AML Financial News

27.01 / 05:17

business Blockchain regulation AML Money laundering UK government Financial Services regulatory UK's FCA hints at why its given only 15% of crypto firms the regulatory nod

Despite the plans to turn the region into a bustling crypto hub, the United Kingdom’s financial watchdog says it has given the all-clear to only 41 out of 300 crypto firm applications seeking regulatory approval to date.

03.01 / 00:57

Blockchain Zcash AML Monero ‘Tracers in the Dark’ presents a fun crime story — and lesson in privacy

On its surface, Andy Greenburg’s new book, Tracers in the Dark: The Global Hunt for the Crime Lords of Cryptocurrency, is a standard crime story. Fans of true crime podcasts will enjoy the crypto version and get a seat in the Federal Bureau of Investigation van as United States federal agents track down criminals through their crypto transactions.

14.12 / 23:11

Law regulation AML Sens. Warren and Marshall introduce new money-laundering legislation for crypto

As the cryptoworld focused on the drama unfolding around FTX, United States Sen. Elizabeth Warren and Sen. Roger Marshall introduced the “Digital Asset Anti-Money Laundering Act of 2022” on Dec. 14. The seven-page bill would expand the classification of money service business (MSB), prohibit financial institutions from using technology such as digital asset mixers and regulate digital asset kiosks, otherwise known as automated teller machines (ATMs).

08.12 / 09:35

Law AML Terrorism Financial US regulator to seek feedback on DeFi's impact on financial crime

A United States financial regulator is looking to gain feedback from the banking industry about how decentralized finance (DeFi) may affect the bureau's efforts to stop financial crime.

08.11 / 14:17

Twitter defi DApp AML DeFi faces criticism for denying user access based on wallet content

While decentralized finance (DeFi) is expected to be an upgrade to traditional finance mechanisms, some believe that denying users access to decentralized exchanges based on their wallets is a backward move.

20.10 / 16:29

business Adoption Banks AML Institutional crypto adoption requires robust analytics for money laundering

Institutions have begun to take crypto seriously and have entered the space in numerous ways. As noted in a previous analysis, this has resulted in banks and fintechs looking at custody products and services for their clients.

27.09 / 20:47

regulation FATF AML Japan preparing amendment to enforce FATF travel rules on crypto by May 2023: Report

Japan is expected to enact new rules on money transfers to prevent the use of crypto for money laundering, according to local news agency Nikkei. The changes will bring Japan up to date with Financial Action Task Force (FATF) recommendations.

31.08 / 16:19

AML Bitcoin Anti-money laundering Georgia aims to adopt European crypto standards for Anti-Money Laundering

Georgia, one of the world’s most cryptocurrency-friendly countries, is moving to introduce new crypto regulations to pursue its ambitions to become a global crypto hub.

26.08 / 04:37

regulation AML Police Backed A16z-backed CoinSwitch exchange raided over alleged forex law breaches

Major Indian crypto exchange CoinSwitch Kuber had five of its premises searched by anti-money laundering agents on Thursday over alleged violations of forex laws.

23.08 / 08:39

business PayPal coinbase AML network Paypal adds to list of crypto heavy hitters on the TRUST network

Crypto-friendly digital payments giant Paypal has been added to the Travel Rule Universal Solution Technology (TRUST) network, joining a host of big names in crypto that have moved to comply with digital asset travel rules.

20.08 / 15:17

business Blockchain Adoption AML safe Are non-KYC crypto exchanges as safe as their KYC-compliant peers?

Many see implementing Know Your Customer (KYC) tools in crypto as a deterrent to the Bitcoin (BTC) Standard, which has predominantly promoted anonymized peer-to-peer transactions. However, regulators stay put on promoting KYC and anti-money laundering (AML) implementations as a means to ensure investors’ safety and protection against financial fraud.

14.08 / 14:17

Government Law Adoption AML AML and KYC: A catalyst for mainstream crypto adoption

For Satoshi Nakamoto, the creator of Bitcoin (BTC), the motivation to create a new payment ecosystem from scratch in 2009 stemmed from the economic chaos caused by the banking sector’s over-exuberant and risky lending practices mixed accompanied by the bursting of the housing bubbles in many countries at the time.

09.08 / 11:29

Law BitMEX AML Court Executive BitMEX former executive pleads guilty to violating the Bank Secrecy Act

Another top executive joins three co-founders of the crypto exchange BitMEX, pleading guilty in the United States District Court for the Southern District of New York. The court case under the headline "U.S. v. Hayes et al." goes on for two years, with BitMEX management being indicted for violating the U.S. Bank Secrecy Act.

02.08 / 17:43

Robinhood regulation AML Financial New York financial regulator fines Robinhood's crypto division $30M

The New York Department of Financial Services, or NYDFS, has announced a $30 million penalty on Robinhood’s cryptocurrency arm for alleged violations related to anti-money laundering, cybersecurity and consumer protection laws.

20.07 / 06:15

Government regulation AML NOT Japan's crypto self-regulation 'experiment' not working

Japan’s self-regulation “experiment” for the crypto industry is reportedly not working as well as intended, according to local government and industry experts.

18.07 / 15:27

business Europe coinbase AML Coinbase secures crypto asset service provider approval in Italy

The United States-based cryptocurrency exchange Coinbase continues aggressive European expansion by securing approval to offer crypto services in Italy.

30.06 / 01:17

regulation Europe European Union AML EU officials reach agreement on AML authority for supervising crypto firms

The European Council has reached an agreement to form an anti-money laundering body that will have the authority to supervise certain crypto asset service providers, or CASPs.

17.06 / 09:25

Law AML bills guidelines President of Panama shoots down crypto bill citing FATF guidelines

Panama’s President Laurentino Cortizo has partially vetoed Bill No. 697 dubbed the “crypto bill” saying it requires more work to better fit Panama’s financial regulations.

14.06 / 07:13

Blockchain Report Scams AML Illicit crypto usage as a percent of total usage has fallen: Report

Illicit cryptocurrency activity in 2021 and the first quarter of 2022 has declined as a percentage of overall crypto activity, according to blockchain forensics firm CipherTrace.

09.06 / 00:45

Law regulation crimes AML information International Information, AML/CFT steps are key to fighting international digital crime, DOJ report says

The United States Department of Justice (DOJ) released a report on international law enforcement related to digital assets Tuesday. It is the first of the approximately one dozen reports mandated in President Joe Biden’s March 9 executive order “Ensuring Responsible Development of Digital Assets.”

04.05 / 17:35

Europe Report European Union AML Lawyers accountants Threat European watchdog lists crypto next to lawyers, accountants as an AML threat

Europe’s Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) watchdog, MONEYVAL, has listed monitoring the crypto sector along with “gatekeeper” professionals, such as lawyers and accountants, as priorities in European nations' push to combat money laundering.

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