Compliance Financial News

City firms are facing a compliance minefield as the UK government mulls expanding its sanctions against Russia over its invasion of Ukraine.

City firms are facing a compliance minefield as the UK government mulls expanding its sanctions against Russia over its invasion of Ukraine.

Aquila Capital, a German fund group audited by KPMG, has become the subject of a whistleblower report to the Financial Conduct Authority after a breach of the UK's pension rules, as has one of the firm's senior staff. 

The US arm of Binance, the world’s largest cryptocurrency exchange by trading volume, has named a new chief compliance officer.

The crypto exchanges have developed Travel Rule Universal Solution Technology (Trust), which they say ensures top-tier compliance while also protecting the security and compliance of their customers' information.Trust does not centrally store personal data, with the required information sent from one member to another through end-to-end encrypted channels. The system also includes a mechanism for the receiving exchange to prove that it’s the owner of the receiving crypto address before customer information is sent.In addition, all Trust member must meet core anti-money laundering, security, and privacy requirements.The 18 members are Anchorage, Avanti, BitGo, bitFlyer, Bittrex, BlockFi, Circle, Coinbase, Fidelity Digital Assets, Gemini, Kraken, Paxos, Robinhood, Standard Custody & Trust, Symbridge, TradeStation, Zero Hash, and Zodia Custody.

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

Legion Network to launch a new LGX token on the Binance Smart Chain (BSC) on February 17. The new blockchain aims to bring tokens, NFTs, P2E games and metaverse together in a single super application. The IDO will be occurring on the new Sekuritance Portal. ‍An initial DEX offering or IDO refers to the launching of a cryptocurrency on a decentralized exchange (DEX). In an IDO, a blockchain project makes a coin's first public debut on a DEX in order to raise funding from retail investors.

Financial services firms are being urged to step up checks on cybersecurity and money laundering as potential sanctions around the Russia-Ukraine crisis raise another compliance headache for the City.

Financial services firms are being urged to step up checks on cybersecurity and money laundering as potential sanctions around the Russia Ukraine conflict raise another compliance headache for the City.

Disclaimer: The text below is a press release that was not written by Cryptonews.com. 

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

In a report published on Friday, Reuters laid out the findings of its investigation into the regulatory compliance practices of Binance, the world’s largest cryptocurrency exchange by trading volume.

A labour market squeeze and evolving regulatory pressures are driving demand for compliance officers.

South Korean regulators are set to probe the nation’s four biggest crypto exchanges to test their anti-money laundering (AML) capabilities.

Binance, the world’s largest cryptocurrency exchange, is putting more effort into increasing compliance in the Commonwealth of Independent States (CIS), Russia and Ukraine.

Opaque regulations remain a top challenge for the cryptocurrency industry, according to Elena Hughes, chief compliance officer of cryptocurrency exchange Gemini Trust.

Opaque regulations remain a top challenge for the cryptocurrency industry, according to Elena Hughes, chief compliance officer of cryptocurrency exchange Gemini Trust Co.

The Financial Crimes Investigation Board (MASAK), which serves as Turkey’s financial intelligence unit under the Ministry of Finance and Treasury, found crypto exchange Binance’s Turkey operations guilty of violating laws that intend to prevent the laundering of money acquired through criminal means. According to local news media Anadolu Agency, MASAK carried out an audit of Law No. 5549 on Prevention of Laundering Proceeds of Crime, also known as the AML Law.

JPMorgan's $200m in fines to the US banking regulator for failing to keep track of workers' use of personal messaging apps are a sign that banks won't get a free pass in keeping tabs on workers during the pandemic.

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

Sundara Rajan, the chief compliance officer at CoinSwitch