The Russian central bank is planning to slow down payments to crypto exchanges and combat suspicious crypto activity.
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.
Bithumb’s stricter KYC requirements come in line with South Korea’s tightened Anti-Money Laundering regulations regarding foreign users of crypto exchanges.2833
A decentralized exchange reckoning is coming — and it’s bigger than the infrastructure bill — thus, the DeFi community must be ready.6402
“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.5148
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.16017
The rise of DeFi improves financial inclusion and should be allowed to flourish in a regulated, and thus protected, environment.7215
Changing an intelligence agency's perspective on crypto crime is the next step toward a successful crypto investigation.1804
The crypto exchange will limit services for existing users unless they adhere to the new KYC and AML requirements.43501
Former IRS supervisor Greg Monahan replaces Karen Leong as the global money laundering reporting officer of Binance.2008
The decentralized industry has to spend additional resources to raise its standards and implement cybersecurity best practices.3889
Any overseas activity outside Korea that has domestic effects or consequences shall be subject to the amended crypto regulation.2968
CeDeFi presents a new financial system and it should be built by using the best of each other, with DeFi leading and CeFi contributing.2293
Independent Reserve gets the first in-principle approval that gives hope to around 170 crypto exchange applicants waiting to receive an official operating license in Singapore.13227
Arak Sutivong believes DeFi requires a framework for long-term and sustainable interactions with traditional finance.5407
OK Group will start working with Chinese authorities to combat money laundering, using distributed ledger technology.2134