AML Financial News

28.04 / 17:43

Blockchain Adoption AML Bitcoin tracking Financial Blockchain and crypto can be a boon for tracking financial crimes

Governments around the globe have also become more aware of the crypto market and the various ways in which it can be regulated.

22.04 / 22:45

Government Binance AML Customer Binance pushes back against report exchange supplied customer data to Russian government

Major crypto exchange Binance challenged the accuracy of a report that one of its regional heads agreed to supply Russia's financial intelligence unit with customer data potentially related to donations for anti-corruption and anti-Putin activist Alexei Navalny.

22.04 / 03:27

Law Banks AML compliance OCC issues order against Anchorage Digital over AML compliance

The United States Office of the Comptroller of the Currency, or OCC, has said it intends to pursue cease and desist proceedings against cryptocurrency custody bank Anchorage Digital for violating certain anti-money laundering requirements.

18.04 / 21:55

markets European Union AML Bitcoin Is Bitcoin 'cheap' below $40,000? BTC derivative metrics are mixed

Bitcoin (BTC) dipped below $40,000 support on April 18, and the two-week 15% correction was enough to prompt predictions of $30,000 prices in the near term.

15.04 / 17:15

business regulation AML Regulatory compliance compliance regulatory Bitstamp asks users to update the source of their crypto, citing regulatory compliance

Major global cryptocurrency exchange Bitstamp continues increasing compliance efforts by requesting its users to provide more data like their source of wealth.

14.04 / 12:51

Europe POW AML MEP Stefan Berger: ‘Yes, we need regulations, but you still have to leave room to breathe’

The European Parliament’s Committee on Economic and Monetary Affairs recently approved a draft of its comprehensive Markets in Crypto Assets, or MiCA, crypto regulation package. The new framework covers a wide range of crypto-related subjects, such as the status of all major currencies and stablecoins and the regulation of crypto mining and exchange platforms.

06.04 / 16:21

Europe AML Unhosted is unwelcome: EU’s attack on noncustodial wallets is part of a larger trend

Last week, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties, Justice and Home Affairs (LIBE) voted in favor of a regulatory update that could compromise the exchange platforms’ ability to deal with noncustodial crypto wallets. Should the regulatory project make it to the legislation phase in the upcoming months, it would place severe disclosure requirements on transactions between noncustodial wallets and crypto exchanges in the European Union — a process whose signs are visible in other parts of the globe as well.

28.03 / 14:27

Law Europe European Union AML EU Parliament can outlaw transacting with 'unhosted' wallets, crypto advocate warns

Less than a week after a potential ban on Proof-of-Work (PoW) digital assets was dropped from the EU’s prospective MiCA framework, a new threat to the crypto industry could be emerging in the European Union. This time, it is non-custodial, or unhosted, wallets that are in regulators’ crosshairs.

27.03 / 17:05

privacy Zcash AML Monero privacy coins regulatory Privacy coins are surging. Will regulatory pressure stall their stellar run?

Recent weeks saw a massive surge of the so-called privacy coins’ prices — namely Monero (XMR), Dash (DASH), Zcash (ZEC) and Haven Protocol (XHV). As many other cryptocurrencies and the industry at large faced immense regulatory pressure amid the war in Ukraine, one narrative that began taking hold in the crypto space was the potential of such privacy-enhancing assets to provide investors a greater level of financial anonymity. But, can privacy coins deliver on Bitcoin’s (BTC) original promise?

12.03 / 17:07

Europe AML Ally or suspect? The war in Ukraine as a stress test for the crypto industry

It has been two weeks since Russia kicked off the first large-scale military action in Europe in the 21st century — a so-called “special operation” in Ukraine. The military conflict immediately triggered devastating sanctions against the Russian economy from the United States, the European Union and their allies and has put the crypto industry in a position that is both highly vulnerable and demanding.

11.03 / 20:43

Law Banks AML guidelines Bank of Israel issues draft guidelines on cryptocurrency AML/CFT

On Friday, the Bank of Israel published a draft regulation on Anti-Money-Laundering and Combatting the Financing of Terrorism (AML/CFT) risk management for the banks facilitating crypto-to-fiat transactions.

11.03 / 12:05

Law Europe European Union AML consolidation Consolidation and centralization: How Europe’s new AML regulation will affect crypto

According to recent media reports, six European countries, led by Germany, are working on launching an Anti-Money Laundering (AML) body that will include the cryptocurrency market in its purview. Details remain scarce, but it is known that the initiative involves Germany, Spain, Austria, Italy, Luxembourg and the Netherlands. The group is working on “the remit and design” of a new international AML watchdog force that will have a particular emphasis on crypto, and the European Commission — the key executive institution of the European Union — will be the primary platform for the discussion. How will the move affect the European crypto space?

28.02 / 17:27

Government Law AML What the launch of the FBI crypto task force means for the digital asset space

On Feb. 17, United States Deputy Attorney General Lisa Monaco announced at the Munich Cyber Security Conference the formation of the new task force “dedicated to cryptocurrency” within the Federal Bureau of Investigation (FBI). Coming four months after the launch of the Justice Department’s National Cryptocurrency Enforcement Team (NCET), this marks another major step in the U.S. government’s crusade against criminal abuse of cryptocurrencies.

24.02 / 01:05

regulation Europe European Union AML 2024 EU members reportedly plan for AML watchdog to oversee crypto firms by 2024

The European Commission, in coordination with other authorities, reportedly plans to have its financial watchdog group potentially oversee illicit transactions at crypto firms.

23.02 / 17:17

Government Law AML Crypto-asset Uphold becomes registered crypto-asset firm in UK post-FCA approval

A European subsidiary of United States-based crypto trading platform Uphold has received approval from the United Kingdom's Financial Conduct Authority (FCA).

20.02 / 08:15

Government Blockchain AML Want to weed out ransomware? Regulate crypto exchanges

Just between July 2020 and June 2021, ransomware activity soared by a whopping 1,070%, according to a recent Fortinet report, with other researchers confirming the proliferation of this mode of extortion. Mimicking the prevalent business model of the legitimate tech world, ransomware-as-a-service portals popped up in the darker corners of the web, institutionalizing the shadow industry and slashing the skill ceiling for wannabe-criminals. The trend should be ringing a warning bell through the crypto ecosystem, particularly since ransomware attackers do have a knack for payments in crypto.

17.02 / 00:41

business FATF AML compliance US-based crypto firms join forces for travel rule compliance

Many major crypto companies based in the United States have released a solution for the Financial Action Task Force's Travel Rule.

12.02 / 16:51

Art us government AML regulatory Laundering via digital pictures? A new twist in the regulatory discussion around NFTs

On Feb. 6, the United States Department of the Treasury released a report under the headline “Study of the facilitation of money laundering and terror finance through the trade in works of art.” In fact, only a tiny fraction of the 40-page document is dedicated to the “Emerging Digital Art Market,” by which the department understands the market for nonfungible tokens, or NFTs. Still, even a brief mention of the emerging NFT space in this context can have major implications for the tone of the nascent regulatory debate with regard to the asset class.

06.02 / 19:07

Ethereum Report Scams AML Chainalysis report finds most NFT wash traders unprofitable

Nonfungible tokens (NFT) have taken the world by storm, resulting in mainstream interest and greater adoption of cryptocurrency. According to blockchain analysis firm Chainalysis, NFT popularity skyrocketed in 2021. Chainalysis’ “NFT Market Report” shows a minimum of $44.2 billion worth of cryptocurrency sent to Ethereum smart contracts associated with NFT marketplaces and collections last year. The report notes that this number was $106 million in 2020.

23.01 / 17:19

Blockchain AML Bitcoin Future Crypto and NFTs meet regulation as Turkey takes on the digital future

In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain.

21.01 / 23:15

Blockchain Ethereum Adoption AML compliance NFTs and compliance: Why we need to be having this conversation

“Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws.” — Plato

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