Tagged: aml

January 4, 2019 @ 5:22 pm By Cali Haan  |  

In order to align itself with the fifth EU money laundering directive and reinforce existing rules, the Irish Cabinet has passed a new bill targeting money laundering, “including the use of cryptocurrencies in funding terrorism,” according to a release from the Irish Department of Justice. The… Read More

December 10, 2018 @ 7:49 am By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) has outlined the requirements for anti-money laundering (AML) and firms seeking a Fintech license. Last week, FINMA issued the general guidelines for their Fintech license which is designed to encourage innovation in financial services by providing a streamlined approach… Read More

December 4, 2018 @ 9:22 am By JD Alois  |  

Multiple federal agencies have come together to encourage banks to innovate when it comes to compliance. The statement is part of a governmental working group that has been created to collaborate between some of the financial regulatory entities. The Office of the Comptroller of the Currency… Read More

November 2, 2018 @ 3:58 pm By Cali Haan  |  

Lawyers for the Winklevoss twins want to know where “Bitcoin’s first felon” Charlie Shrem’s money is coming from, and are suing him for 5000 bitcoins they say he owes their clients, the New York Times (NYT) reports. Shrem and a partner from England started Bitinstant in… Read More

October 25, 2018 @ 2:54 pm By Ștefan Neagu  |  

Background checks are broken. They’re necessary, especially when verifying personnel for sensitive positions, but right now, the system is broken. It’s a really lucrative business if you’re a background check company, because the system is great at exploiting companies checking applicants and creating more work… Read More

October 23, 2018 @ 1:15 am By Cali Haan  |  

The Financial Action Task Force (FATF), a Paris-based inter-governmental body “representing most major financial centres in all parts of the globe” and tasked with establishing anti-money laundering (AML) and anti-terrorist financing (CFT) standards worldwide has stated in an October 19th release: “There is an urgent need for… Read More

October 21, 2018 @ 11:00 am By Max Lyadvinsky  |  

The blockchain has revolutionized a number of industries, but none so much as the financial sector. From equity crowdfunding platforms which allow users to buy shares in projects with tokens, to startups raising funds through initial coin offerings (ICOs), to token exchanges where users can… Read More

October 18, 2018 @ 3:16 am By Erin Hobey  |  

Chainalysis, a cryptocurrency compliance and investigation solutions provider, has completed a global roll-out of its compliance solution with Binance, the world’s largest cryptocurrency exchange by trade volume, to help address the challenges at the intersection of cryptocurrencies, regulators and traditional financial institutions. “Cryptocurrency businesses of… Read More

October 2, 2018 @ 4:26 pm By JD Alois  |  

On September 28th, WSJ.com published an article on cryptocurrency entitled “How Dirty Money Disappears into the Black Hole of Cryptocurrency.” Authors Justin Scheck and Shane Shifflett slammed crypto exchange Shapeshift as complicit in illicit trades deemed to be attempts to launder money with with crypto. Yesterday, Erik Voorhees,… Read More

September 28, 2018 @ 8:57 am By JD Alois  |  

Modulus, a developer of trading and surveillance tech for both traditional securities and digital assets, has partnered with CipherTrace to provide an Anti-Money Laundering (AML) solution that will be included in Modulus’ crypto exchange solution. The CipherTrace tech is described as identifying the full stack… Read More

September 27, 2018 @ 2:40 pm By Cali Haan  |  

Lourdes Miranda, an independent financial intelligence analyst/financial crimes investigator, and Ross Delston, a lawyer specialized in anti-money laundering, have told the Asia Times that they believe North Korea (DPRK) is probably using cryptocurrency channels to skirt US sanctions. “International criminals everywhere prefer crypto-currencies and the… Read More

July 11, 2018 @ 10:43 am By JD Alois  |  

HBUS, a cryptocurrency marketplace that has partnered with Huobi, has chosen IdentityMind Global, to provide anti-money laundering (AML) compliance for digital currency trading platform. HBUS only launched this week providing crypto trading to US residents (minus a few states). HBUS said it is dedicated to… Read More

July 3, 2018 @ 10:17 am By JD Alois  |  

Q2 2018 Sees Increase in Crypto Theft and in Cryptocurrency Money Laundering CipherTrace has published a report on Crypto Theft and money laundering. Their research covers the second quarter of 2018 and according to the document there has been a dramatic rise in Crypto crime… Read More

June 10, 2018 @ 6:54 pm By JD Alois  |  

The Canadian Government, under the auspices of the Department of Finance, has published a series of updated rules to strengthen Canada’s AML / ATF Regime that includes regulating businesses dealing in virtual currency. The Canadian government states that the fast changing financial services industry is being… Read More

June 4, 2018 @ 6:47 am By Shaswat K. Das and Richard S. Garabedian  |  

Over the past few years, continued advancements in the payments industry and financial services technology have significantly expanded the way money financial transactions are processed and managed.  Banks and payment and technology firms are accelerating efforts to innovate and adapt financial services alternatives to meet… Read More

April 30, 2018 @ 9:05 am By JD Alois  |  

Stating that Cynopsis Solutions is already the largest provider of KYC services to blockchain and cryptocurrency based projects in Asia Pacific, the company has launched an initial coin offering (ICO) program via a subsidiary called traceto.io. This new entity seeks to expand its decentralized platform… Read More

March 5, 2018 @ 6:49 am By JD Alois  |  

Bank Negara Malaysia (the central bank of Malaysia) has published an Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies. The document sets out the minimum requirements that a reporting institution must observe to increase the transparency of activities relating to digital currencies, such… Read More

March 2, 2018 @ 12:43 pm By JD Alois  |  

As reported earlier today, Mark Carney, the Governor of the Bank of England, delivered a speech today address the rise of cryptocurrencies and the future of money. In Carney’s opinion, cryptocurrencies are “failing as money.” He outlined his opinion why crypto, including Bitcoin, simply does… Read More

February 27, 2018 @ 8:16 am By JD Alois  |  

Accuity, a financial crime compliance, payments and know- your-customer (KYC) platform, has partnered with France-based Fintech Lemon Way, to help flag potentially high-risk customers. Lemon Way has decided to utilize Accuity’s  Firco Compliance Link, a solution which will enable the business to streamline its financial… Read More

February 26, 2018 @ 1:42 pm By JD Alois  |  

In a speech today delivered by European Commission Vice President Valdis Dombrovskis, the public official commented on the the EU Roundtable on Cryptocurrencies. The “debriefing” was light on details and simply shared a high level perspective of the discussion. Dombrovskis said the mission of the… Read More