Category: AML
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Law Decoded: How I learned to stop worrying and love the election, Oct. 23-30
The age-old question quis custodiet ipsos custodes crops up in force in today’s Law Decoded.
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How US authorities are using old AML tools to crack down on crypto
With new changes to the Travel Rule up for discussion and a bevy of new cases in the courts, it’s time to look at how U.S. AML law is shifting to cope with crypto.
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Cybercrime task force monitoring the global digital financial system
Regulators are addressing the growing threat of transnational cybercrimes in the financial industry.
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US AML watchdog wants info on all international crypto transactions over $250
The proposed change would cut down FinCEN’s longstanding $3,000 threshold.
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French Finance Minister throws shade at crypto, praises blockchain
He stated that he does not “question the reliability and traceability of all blockchain technology,” but denounced crypto.
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US financial watchdog fines early Bitcoin mixer $60M for money laundering
FinCEN has fined the operator of early crypto mixers Helix and Coin Ninja for Bank Secrecy Act violations.
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FSB Report Says Stablecoins Promote Financial Inclusion: Urges Regulators to Tighten Laundering Controls
The Financial Stability Board (FSB) says stablecoins have the potential to enhance the efficiency of the provision of financial services. The body adds that the hybrid cryptocurrencies have the potential to bring efficiencies to payments (including cross-border payments) as well as to promote financial inclusion. Yet despite this acknowledgment, the FSB still argues against the…
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Understanding the EU’s 6AMLD and the risk to your business
The changes brought about by 6AMLD will affect a lot of businesses, but there is still time to prepare for new rules.
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BitMEX operator hires chief compliance officer amid US criminal charges
The hire comes after BitMEX’s founders were charged with failing to prevent money laundering and operating an unregistered trading platform illegally in the United States.
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Memo to crypto exchanges: KYC compliance can be a competitive advantage
More regulation is coming, and it will be costly, but compliance can also expand an exchange’s customer base.