News
Crypto.com has chosen CipherTrace's specialized compliance tool to help it fulfill the complex requirements of the FATF's industry-shaping “travel rule.”
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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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When the June 3 deadline for complying with the Sixth Anti-Money Laundering Directive hits, businesses around the world will be legally liable for KYC compliance.
4597 - Opinion
Questions around cryptocurrency assessments gain momentum, which brings some nuanced challenges in assessing crypto’s place in M&A.
8446 - Explained
What are the tools that banks and financial institutions need to identify money laundering involving crypto? This explained guide reveals all.
34 - Opinion
The bull market effect has made Know Your Customer regulation more important than ever for cryptocurrency exchanges.
15469 - News
Japan has been a member of the FATF since 1990.
4128 - News
Financial crimes reporting obligations are irrespective of a crypto firm’s total annual revenue.
10230 - News
Marathon plans to divert all hash power to its new, regulatory compliant Bitcoin mining pool from May 1.
9301 - News
Agustín Carstens has called for cryptocurrencies to be subject to more regulations while arguing that virtual currencies have not made a significant dent in global finance.
5417 - News
Rosfinmonitoring has informed the Russian parliament that it is paying close attention to transactions involving the conversion of crypto to rubles.
4243 - Follow up
The growing cost of compliance in South Korea could push smaller crypto businesses out of the country.
8605 - News
Blockchain industry members claim that smaller-scale startups have struggled to forge partnerships with local banks in South Korea and are therefore unable to register under regulators' new requirements.
10400 - News
Lawyers for the former CEO of crypto derivatives exchange BitMEX are proposing Hayes’ voluntary appearance on April 6, with his potential release on bail subject to a $10 million personal recognizance bond.
8266 - News
Strict reporting rules for crypto businesses in South Korea are set to come into effect, with existing firms given six months to comply or face stiff penalties.
11276 - News
South Korean financial regulators are developing a penalty regime for Anti-Money Laundering and Know Your Customer violations by cryptocurrency exchanges.
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