Tagged: cft

February 7, 2023 @ 10:54 am By Omar Faridi  |  

Gate.io, which claims to be one of the world’s “leading” digital asset trading platforms, has chosen Coinfirm, a key player focused on analytics and anti-money laundering (AML) solutions for the blockchain industry, “as one of its key AML/CFT partners.” The partnership will “give Gate.io access… Read More

July 7, 2022 @ 1:09 pm By Collette Allen  |  

The entire world is on edge with the events unfolding in Ukraine. As NATO responds and sanctions have been imposed on Russia, what does this mean for businesses? As part of an overall Anti-money laundering and fraud protection strategy, screenings performed for new clients prevent… Read More

July 7, 2022 @ 8:07 am By Omar Faridi  |  

HM Treasury had introduced a consultation in July of last year, entitled “Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022.” This consultation outlined how the UK Government intended “to amend the UK’s Money… Read More

April 5, 2022 @ 11:00 am By JD Alois  |  

Last Thursday, Members of European Parliament (MEP) voted to create new rules to track crypto transfers. The Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties (LIBE) adopted the legislation, with 93 votes for and 14 against, and 14 abstentions. The… Read More

February 8, 2022 @ 3:03 pm By JD Alois  |  

Anti-money laundering (AML) fines had a blockbuster year in 2021, according to a report by Kyckr. The data firm recently posted a report on AML occurrences around the globe indicating that while the total amount of fines dipped in 2021 the number of institutions that… Read More

February 1, 2022 @ 8:03 am By Omar Faridi  |  

The European Banking Authority (EBA) has introduced its central database for anti-money laundering and counter-terrorist financing (AML/CFT). This European reporting System for material CFT/AML weaknesses, EuReCA, will be key to coordinating ongoing efforts by relevant authorities and the EBA to prevent and combat money laundering… Read More

July 21, 2021 @ 11:02 am By JD Alois  |  

Yesterday, the European Commission announced an update to the European Union’s anti-money laundering and countering terrorism financing (AML/CFT) rules. Part of the update is a requirement that anonymous crypto asset wallets will be prohibited. Additionally, the Commission is creating a new  EU AML Authority (AMLA)…. Read More

July 20, 2021 @ 11:05 am By JD Alois  |  

The European Commission has updated the European Union’s anti-money laundering and countering terrorism financing (AML/CFT) rules. Included in the new policy is a requirement that anonymous crypto asset wallets will be prohibited. Along with the new policy on AML/CFT is the creation of a new… Read More

July 17, 2021 @ 4:26 pm By Omar Faridi  |  

Leading blockchain analysis firm Chainalysis has released an update titled, “Not All Blockchain Analysis Providers Are the Same and Other Insights from FATF’s Second 12-Month Review.” The Financial Action Task Force (FATF) is the inter-governmental entity that’s responsible for establishing international standards relating to anti-money… Read More

July 8, 2021 @ 8:02 pm By Omar Faridi  |  

On July 5, 2021, the Financial Action Task Force (FATF) had completed its second 12-month review of the implementation of its updated Standards on virtual assets and virtual asset service providers or VASPs. A review from CipherTrace examines how different jurisdictions and the private sector… Read More

July 1, 2021 @ 10:27 am By Omar Faridi  |  

On June 30, 2021, the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes, issued its first… Read More

April 4, 2021 @ 3:18 pm By Omar Faridi  |  

The team at Banking Circle, a leading financial infrastructure developer, notes that as the first quarter of 2021 comes to an end, anti-money laundering or AML measures have been “a key focus in the industry.” The company writes in a blog post that following the… Read More

March 9, 2021 @ 9:58 am By JD Alois  |  

The European Banking Authority has published a document that addresses anti-money laundering (AML) and counter-terrorist financing (CFT) when it comes to crowdfunding. The guidelines for crowdfunding platforms are incorporated into the Final Report “on customer due diligence and the factors credit and financial institutions should… Read More

January 29, 2021 @ 9:05 pm By Omar Faridi  |  

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has reportedly reviewed and approved the applicable guidelines for virtual asset service providers (VASP) and other entities that facilitate financial services by using VASPs (also referred to as cryptocurrencies). The new guidelines have updated the… Read More

January 26, 2021 @ 9:02 pm By Omar Faridi  |  

Blockchain security firm CipherTrace notes that during her confirmation hearing on January 19, Dr. Janet Yellen, US President Joe Biden’s pick for Secretary of the Treasury, had said that “many” virtual currencies remain “a particular concern” when it comes to terrorism and criminal financing (and… Read More

January 22, 2021 @ 8:00 am By Omar Faridi  |  

A recent report released by the Hong Kong Monetary Authority (HKMA) has outlined various case studies and insights from banking institutions that have implemented different technologies to improve the overall efficiency and effectiveness of their AML/CFT requirements. The HKMA’s report identifies key opportunities that regulatory technology… Read More

January 9, 2021 @ 12:23 pm By Omar Faridi  |  

Blockchain security firm CipherTrace recently explained and discussed the differences between virtual asset service providers (VASPs), money service businesses (MSB), money transmitters, digital asset customers, and how they impact crypto-related compliance measures. CipherTrace noted that cryptocurrency, digital assets, convertible virtual currency, and other terms seem… Read More

December 30, 2020 @ 11:56 am By JD Alois  |  

The government of Singapore has published a document covering the risk of terrorism financing (TF) and financial services. The report was compiled by a consortium of agencies including the Monetary Authority of Singapore, Ministry of Home Affairs, and the Ministry of Finance. To quote the… Read More

August 25, 2020 @ 8:27 am By Omar Faridi  |  

The Bank for International Settlements (BIS), a global financial institution owned by reserve banks that aims to support international monetary and financial cooperation and acts as a bank for central banks, has noted that central bank digital currencies (CBDCs) are now “in the limelight.” However,… Read More

July 26, 2020 @ 1:18 pm By Omar Faridi  |  

The Electric Coin Company (ECC), which supports the development of Zcash (ZEC), a privacy-oriented cryptocurrency, recently revealed that Liquid will be delisting ZEC along with 28 other digital currencies or tokens because the Japanese crypto trading platform is planning to apply for a license to… Read More