Tagged: aml

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

Standard Chartered Partners Contextual Intelligence Decision Intelligence Software Firm Quantexa to Boost Anti-Financial Crime Efforts

London-based Standard Chartered, a multinational banking and financial services company with $688 billion in assets, has teamed up with Quantexa, a contextual decision intelligence software developer, in order to enhance the bank’s anti-financial crime efforts. Quantexa’s management says the company will support Standard Chartered’s financial… Read More

Malaysia to Strengthen AML and Counter Terrorism Financing Framework By Imposing $6,000 Limit on Cash Transactions

Malaysia is reportedly planning to impose a $6,000 limit on cash transactions next year, according to the deputy governor of the nation’s central bank. The restrictions on cash payments is being placed in order to reduce the number of illicit financial activities. The limit on… Read More

Andreessen Horowitz, Multicoin Capital, Union Square Ventures Lead Arweave’s $5 Million Investment Round

Silicon Valley-based venture capital firm Andreessen Horowitz recently led a $5 million investment round for Arweave, a blockchain firm that’s developing permanent online data storage solutions. On November 5, the developers of Arweave revealed that they had managed to receive investments from world-leading funds in… Read More

Binance to Offer Institutional-Grade AML Controls and Transparency with Support from CipherTrace

California-based blockchain analytics firm CipherTrace recently began supporting crypto exchange Binance’s native digital token, BNB, and its public blockchain platform, Binance Chain. As explained in the release, “Binance Chain is the underlying blockchain layer for Binance’s (decentralized/non-custodial exchange) DEX. Now, with support from CipherTrace, Binance… Read More

Regtech: London-based Crypto Firm Knabu Is Testing Bank Regulatory Reporting with Blockchain Firm Factom

London-based crypto firm Knabu is reportedly testing bank regulatory reporting with US-based Factom, Inc., a blockchain innovations company that provides various blockchain as a service (BaaS) platforms. In statements shared with Coindesk, the UK-based company revealed that it launched its 30-day pilot on October 31,… Read More

Regtech Firm Exec Says EU’s 6th Anti-Money Laundering Directive “Clears Path for Holding Responsible Parties Accountable”

The European Union’s sixth anti-money laundering directive (6AMLD) is expected to take effect on December 3, 2020. The new directive recommends several penalties for non-compliance.  EU Member States are required to have 6AMLD incorporated into their national legislation by December of next year and related… Read More

Dash Group’s Omar Hamwi Says Privacy Coin Dash Complies With FATF’s Guidelines, Including “Travel Rule”

A number of concerns have been raised by digital currency exchanges regarding whether certain cryptocurrencies comply with relevant Financial Task Force (FATF) guidelines, including the “travel rule.”  Dash (DASH), one of the largest privacy-oriented crypto assets, has been a popular target for some digital asset… Read More

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

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