Tagged: fatf

FATF List of Cryptocurrency Service Red Flags to Help Standardize how Jurisdictions Track Illicit Transactions, Chainalysis Says

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

Gibraltar Updates DLT Regulation to “Capture a Natural Evolution” of Digital Assets

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

FATF Releases Updated Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing Report

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

Retail Focused Central Bank Digital Currencies are “More Advanced” where Informal Economy is Larger: BIS Report

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

Elliptic and CoolBitX Partner on FATF Travel Rule Fix for VASPs – Sygna Bridge

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

The EU has Fallen Behind on FATF’s Timelines, including Adopting Rules for Virtual Asset Service Providers, Elsa Madrolle from CoolBitX Claims

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

Former Fintech Lead at Milken Institute, Jackson Mueller Takes New Role at Digital Asset Firm Securrency

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

FATF 12 Month Review on Digital Assets and Virtual Asset Service Providers

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

FATF Meeting Addresses Virtual Assets, Study Continues on Crypto with Focus on Stablecoins

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

60% of Bitcoin Is Held by Entities that have Never Sold More than 25% of their BTC Holdings: Report

  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

FinCEN Director Kenneth Blanco Discusses Travel Rule for Crypto, COVID-19 is a Lure for the Bad Guys

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

Regtech: Blockchain Security Firm CoolBitX Presents Findings of Sygna Bridge’s Production Report to FATF Contact Group

  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

Coalition of International Blockchain Groups Agrees to Standard to Comply with FATF Travel Rule for VASPs

The Financial Action Task Force (FATF), the global anti-money laundering and terrorist financing organization, posted requirements for virtual asset service providers or VASPs in 2019. The guidelines required intermediaries to maintain information on digital asset transactions from both buyers and sellers – called the Travel… Read More

UAE’s Authorities Request Financial Service Providers to Use Latest Fintech and Regtech to Help Follow AML Guidelines During COVID-19 Outbreak

The United Arab Emirates’ (UAE) top regulatory authorities have asked local businesses to leverage the latest Fintech solutions to counter anti-money laundering (AML) and other types of illicit financial activities. The advisory was issued by the nation’s reserve bank, Ministry of Economy, Ministry of Justice,… Read More

Cayman Islands Proposes New Legislation to Regulate Firms Dealing in Cryptocurrencies, Particularly Exchanges

The legislative assembly of the Cayman Islands has introduced five new pieces of legislation that may be used to regulate local firms dealing in cryptocurrencies. The proposed rules have mainly been created to monitor the operations of digital asset exchanges. The Virtual Asset Service Provider… Read More

Central Bank Digital Currencies Increasingly Being Considered by Governments, as AML/CFT Regulations Tighten: Report

New York-based BitOoda, a digital asset and Fintech firm, recently published its cryptocurrency market regulatory analysis report. Governments throughout the world are struggling to deal with the devastating economic consequences of the deadly Coronavirus (COVID-19) pandemic. The BitOoda team reveals: “We’ve noted an uptick in… Read More

Gibraltar to Introduce Regulations for Reducing Alleged Market Manipulation by Blockchain or DLT Firms

Albert Isola, Gibraltar’s minister for digital and financial services, has confirmed that the territory will be introducing regulatory guidelines specifically for eliminating or reducing market manipulation – which is allegedly being carried out by crypto and blockchain companies. Isola explained in a recent interview with… Read More

CipherTrace Enlisted to Advise Japanese Regulators on FATF Crypto Travel Rules

CipherTrace, a cryptocurrency research and tracking platform that provides services to both the public and private sector, has distributed a note that it is meeting with Japanese financial regulators to review the relatively new FATF travel rules and its impact on “virtual asset service providers… Read More

Blockchain Regulatory Software Developer Shyft Network to Help Binance Comply with FATF Guidelines

Malta-based digital asset exchange Binance has teamed up with Shyft Network, the developer of a public blockchain protocol, in order to ensure that it is complying with updated Financial Action Task Force (FATF) financial market regulations. The Shyft Network was developed to offer a decentralized… Read More

Regtech: Taiwan’s CoolBitX, a Blockchain Security Firm, Secures $16.75 Million in Funding via Round Led By SBI Holdings

Asia-based CoolBitX, a leading blockchain or distributed ledger tech (DLT) security firm, has acquired $16.75 million in capital through a Series B investment round from several large investors. CoolBitX’s funding round was led by Japan-based financial services company SBI Holdings. Monex Group, South Korean crypto-asset… Read More

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