The Crime and Corruption Commission is calling for a reform of Queensland’s Criminal Proceeds Confiscation Act 2002 to counter the growing illicit use of cryptocurrencies in the state.
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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Crypto exchanges have started applying situational KYC to fight against illegal activities without compromising user experience and financial freedom.
17992Crystal Intelligence CEO Navin Gupta said ETFs could bring more institutional trust and crypto-friendly regulation.
1506Two former hostages and families of victims killed in the Oct. 7 attacks are seeking damages from Binance, Iran and Syria.
9456Binance’s cooperation with law enforcement furthers the security of the global blockchain ecosystem, enhancing trust and fostering sustainable growth of the industry.
19729Vivek Ramaswamy and Ron DeSantis quit the U.S. presidential race, while Donald Trump promised to “never allow” a CBDC in the country.
2606The latest provisional agreement comes just a day after the EU banking watchdog extended AML guidelines for crypto firms.
1783EU-based crypto firms are now subject to guidance from the banking watchdog in its “fight against financial crime.”
4293Hiring policy is none of the senator’s business and lobbying is freedom of speech, Coin Center director Jerry Brito reminded her.
5858Illegally obtained stablecoin may sell at a premium or a discount, depending on how it is being laundered.
3362KuCoin users from New York will lose the ability to trade within 30 days and will have their accounts closed within 120 days.
5218The legislation, reintroduced in July, already has the support of several U.S. lawmakers, but critics have suggested it could threaten financial freedom and privacy.
6952As the Web3 market grows, the industry faces compliance and risk management challenges, highlighting the need for robust transaction monitoring and due diligence solutions.
20579The National Audit Office said it took nearly three years for the U.K. Financial Conduct Authority to address illicit activity in crypto ATMs nationwide.
3931The two provisions abolished from the National Defense Authorization Act centered around Anti-Money Laundering issues linked to cryptocurrency.
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