Large financial institutions are getting involved in digital assets by investing capital, time and effort into on-chain analytics solutions.
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.
The operators must store the transactions’ data for ten years and pass it to regulators on demand.8769
Part of the FATF’s “Travel Rule” includes recommendations that financial institutions obtain information on the originators and beneficiaries of certain crypto transactions.3566
While the Senator did not expand on other details of the upcoming bill, she suggested that DeFi should not be exempt from AML laws.11341
The UK financial watchdog has received 300 crypto firm registration applications but has approved only 41 applicants.7329
Want to keep the government from snooping on your transactional history? Start studying the forensics of crime and privacy on the blockchain.2129
The senators have created a harsh, sweeping bill to clean up crypto’s AML/KYC act that will benefit from further discussion in the next Congress.3965
Binance has faced compliance warnings from many countries over the past couple of years, but it managed to overcome those shortcomings in most nations barring the United States.5482
A “close look” is being taken at money laundering and terror financing laws by FinCEN as it asked banking sector players for feedback on DeFi’s crime risks.3532
Entrepreneur Brad Mills said that decentralized finance rebuilt everything wrong with Wall Street on a blockchain.4360
While some security issues do exist, major internet outages like the one witnessed across the EU recently cannot really threaten cryptocurrencies or their associated networks.2893
Large financial institutions are getting involved in digital assets by investing capital, time and effort into on-chain analytics solutions.2493
Zero-knowledge Know Your Customer (KYC) would allow businesses to adhere to strict AML/CTF rules while ensuring customer privacy.5546
Meeting international Anti-Money Laundering standards is the latest in a series of measures Japan has taken in recent months to improve its cryptocurrency regulation.2894
The electronic payment provider is permanently closing operations due to the inability to satisfactorily meet the standards of the FCA after suspending operations for three years.2772