Analysis
As the crypto industry continues to develop at a rapid pace, so do the ransomware attacks, but regulators now seem ready to step in.
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AML News
Money laundering means taking certain steps to make illegal earnings look as if they were earned legally. What is AML? Anti-Money Laundering regulations generally put parameters and requirements in place in an effort to make such activities more difficult and to ward off such behaviors. In line with AML regulation compliance, companies and financial institutions must vet their customers through due-diligence procedures and prove the legal source of a customer’s assets. Such due-diligence measures include requiring money movements larger than a certain threshold to be recorded and disclosed to applicable agencies. While they are not the same as AML, KYC laws — or Known Your Customer laws — are commonly grouped together with it.
It is the responsibility of companies to notify customers about Anti-Money Laundering practices and required procedures. AML is not only considered useful in fighting money laundering itself, but it also helps prevent illegal activities by discovering the source of this money and assists by following criminals through the tracking of financial flows. AML, however, can be a strain on companies.
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The blockchain analytics firm have amassed data points on 98% of the market's digital assets.
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BitOasis has partnered with the Dubai Police Force to establish safety regulations around crypto investments in the region, according to the exchange’s CEO.
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The penalties are part of a new piece of legislation that also regulates crypto trading and payments.
5822 - Opinion
The decentralized, disintermediated and borderless blockchain networks challenge regulators, but DeFi is the future of finance.
8455 - News
The Russian central bank is planning to slow down payments to crypto exchanges and combat suspicious crypto activity.
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Bithumb’s stricter KYC requirements come in line with South Korea’s tightened Anti-Money Laundering regulations regarding foreign users of crypto exchanges.
3013 - Opinion
A decentralized exchange reckoning is coming — and it’s bigger than the infrastructure bill — thus, the DeFi community must be ready.
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“Many BTM operators feel that merely asking for a cell phone number is enough due diligence to absolve them of their mandated KYC requirements,” a Coinsource exec said.
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Coinfirm said it would be able to provide the same AML/CFT analytics for assets minted on Cardano, a number that may grow as the project prepares to expand to smart contracts.
16143 - Opinion
The rise of DeFi improves financial inclusion and should be allowed to flourish in a regulated, and thus protected, environment.
7509 - Opinion
Changing an intelligence agency's perspective on crypto crime is the next step toward a successful crypto investigation.
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The crypto exchange will limit services for existing users unless they adhere to the new KYC and AML requirements.
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Former IRS supervisor Greg Monahan replaces Karen Leong as the global money laundering reporting officer of Binance.
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The decentralized industry has to spend additional resources to raise its standards and implement cybersecurity best practices.
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