AML Financial News

Paxful co-founder Artur Schaback pled guilty to conspiring to operate a crypto exchange platform without effective anti-money laundering policies.

In a significant shift within the U.S. legislative parliament, Senator Roger Marshall, a Republican from Kansas, has withdrawn his support for the Digital Asset Anti-Money Laundering Act (DAAMLA), a bill he co-authored with Democratic Senator Elizabeth Warren.

The Australian Transactions and Reports Analysis Centre (AUSTRAC) is warning residents down under over growing crypto money laundering risks, according to a newly released report by the financial regulator.

The European Union (EU) is intensifying its efforts to combat money laundering and terrorist financing. The European Banking Authority (EBA) has announced new guidelines for crypto-asset service providers (CASPs) on July 4 that will come into effect on December 30, 2024.

Taiwan authorities announced on Thursday that they intend to punish cryptocurrency firms that fail to abide by its anti-money laundering (AML) laws.

Former Binance CEO Changpeng “CZ” Zhao stepped down from the role on Nov. 21 after pleading guilty to violating Anti-Money Laundering laws. He then issued a statement via a messaging platform to the company. 

The United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion received an education in the uses of blockchain technology in a hearing titled “Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets.” The meeting began with a discussion of Hamas’s use of crypto for fundraising. However, the committee’s Chair, Representative French Hill, declared that as “phone and the internet aren’t to be blamed for terror financing,” crypto shouldn’t be either. The witnesses, including representatives from Consensys and Chainalysis, spoke about the need for international and public-private collaboration in stopping the misuse of digital assets, the need for well-crafted legislation and the intricacies of blockchain sleuthing.

United States Senator Elizabeth Warren has emphasized the risks of cryptocurrency scams targeting senior citizens in the U.S., with the support of a cybersecurity expert endorsing her legislation on digital assets to prevent future scams.

The United States Financial Services Committee (FSC) has scheduled a Nov. 15 hearing for a deep dive into the illicit activities in the cryptocurrency ecosystem.

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The European Union’s financial regulatory landscape is in flux with the introduction of multiple Anti-Money Laundering (AML) directives and related laws. These regulations, although designed to protect the financial system, come at a hidden, and sometimes steep, cost to consumers and financial institutions alike. It’s imperative to understand their wider implications, and to question whether the costs — both monetary and ethical — are simply too high.

One of the friendliest European jurisdictions to crypto, Cyprus, might bring its industry regulation to tighter standards. According to an Oct. 10 report by the Cyprus Mail, the local Ministry of Finance intends to amend the existing Prevention and Suppression of Money Laundering Law. 

DWS has been embroiled in a greenwashing scandal since 2021, when its former group sustainability officer Desiree Fixler alleged the firm was misrepresenting its ESG credentials.

Coinbase has secured an Anti-Money Laundering (AML) compliance registration from the Bank of Spain, making it a registered crypto exchange in the country.

Cryptocurrency exchange Coinbase has secured an Anti-Money Laundering (AML) compliance registration from Spain’s central bank, as part of its ongoing expansion across Europe.

In light of the recent arrest of the founders of Tornado Cash, a decentralized private payments protocol built on top of the Ethereum network that severs the link between sending and receiving wallets, some are questioning whether Know Your Customer (KYC) laws and permissionless money can co-exist.

Seychelles-based cryptocurrency derivatives exchange Bitget is updating its Know Your Customer (KYC) requirements for users to stay in step with global regulatory guidelines. 

Crypto asset businesses in the United Kingdom will be required to comply with Financial Action Task Force (FATF) Anti-Money Laundering and Counter-Terrorist Financing rules, known collectively as the Travel Rule, beginning Sept. 1, a statement from the Financial Conduct Authority (FCA) reiterated Aug. 17. This will bring the U.K. into conformity with FATF standards set in 2019.

Binance, the world’s leading crypto exchange by trading volume, has reportedly applied to be registered in Taiwan under the Money Laundering Control Act and the Financial Supervisory Commission (FSC).

The growing trend of cutting services to cryptocurrency companies in Australia could lead to undesired consequences like making the industry less transparent, according to the state.