South Korea and Singapore may have the best regulations around compliance with the Financial Action Task Force guidelines.
Anti-money laundering or AML is a set of regulations, instructions, laws and procedures, established to prevent the practice of generating illegal income and its legalization through specially designed actions. AML regulations oblige companies and financial institutions to vet their customers through due-diligence procedures and prove the legal source of a customer’s assets. Financial institutions must verify the origin of large sums of money, track suspicious activities and report large cash transactions. It’s also the responsibility of institutions to notify customers about AML practices and required procedures. AML is considered to be not only useful in stopping money laundering itself, but also in preventing illegal activities by discovering the source of this money, and helps to trace criminals through the tracking of financial flows. Still, AML is a strain on companies and may cause its development to slow down.
As FATF’s purported deadline for the travel rule is just a few weeks away, crypto regulation expert Siân Jones argues that its adoption could take years.3408
A newly unearthed report from South Korea’s financial watchdogs has revealed the rationale behind the country’s 2018 crypto crackdown.7961
A man who enforced anti-money laundering under two U.S. presidents has been named the CEO of the Libra Association.9769
De Nederlandsche Bank has issued an ultimatum to all domestic cryptocurrency service providers offering fiat support to register with the institution by May 18.4977
CipherTrace seeks to fill the “blind spot” in crypto compliance with the launch of Armada.2883
A one-man crypto savings platform has announced it will cease operating amid Holland’s implementation of Europe’s AMLD5 anti-money laws.8913
Legal, regulated crypto is starting to move through the Asia-Pacific region.7483
The members of the Joint Chiefs of Global Tax Enforcement are updating their crypto laws to prevent financial crimes and money laundering.6344
An overview of 2020's four most significant regulations for cryptocurrency exchanges around the world.4130
As the European Commission finished its crypto consultation in March, France’s major financial regulator expressed its stance on the matter.2584
The cryptocurrency network aims with the partnership to strengthen their AML/KYC screening processes.2098
The Financial Action Task Force analyzed U.S. compliance to its recommendations, arguing that some of the enforcement is not specific enough for cryptocurrency.2589
The FBI arrest a Russian rapper living in the U.S. for money laundering using, among evidence, Instagram pictures including huge wads of cash, both dollars and rubles.6271
Canada is the latest country to adopt FATF’s crypto guidance, but how will Canadian crypto firms fair under the new regime?4348