondent bank system are expensive
• What the Travel Rule actually means
• Why Zach thinks Bitcoin compares favorably with the default correspondent banking system
• Why banks freeze out certain sectors even without a specific ban or prohibition
• How Coins.ph moved the needle for financial inclusion in the Philippines
• The history of the FATF and its original mandate and intent
• Why the FATF's recommendation could possibly bifurcate the bitcoin market
• How the end of the Cold War might have influenced the creation of the FATF
• What Fukuyama's End of History has to do with financial crimes enforcement
• Will the decline of the US-led international order mean organizations like the FATF will have a reduced ability to police global finance
• Zach's thesis that western Europe might end up being a haven for the crypto industry
• How the FATF recommendations actually get enforced at the local level
• How the FATF black and graylists change bank behavior
• Why NYDFS has so much control over global finance
• How bank behavior in the US is often more norm based than couched in law
• Why a rise of nationalism could advantage Bitcoin