Dubbed “Transparent Blockchain,” Russia’s new crypto analytics system is designed to fight illicit activity related to 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.
Compliance with FATF’s travel rule presents major technical difficulties, but the blockchain industry is best-equipped to overcome them.5000
Basic recommendations for those who are considering incorporating crypto business in Estonia.2226
Despite the significant growth of decentralized crypto exchanges, their centralized counterparts still control the majority of industry trade volume.4530
Laundering money with Bitcoin is actually an ineffective strategy because of its complexity and high risk.3363
LocalBitcoins has partnered with blockchain intelligence firm Elliptic to gain access to new blockchain monitoring tools that can help prevent the illicit use of its services.2708
Russia’s central bank argues that crypto purchases are not considered an investment.3206
Japanese exchange Liquid is not closed to the idea of relisting Zcash, an asset the outfit recently delisted due to regulatory precaution.5762
Japanese exchange Liquid officially announced the delisting of 27 assets, citing regulatory precautions.7240
Operating a Bitcoin ATM could indeed be a lucrative business endeavor, but it just got a whole lot more complex.3620
Ukraine’s Ministry for Digital Transformation will be tracking illicit crypto transactions with a crypto analytics startup backed by Bitfury.2942
Liquid exchange plans to delist major privacy coin Zcash in an effort to play nice with Singaporean regulators.9429
CEO Michael Ou says Elliptic’s wallet screening tools with CoolBitX’s Sygna Bridge could help firms comply with the FATF travel rule.4795
The European Union’s 5AMLD has been adopted as the first regulation in Romania of virtual currencies, crypto-wallets and fiat-crypto exchange platforms.10824
Trulioo said improving compliance for AML and KYC can be a big differentiator for crypto companies.6626