Tagged: aml

ThetaRay, Provider of Big Data and AI-enhanced Analytics Tools, Joins Microsoft’s Partner Program to Offer AML Solution

ThetaRay, a provider of Big Data and artificial intelligence (AI)-enhanced analytics tools, has joined Microsoft’s (NASDAQ:MSFT) partner program, One Commercial Partner, which provides various cloud-powered solutions. ThetaRay’s anti-money laundering (AML) solution for correspondent banking can be accessed through Microsoft’s Azure Marketplace. A large US bank… Read More

CBDC: Central Bank Digital Currencies Could Offer a Public Means of Payment Without Needing a Bank Account, IMF Official Says

Tao Zhang, deputy managing director at the International Monetary Fund (IMF), has argued that issuing central bank digital currencies (CBDCs) may lower costs and enhance the overall efficiency of the financial system. Zhang, whose comments came during a keynote presentation, held at the London School… Read More

Digital Assets: Tokeny, a Tokenization Platform, Partners with Cynopsis on AML and KYC

Luxembourg based Fintech Tokeny Solutions has partnered with Cynopsis to provide a streamlined compliance solution to its customers. Cynopsis Solutions was established in Singapore in 2014 and offers services designed to automate KYC processes. It has operations in Singapore, UK, Taiwan, and Vietnam. Cynopsis Solutions… Read More

Switzerland’s Stock Exchange Operator SIX Group to Integrate Know Your Customer in Order to Perform Improved Financial Risk Assessement

Zürich-based Swiss Infrastructure and Exchange (SIX) Group AG, the operator of Switzerland’s stock exchange, will be integrating a platform developed by Know Your Customer, in order to enhance its existing procurement process and to be able to perform a better assessment of risks when dealing… Read More

South Korean National Assembly Introduces Amendment to Officially Bring Cryptocurrencies Under Country’s Legal System

The South Korean National Assembly introduced an amendment on March 5, 2020 which will officially bring decentralized cryptocurrencies under the $1.5 trillion economy’s legal system.  The amendment, as drafted, makes changes to the established Act on Reporting and Use of Specific Financial Information, in order… Read More

Regtech: Dublin-based Regulatory Software Developer DX Compliance Solutions to Raise €1.2 Million via Seed Round

Ireland-based DX, a Regtech firm focused on developing compliance software, aims to introduce flexible anti-money laundering (AML) checks and processes for Fintech companies. Simon Dix, a lawyer who previously worked at Germany-based digital bank Fidor Bank, has extensive experience dealing with AML compliance matters in… Read More

Social Media Firms that Support Cryptocurrencies Must Look Out for Illicit Financial Activities, Says FinCEN Deputy Director

Jamal El-Hindi, deputy director at the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury Department that analyzes information about financial transactions in order to prevent illicit activities, is calling on firms interested in bridging the cryptocurrency space with social media networks and… Read More

BaFin, Germany’s Financial Supervisory Authority, Clarifies How New Digital Assets Law Applies to Firms Operating Outside of the Country

BaFin, Germany’s financial supervisory authority, recently clarified how the leading European nation’s new crypto-asset custody law would apply to companies that are operating outside of the country, yet still serve local markets. BaFin’s latest guidance, published last month, notes that firms which are currently custodying… Read More

Israeli Securities Authority Issues a Request for Information to Identify Regulations that May Hinder Ongoing Blockchain Industry Development

The Israeli Securities Authority (ISA) has reportedly issued a Request For Information in order to identify regulatory policies that could hinder the ongoing development of distributed ledger technology (DLT)-focused projects in Israel. The country’s regulator is also planning to look closely into the potential use… Read More

New Jersey’s NICE Actimize Confirms CipherTrace has Joined Financial Crime and Compliance Platform X-Sight MarketPlace

New Jersey-based NICE Actimize, a subsidiary of Israel-headquartered NICE Ltd, recently confirmed that CipherTrace, a leading provider of digital currency intelligence and blockchain security, has joined the X-Sight Marketplace – which is an established platform for combating financial crime and ensuring compliance. The X-Sight Marketplace… Read More

Chainalysis: Binance, Huobi, other Major Exchanges Used to Transfer $2.8 Billion in Bitcoin to Criminals in 2019

Chainalysis, a leading blockchain analytics and cybersecurity firm, revealed on January 15, 2020 that it had managed to trace $2.8 billion in Bitcoin (BTC) being transferred to criminals via cryptocurrency exchanges in 2019, with the vast majority of these transactions going through Binance and Huobi,… Read More

Clear the Field: Licenses of Four Cryptocurrency Exchanges Revoked in Australia

Australia’s anti-money laundering agency has revoked the licences of four cryptocurrency exchanges linked to crime in the country, IT News reports. AUSTRAC revoked licenses at AUSCOIN ATM and MK Buy & Sell in September. Both projects were run by “Lamborghini-driving Bitcoin trader Sam Karagiozis” and associates…. Read More

Report: Two More Cryptocurrency Companies Shut Down Rather Than Oblige New EU Anti-Money Laundering Laws

On December 13th, Bottle Pay, a company variously described as a “custodial Bitcoin wallet provider,” a “payments startup” and a “social media Bitcoin tipping service,” announced it is closing December 31st because it does not want to impose extraordinary anti-money laundering (AML) measures on users. On… Read More

AML Software Developer Salv Secures $2 Million in Seed Round Led by Fly Ventures, Passion Capital and Seedcamp

Salv, an anti-money laundering (AML) company established by former employees at Skype and TransferWise, has secured $2 million via a seed funding round. Salv’s investment round was led by Fly Ventures, Passion Capital and Seedcamp. N26 founder Maximilian Tayenthal, former Twilio CTO Ott Kaukver, and… Read More

InstaReM Adds “e-KYC” Service in Malaysia

Payments and transfer Fintech InstaReM, part of the  NIUM payments platform, has added an electronic-Know Your Customer or “e-KYC”. InstaReM’s e-KYC eliminates the need for in-person checks. The service is now available in Malaysia has enabled by the central bank the Bank Negara Malaysia (BNM)…. Read More

Ukraine’s Government Approves Final Draft of New Anti-Money Laundering Laws that Apply to Virtual Assets

Ukraine’s government has reportedly approved the nation’s final draft of a new money laundering law that applies to virtual assets (or cryptocurrencies) and virtual asset service providers (VASPs), according to the Financial Action Task Force (FATF) guidelines. The Rada, the country’s legislative body, released a… Read More

Blockchain Network Zilliqa to Use Elliptic’s Risk Management Tools to Enhance Platform Infrastructure Security and Compliance

Zilliqa, a blockchain-based platform that aims to deliver high-throughput and high-security, has teamed up with Elliptic, a provider of digital asset risk management software for crypto firms and financial institutions. According to a press release shared with Crowdfund Insider, the partnership between Zilliqa and Elliptic… Read More

$4.4 Billion in Cryptocurrency-related Thefts Scams Recorded in 2019 but Scams Decline During Q3: CipherTrace Report

CipherTrace, an established crypto and blockchain intelligence company, has published its Q3 2019 Cryptocurrency Anti-Money Laundering (AML) report. The report addresses “cryptocurrency regulation, nefarious actors within the ecosystem, impending legislation, international trends and prevailing sentiments,” according to a press release shared with CrowdFund Insider. The… Read More

Regtech: Crypto Compliance Firm TRM Raises $4.2 Million in Funding from Blockchain Capital, PayPal Ventures, Others

TRM, a digital currency compliance and risk management service provider, recently revealed that it has acquired $4.2 million in funding from Blockchain Capital, Initialized Capital, PayPal Ventures, and Y Combinator. As noted in a release, TRM has raised a total of $5.9 million through its… Read More

AML Compliance Firm Elliptic Launches XRP Monitoring Platform, Points to $400 Million in Nefarious Transactions

Elliptic, a provider of crypto-asset risk management solutions, has launched a monitoring system for XRP (Ripple) transactions. Simultaneously, Elliptic claims they have identified “$400 million of illicit activity” without naming perpetrators nor specifically what type of illegal transactions are taking place. Elliptic notes that this… Read More

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