Tagged: fatf

November 20, 2020 @ 3:00 pm By JD Alois  |  

  Phil Liu is Chief Legal Officer and co-founder of Arca – a regulatory compliant digital asset investment platform that is building financial products utilizing blockchain. Arca is the first firm to offer a registered fund with shares issued as a digital security. The Fund… Read More

November 18, 2020 @ 9:15 pm By Omar Faridi  |  

Sygna Bridge, the “market-ready” solution developed for Virtual Asset Service Providers (VASPs) to fulfill the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule,” has reportedly become the very first FATF Travel Rule solution to go through an independent assessment by The Association of Cryptocurrency… Read More

November 14, 2020 @ 2:52 pm By Omar Faridi  |  

Blockchain security firm Ciphertrace has noted that FinCEN’s suggested rule change for the Travel Rule Threshold would “more than double” compliance events for US-based virtual asset service providers or VASPs. CipherTrace confirms that FinCEN had released a proposed rule change (in October 2020). The recommendation… Read More

November 12, 2020 @ 8:10 am By Omar Faridi  |  

Sygna Bridge, the “market-ready” solution provider developed specifically for Virtual Asset Service Providers (VASPs) to fulfill the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule,” has confirmed that Switzerland-based online bank Dukascopy Bank SA has joined its network of over 20 VASPs operating across… Read More

November 4, 2020 @ 10:16 am By JD Alois  |  

In 2019, the Monetary Authority of Singapore (MAS) launched a consultation on the Payment Services Act (PS Act) that in relation to AML/CFT, and other amendments in respect of digital payment token (DPT) service and certain technical amendments. The consultation address certain proposed amendments to… Read More

November 3, 2020 @ 9:13 am By JD Alois  |  

The Hong Kong Government has launched a consultation to gauge public opinion on legislative proposals designed to enhance anti-money laundering and counter-terrorist financing (AML/CTF) regulation in Hong Kong. The targets include cryptoassets (digital assets) with the introduction of a licensing regime for virtual asset services… Read More

October 26, 2020 @ 12:19 pm By JD Alois  |  

The Financial Crimes Enforcement Network (FinCEN) and the US Federal Reserve Board has invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. The travel rule is affiliated with the Financial Action Task Force’s (FATF)… Read More

October 21, 2020 @ 10:44 pm By JD Alois  |  

Last week, the G20 Finance Ministers and Central Bank Governors welcomed the efforts of the FATF to identify the money laundering and terrorist financing risks that have arisen during the COVID-19 pandemic.  The G20 said that the COVID health crisis is being exploited by criminals… Read More

September 23, 2020 @ 11:34 pm By Omar Faridi  |  

The Financial Action Task Force (FATF) recently published a document for regulatory authorities and enforcement agencies. The FATF listed several different “red flags” in cryptocurrency transfers and service user profiles that may indicate that the entities involved in the transactions are engaging in money laundering,… Read More

September 17, 2020 @ 11:04 am By JD Alois  |  

The Gibraltar Financial Services Commission (GFSC) reports that it is updating its regulatory approach pertaining to Distributed Ledger Technology Providers (DLT). Gibraltar describes the update as a “natural evolution of the defined regulatory principles.” Gibraltar was quick to embrace digital assets – both securities and cryptocurrencies…. Read More

September 15, 2020 @ 8:22 am By Omar Faridi  |  

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to combat money laundering and terrorism financing, has released an updated report, titled, Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing. Published on September 14, 2020, the report notes that… 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 20, 2020 @ 10:21 pm By JD Alois  |  

CoolBitX and Elliptic have partnered to launch Sygna Bridge. a solution for virtual asset service providers (VASPs) to comply with the Financial Action Task Force (FATF) travel rule for crypto. CoolBitX is a blockchain security company. Elliptic is a crypto risk management firm. The collaboration… Read More

July 17, 2020 @ 8:59 am By Omar Faridi  |  

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to combat money laundering and terrorism financing, recently concluded its year long review of its Travel Rule standards for virtual asset service providers (VASPs). The FATF confirmed that it will be extending its… Read More

July 15, 2020 @ 5:41 pm By JD Alois  |  

Jackson Mueller has long been a key voice and industry participant in the policy realm in regards to the Fintech ecosystem. Until recently, Mueller was the Associate Director, Fintech Program at the Milken Institute, Center for Financial Markets. Mueller’s reports have long been a solid… Read More

July 8, 2020 @ 7:00 am By JD Alois  |  

The Financial Action Task Force (FATF) has published a 12 month review on digital assets, or virtual assets, addressing global standards regarding anti-money laundering and counter-terrorism financing (AML/CFT) requirements on virtual assets and virtual asset service providers (VASPs). VASPs are mainly digital asset exchanges (cryptoasset… Read More

July 1, 2020 @ 10:41 am By JD Alois  |  

The Financial Action Task Force (FATF) completed a meeting this week calling on members to “tackle new threats and vulnerabilities posed by criminals during the COVID-19 crisis.” The FATF is an international policy-making and standard-setting body, headquartered in Paris, dedicated to combating money laundering and… Read More

June 21, 2020 @ 12:23 pm By Omar Faridi  |  

  Blockchain analysis is quite useful when conducting investigations into cryptocurrency-related transactions. It has also become essential when determining whether digital asset service providers are complying with application regulatory and compliance guidelines. Blockchain security and analysis firm Chainalysis says that it uses special software tools… Read More

May 16, 2020 @ 5:50 pm By JD Alois  |  

FinCEN Director Kenneth A. Blanco delivered a speech at virtual Consensus this past week addressing several hot topics of the day – including the “Travel Rule”; the FATF requirement that virtual asset service providers (or VASPs – think crypto exchanges) maintain information on purchasers and… Read More

May 8, 2020 @ 4:22 pm By Omar Faridi  |  

  CoolBitX, a blockchain security firm that’s developing the infrastructure needed to bridge the gap between the mainstream financial market and cryptocurrency sector, recently presented its findings of Sygna Bridge’s production report to Financial Action Task Force (FATF) Contact Group members. As mentioned in a… Read More