Tagged: fatf

Hackers Sell Bitcoins Stolen from Binance…on Binance

Binance, a major cryptocurrency exchange that suffered a $44 million USD hack in May, recently processed some of the Bitcoins stolen from it on behalf of the hackers, digital currency Regtech firm Coinfirm reports. According to data Coinfirm furnished to Coindesk, hackers have been moving… Read More

Dutch Finance Ministry “Intensifying” Cryptocurrency and Anti-Money Laundering Rules Ahead of FATF Evaluation in 2021

The Dutch Finance Ministry and Ministry of Justice have vowed to regulate cryptocurrencies as part of the Netherland’s comprehensive new plan to combat money-laundering in the region. “Our goal is to guarantee an honest and safe financial system,” co-authors Minister of Finance Wopke Hoekstra and Minister… Read More

Here is the Guidance by FATF on VASPs Presented at G20

As has been widely reported, the Financial Action Task Force (FATF) presented a report providing guidance for financial services at the G20 last week. FATF is an independent inter-governmental body that develops policies to protect the global financial system. This includes strategies against anti-money laundering,… Read More

V20 Looks to Pull Global Crypto Industry Together, MOU Signed by National Trade Associations

The V20 Summit, a crypto focused event taking place alongside the G20 in Japan, has announced a Memorandum of Understanding (MOU) signed by a “group of key national trade associations” to create a single association to provide a unified, global voice representing “Virtual Asset Service… Read More

US Secretary of the Treasury Steven Mnuchin on Crypto: “VASPs will be required to implement the same AML/CFT requirements as traditional financial institutions”

Last week, FATF President Marshall Billingslea of the US, chaired the Plenary meeting under the U.S. Presidency in Orlando.  US Secretary of Treasury Steven T. Mnuchin was on hand to provide remarks on the accomplishments of the group. As part of his speech at the… Read More

Bitbond CEO Says FATF is Going Too Far with Global Guidelines for Crypto Industry

Bitbond, a Germany-based global online lending platform that is in the process of issuing one of the first security tokens, says guidelines issued by FATF impacting “virtual asset service providers” or VASPs – has gone too far. Bitbond, licensed by BaFin, is in the midst… Read More

V20 to Discuss Challenges from FATF Guidance Impacting Virtual Asset Service Providers

The Financial Action Task Force (FATF) is out with their “Guidance for a Risk-based Approach: Virtual Assets and Virtual Service Providers.” This guidance, which was widely expected to be released today, should be rubber-stamped at next week’s G20 meeting in Japan. The proposals included in… Read More

Report: Incoming FATF Rules for Crypto Will Be Costly and Better For the Sector’s Long Term Prospects

Last weekend in Japan, G20 Finance Ministers “…reaffirm(ed)” their support of incoming “amended” FATF Standards requiring strict KYC/AML compliance in the cryptocurrency sector. The rules are expected to impact cryptocurrency exchanges, crypto wallet providers, custodians, hedge funds and brokers. G20 ministers also stated that they… Read More

G20 Finance Ministers Affirm Amended FATF Guidelines for “Crypto Assets” in Fukuoka, Say They’ll Be Adopted in Osaka

Finance Ministers from the world’s 20 most powerful economies have “…reaffirm(ed) (their) commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML (anti-money laundering) and CFT (anti-terrorist finance),” in a communique issued from a meeting they held this weekend… Read More

Chainalysis Partners with Lendingblock on AML/KYC in Advance of FATF Guidance

Crypto forensics firm Chainalysis has partnered with Lendingblock, the institutional lending exchange for digital assets. Chainalysis will provide AML/KYC technology to Lendingblock. Lendingblock allows hedge funds, exchanges, asset managers, etc. to find liquidity and facilitate strategies, in the digital asset sector. Lendingblock is regulated by… Read More

Killing VASPs: G8 Swatting VASPs Globally (Crypto Exchanges, Custody, Tokens)

G8’s AML Body FATF Seeks Killing Crackdown on Crypto Exchanges and Tokens of All Types Crypto exchanges of all types and similar services (virtual asset service providers or ‘VASPs’) should be absorbed by traditional banks or disappear altogether. This seems to be the view of… Read More

Discussion on Digital Assets at Financial Action Task Force Meeting said to be Disappointing as Requests are “Unworkable”

This week, the Financial Action Task Force (FATF) held the annual meeting of its Private Sector Consultative Forum in Vienna, Austria. The event was hosted by the United Nations Office on Drugs and Crime (UNODC). Part of the discussion addressed the growing crypto market and… Read More

Crypto Valley Regulatory & Policy Working Group Task Force Publishes Recommendations Addressing FATF Virtual Asset Statement

Last February, the Financial Action Task Force (FATF) issued a statement on “virtual assets” recognizing the need to mitigate risk associated with money laundering and terrorist financing when it comes to cryptocurrency. The “draft interpretive note” regarding a segment on pending recommendations was open for… Read More

Florida Granted Right to Appeal Previously Dismissed Case Against LocalBitcoins Trader

The State of Florida has been granted the right to appeal Judge Theresa May Pooler’s dismissal of a case of alleged unlicensed money transmission brought against a LocalBitcoins trader called Michell Espinosa. In 2013, Espinosa became the focus of a sting operation for “operating an… Read More

Intergovernmental Financial Regulator Calls For Urgent Harmonized Action Against Misuse of Cryptocurrencies

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

Korean Cryptocurrency Exchange Bithumb Bans Transactions from Blacklisted “Non-Cooperative Territories”

South Korea’s largest cryptocurrency exchange and the fifth largest exchange in the world has announced it will cut off new and existing users trading from 11 countries identified by the Financial Action Task Force (FATF) as lax on money laundering and terrorist financing. Effective May… Read More

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