Tagged: aml

Blockchain Secuirty Firm CipherTrace Launches Comprehensive Virtual Asset Tracing Capability

CipherTrace, the leading provider of cryptocurrency intelligence and blockchain security, announced on October 15 the launch of a comprehensive virtual asset tracing capability.  According to a press release shared with Crowdfund Insider, CipherTrace customers can trace Bitcoin (BTC) transactions and over 700 digital tokens following… Read More

Dutch Fintech Safened that Offers Digital KYC Checks Rebranded as Fourthline

Dutch Fintech firm Safened will be rebranding as Fourthline in order to comply with new know-your-customer (KYC) requirements. Safened has conducted digital identity checks for many clients, including established banks and financial services companies like Allianz, N26, and Wirecard. A team of experienced industry professionals… Read More

Former US Military Interpreter Sentenced to 30 Years in Federal Prison for Selling Fentanyl, Accepting Crypto Payments

Alaa Mohammed Allawi, a former interpreter for the US military forces, has been sentenced to 30 years in prison for selling fentanyl, which resulted in the death of a US marine. Allawi, who previously worked as an Iraqi US interpreter, will be serving his sentence… Read More

World’s Largest Crypto Exchange Binance to Use Confirm’s Anti-Money Laundering Compliance Tools

Binance, the world’s largest digital asset exchange by adjusted trading volume, has teamed up with crypto analytics company Confirm in order to enhance its anti-money laundering (AML) compliance procedures. Binance’s integration of Coinfirm’s blockchain-agnostic AML platform will improve the Malta-based exchange’s compliance with the relevant… Read More

AUSTRAC: PayPal Is Being Audited for Money Laundering, Counter-Terrorism Laws By Australian Authorities

AUSTRAC, Australia’s financial intelligence agency, ordered an audit on September 24 of international money transfers made by online payment service provider PayPal according to a release. Australia’s authorities suspect that the transactions facilitated by PayPal might be associated with serious crimes such as child exploitation. … Read More

Citing Money Laundering Concerns, South Korean Exchange UpBit Delists Privacy Coins Monero (XMR), ZCash (ZEC), DASH

South Korean digital asset exchange Upbit announced on September 20 that it will delist several privacy-oriented cryptocurrencies including Monero (XMR), Dash (DASH), and ZCash (ZEC). Upbit’s management noted in a blog post that it would also cease trading for PIVX, a privacy-focused proof-of-stake (PoS) currency… Read More

Bulgaria Drafts Bill Obliging Anti-Money Laundering Programs at Crypto Platforms

A draft bill designed to bring Bulgaria in line with anti-money laundering regimes in Europe and smooth the country’s bid to join the European Exchange Rate Mechanism (ERM II) and Banking Union has passed first reading in the Bulgarian parliament, Kinstellar reports. According to the… Read More

Australian Jailed in Colorado for Laundering Money Using Bitcoin

An Australian living in Boulder, Colorado has been sentenced to one year and a day in prison and 12 months probation for laundering money using Bitcoins. Emilio Testa, age 32, was arrested after selling bitcoins to undercover agents. “According to the stipulated facts contained in… Read More

UN Official Says Cryptocurrencies Making Child Exploitation Easier, More Profitable

Content warning: This article contains brief descriptions of the abuse of children. Reader discretion is advised. Cryptocurrencies are making cyber-crime, terror financing, money laundering and child exploitation much easier, Neil Walsh, chief of the Cybercrime and Anti-Money-Laundering section of the United Nation’s Office on Drugs and Crime… Read More

Switzerland: FINMA Re-Affirms Stringent Approach to Anti Money Laundering and Blockchain Technology

The Swiss Financial Market Supervisory Authority (FINMA) has published guidance as to the application of regulatory requirements for payments on the blockchain for financial services providers under FINMA supervision. Specifically, the guidance addresses anti-money laundering (AML) and know your customer (KYC) rules. In a release,… Read More

Dutch Banks Not Serving Blockchain Firms Due to Concerns About Money Laundering

Dutch banks are refusing to serve not only cryptocurrency trading platforms, but also “blockchain consultancies” or any firm using the terms “crypto” or “blockchain” in business filings, Nextens reports. According to the outlet: “An inventory was made in the Cryptocast program of BNR Nieuwsradio. When a… Read More

Regulated Japanese Crypto Exchange SBI VC is Now FATF Compliant in Partnership with CoolBitX

Regulated crypto exchange SBI VC (spun out from SoftBank), based in Japan, is now FATF compliant. Earlier this year FATF announced a set of requirements regarding “virtual asset service providers” or VASPs (mainly crypto exchanges). These new rules require the tracking and storing of all… Read More

Thailand Officials Amending Laws to Counter Crypto Money Laundering

Police Major Gen Preecha Charoensahayanon, chief of Thailand’s Anti-Money Laundering Office (AMLO) says cryptocurrencies, “will be a tool of new money laundering,” in the country going forward. “That’s why we’re amending laws to prepare us for new online missions,” Charoensahayanon told The Bangkok Post. Charoensahayanon… Read More

Report: Moscow Math Major Will Wash Trade Your Crypto Token for $6000

A young student at Moscow State University, Alexey Andryunin, and his unnamed partner, have come up with a lucrative sideline that has made them much less interested in their studies: the wash trading of crypto tokens to make it look like there’s a market for… Read More

Dutch Finance Ministry “Intensifying” Cryptocurrency and Anti-Money Laundering Rules Ahead of FATF Evaluation in 2021

The Dutch Finance Ministry and Ministry of Justice have vowed to regulate cryptocurrencies as part of the Netherland’s comprehensive new plan to combat money-laundering in the region. “Our goal is to guarantee an honest and safe financial system,” co-authors Minister of Finance Wopke Hoekstra and Minister… Read More

Citing “Major Global Regulatory Developments,” Blockchain Forensics Firm and Consultancy Chainalysis Hires Chief Technical Counsel

Blockchain forensics firm Chainalysis, which recently expanded into providing KYC/AML support services to cryptocurrency businesses, has added another member to its powerful compliance team. According to a company release, Michael Mosier, former high-ranking employee at the Department of Justice (DOJ), the Office of Foreign Assets Control… Read More

AML: Lithuania Amends Existing Laws to Regulate Cryptocurrency Sector

Lithuania’s previously unregulated cryptocurrency sector will now have to abide by provisions set out in the Fifth EU Anti-Money Laundering Prevention Directive, Lithuanian news outlet Delfi reports. Amendments to existing laws, made last Wednesday by members of the the Lithuanian cabinet, oblige all crypto businesses… Read More

G20 Finance Ministers Affirm Amended FATF Guidelines for “Crypto Assets” in Fukuoka, Say They’ll Be Adopted in Osaka

Finance Ministers from the world’s 20 most powerful economies have “…reaffirm(ed) (their) commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML (anti-money laundering) and CFT (anti-terrorist finance),” in a communique issued from a meeting they held this weekend… Read More

Will New Coinbase/Visa Crypto Card Enable Money Laundering?

Though cryptocurrencies were created to offer an alternative to traditional banking -and to affront it- the past two years have been characterized by crypto’s quest for legitimacy. To be fair, cryptocurrency exchanges with long-term interests, including Coinbase and Gemini, have attempted to be compliant from… Read More

New Estonian Government Proposes Tighter Anti-Money Laundering Restrictions, Higher Standards for Crypto Businesses

For the past few years, cryptocurrency businesses have been flocking to Estonia, attracted by the relaxed regulatory climate the country provided as it vied to be a leader in digital banking in the Baltics. According to ERR News: “The rapidity and ease with which foreign… Read More

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