Explained
Australian authorities busted a $123-million crypto fraud. The scheme used seemingly legit businesses for crypto money laundering.
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.
- Feature
The FATF is shaping global crypto rules from behind the scenes, with stablecoins and DeFi next in line for scrutiny.
1644 - News
The stablecoin giant froze over $12.3 million worth of funds, pointing to potential illicit activity or AML violations.
8146 - News
The situation involving Garantex “undermines the illusion of control that many still cling to,” according to Global Ledger co-founder and CEO Lex Fisun.
2872 - News
The $38 million crypto seizure from Bybit hack-linked eXch was the third-largest crypto confiscation in the history of Germany’s federal criminal police.
18274 - Explained
Despite blockchain’s decade-long presence in finance, many industry veterans remain skeptical about its practicality and necessity.
- Analysis
Democrats are withdrawing support from the Senate stablecoin bill as Trump’s WLFI continues to secure lucrative deals.
2316 - News
Europe will ban anonymous crypto accounts and privacy coins starting in 2027 under sweeping new AML regulations targeting service providers and token anonymity.
31656 - Analysis
“The world looks to New York, and the world looks to [its] Department of Financial Services,” veteran crypto regulator Ken Coghill told a Cornell audience.
2537 - News
MiCA-licensed OKX has significantly improved compliance in the past 18 months, but the Maltese regulator said it could not ignore its past failures.
4498 - News
Former New York Governor Andrew Cuomo reportedly advised OKX on legal issues stemming from a probe into its prior violations of US Anti-Money Laundering laws.
7843 - Report
Coreum’s blockchain framework is designed for institutional use. It features deterministic fees, compliance integration and interoperability for regulated asset tokenization. A new report by Cointelegraph Research examines the blockchain ecosystem.
10148 - News
The new Uniswap integration promises to bring compliance to DeFi without compromising financial privacy.
8620 - Explained
Crypto money laundering involves structured methods to conceal illicit fund origins and evade regulations, including AML.
- News
With the pending conclusion of the criminal case, the SEC could now move forward with civil litigation after a judge signed off on staying the lawsuit in January 2021.
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