Explained
Crypto money laundering involves structured methods to conceal illicit fund origins and evade regulations, including AML.
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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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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Wash trading and money laundering distort NFT markets, creating fake demand and facilitating illicit activities.
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“The company is engaging in conversations with NYDFS to determine whether this matter can be settled on acceptable terms,” Block Inc. said in a regulatory filing.
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Upbit emphasized that the FIU’s sanctions “may be subject to change” through procedures in accordance with relevant regulations.
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Crypto’s rapid growth brings new risks. As fraud escalates, can verification technology keep pace? AI, biometrics and regulatory shifts shape the future of secure crypto onboarding.
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Hong Kong’s Securities and Futures Commission has issued two new crypto trading platform licenses, bringing the total to seven since mid-2024.
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Canada’s FINTRAC updates AML strategies, emphasizing cryptocurrency’s role in combating synthetic opioid-related money laundering.
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Innovative challengers are building compliance into their DNA and outcompeting established players.
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The regulation is set for implementation on Feb. 25, 2025, allowing the country’s crypto service providers to halt “risky” crypto transactions with insufficient user information.
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Taiwan accelerates its crypto AML mandate, imposing stricter registration rules and penalties for noncompliance.
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Binance promised at least 200 new compliance staffers, and it will have that by yearend.
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The Financial Intelligence Unit of Nepal has identified growing crypto-related fraud despite a trading ban and proposed transaction monitoring, awareness campaigns and stricter regulations.
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Crypto exchange Kraken has announced the delisting of Monero in the European Economic Area to maintain compliance with EU regulations.
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The Taiwanese FSC has released new Anti-Money Laundering laws that will replace its current regulations and require full compliance of VASPs.
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