Tagged: fatf

February 16, 2022 @ 1:35 am By Tony Zerucha  |  

Cryptocurrency regulations are evolving quickly around the globe as authorities respond to the growing risks posed by criminals exploiting the latest payment methods to mask and launder the profits from their crimes. According to William Je, founder and CEO of Hamilton Investment Management, this growth has warranted the introduction… Read More

November 30, 2021 @ 9:55 am By JD Alois  |  

The Secretary of the Treasury Janet Yellen has provided responses to questions put forth by Senator Pat Toomey – the ranking Republican on the Senate Banking Committee. The questions are in follow-up to a recent hearing at the Committee. Yellen, along with Fed Chairman Jerome… Read More

November 18, 2021 @ 6:00 am By Tony Zerucha  |  

Tether Operations, the company operating the blockchain-enabled platform tether.to, has commenced operations with Shyft Network, starting with active testing of Veriscope, its decentralized compliance framework and smart contract solution to the Financial Action Task Force’s (FATF) Travel Rule. The initiative will assist virtual asset service… Read More

November 15, 2021 @ 10:32 pm By Omar Faridi  |  

The Central Bank of the UAE (CBUAE) and Bank Indonesia (the Central Bank of the Republic of Indonesia) have reportedly entered a Memorandum of Understanding (MoU) in order to expand mutual co-operation. The bilateral MoU will be including three key areas, focusing on digital innovation… Read More

October 21, 2021 @ 4:40 pm By JD Alois  |  

The Financial Action Task Force (FATF) has “advanced its core work on virtual assets, beneficial ownership transparency, and illicit finance risks,” according to a public statement. The FATF has approved for publication an updated version of its Guidance on a Risk-Based Approach to Virtual Assets… Read More

October 2, 2021 @ 9:16 am By Tony Zerucha  |  

UK-based money app Ziglu this week its £1 million crowdfund oversubscribed in 81 minutes, beating its previous record of three hours. The campaign was launched on Seedrs, an equity crowdfunding platform. Ziglu is raising equity capital at a pre-money valuation of £85 million. Ziglu’s previous… 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

June 25, 2021 @ 10:51 am By JD Alois  |  

A plenary of the Financial Action Task Force (FATF), under the German Presidency of Dr. Marcus Pleyer took place this past week. The meeting provided several updates on key regulatory items including standards set for “Virtual Asset Service Providers” or VASPs. According to a statement… Read More

April 22, 2021 @ 7:49 pm By JD Alois  |  

Global Digital Finance (GDF), an organization that advocates on behalf of the digital asset industry, has distributed a letter sent to the Financial Action Task Force (FATF) pertaining to guidelines regarding the regulation of virtual assets and virtual asset service providers or “VASPs.” FATF is… 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 26, 2021 @ 9:06 pm By Omar Faridi  |  

Digital currency exchange Binance is celebrating the launch of Tether (USDT)-margined quarterly futures contracts by introducing a related Referral Bonus Campaign with their affiliate community beginning on April 1 (00:00 UTC) to June 30 (11:59 UTC), 2021. The Binance team noted that a 30% commission… Read More

March 22, 2021 @ 12:49 pm By JD Alois  |  

The Financial Action Task Force (FATF) has posted its 6th draft guidance as to how countries should deal with virtual assets (digital assets) and virtual asset service providers or VASPs. Several years ago, FATF announced an initiative to tackle possible money laundering or the financing… Read More

March 21, 2021 @ 11:19 pm By Omar Faridi  |  

Blockchain security firm CipherTrace has provided an analysis on the proposed Financial Action Task Force (FATF) guidance for digital assets and virtual asset service providers (VASPs). On March 19, 2021, global anti-money laundering watchdog, the FATF, released a public consultation for its latest Draft Guidance… Read More

March 20, 2021 @ 7:37 pm By Omar Faridi  |  

Notabene has teamed up with blockchain analysis firm Chainalysis to bring a “scalable” Travel Rule solution to cryptocurrency-focused businesses. Crypto-related businesses are working consistently to meet updated regulatory guidelines involving counterparty risk. According to a blog post by Chainalysis, the most notable of these requirements… Read More

March 14, 2021 @ 6:56 pm By Omar Faridi  |  

Earlier this year, the team at Elliptic, which works to assist with categorizing financial crime typologies while protecting legitimate crypto-asset users from illicit activities, had explained how proper and effective compliance can prevent (potential) money laundering activities using Bitcoin (BTC) or other digital currencies. Elliptic… Read More

March 12, 2021 @ 12:03 pm By Omar Faridi  |  

Blockchain security firm CipherTrace notes that its Traveler product has been developed to assist virtual asset service providers or VASPs with adhering to the international “Travel Rule” regulations by securely sharing digital currency transaction details with other “vetted” VASPs. CipherTrace explains that its tools are… Read More

February 25, 2021 @ 10:14 pm By JD Alois  |  

The US Department of Treasury has issued a statement on the Financial Action Task Force’s (FATF) second plenary meeting during the German Presidency of the global regulatory agency. According to Treasury, FATF advanced its work on several issues, including finalizing a non-public report on terrorist… Read More

February 15, 2021 @ 9:07 am By JD Alois  |  

Last November, Hong Kong kicked off a consultation pertaining to anti-money laundering (AML) and counter finance terrorist (CFT) regulation that will impact cryptocurrency exchanges or virtual asset service providers (VASPs). The deadline for comments delivered to the Hong Kong Financial Services and the Treasury Bureau (FTSB),… Read More

January 19, 2021 @ 2:11 pm By JD Alois  |  

Last week, Christine Lagarde, the President of the European Central Bank (ECB) commented on the need to regulate Bitcoin on a global level last week during a virtual event hosted by Reuters. Speaking at the Reuters Next conference, Lagarde pointed to the “funny business” affiliated… Read More