With new changes to the Travel Rule up for discussion and a bevy of new cases in the courts, it's time to look at how U.S. AML law is shifting to cope with crypto.
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.
Regulators are addressing the growing threat of transnational cybercrimes in the financial industry.2373
The proposed change would cut down FinCEN's longstanding $3,000 threshold.14840
He stated that he does not “question the reliability and traceability of all blockchain technology,” but denounced crypto.5545
FinCEN has fined the operator of early crypto mixers Helix and Coin Ninja for Bank Secrecy Act violations.5459
The changes brought about by 6AMLD will affect a lot of businesses, but there is still time to prepare for new rules.3319
The hire comes after BitMEX's founders were charged with failing to prevent money laundering and operating an unregistered trading platform illegally in the United States.4406
More regulation is coming, and it will be costly, but compliance can also expand an exchange’s customer base.16323
October has been a dramatic month for the top brass of BitMEX crypto derivatives exchange, whose founders face multiple charges from U.S. authorities.6468
BitMEX's operator has allocated new leadership roles with immediate effect.6542
Yet, the biggest crypto hub remains on the blacklist.5153
Is regulation plausible in a completely decentralized environment?3886
The CFTC and DOJ actions against BitMEX suggest that the crypto industry still has a lot of work ahead to meet KYC/AML standards.11128
A crypto intelligence and compliance software firm says it now offers coverage across 70 countries and over 2,500 VASPs for the world’s biggest digital assets.3616
The end of the U.S. federal government's fiscal year brought a cascade of major announcements from agencies.2687