Although the president has previously called the laws innovative, his concern regarding Anti-Money Laundering measures has put the bill back up for debate with the government.
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.
Delo was allowed to leave the country to travel to Hong Kong where he is a resident, bringing to a close his part in the legal saga which began in 2020.1470
A rapidly growing crypto market means that hacks and scams are accounting for less overall activity, and their percentage of total usage continues to decline.2143
The Justice Department report, mandated by the president’s executive order on digital asset development, recommends more efforts along the lines already being pursued.1122
Despite the imminent possibility of serving jail time, proactively owning up to the allegations resulted in Hayes being sentenced to six months of house arrest and two years of probation.3492
The annual supervision report from MONEYVAL concluded that 18 of the 22 jurisdictions have an insufficient level of compliance with AML standards.2537
The notion of crypto being a tool for money laundering is often propagated by naysayers that include policymakers with a stake in the traditional financial system.2504
The exchange said it was "categorically false" that it shared user data with Russian regulators, and it had stopped working in the country following the invasion of Ukraine.4848
The bank hinted that the OCC’s actions might help establish a regulatory precedent that could encourage other firms in the space to set up federally regulated digital asset banks.2061
Bitcoin options markets are pricing further downside while margin traders are going increasingly long.4653
The simultaneous purchase and sale of crypto assets is called wash trading. Read this guide to understand the purpose of a wash trade.176
Bitstamp now requires users to provide info like nationality, place of birth and tax residency, in addition to documents proving the origin of crypto and the annual income.3160
In an interview with Cointelegraph, the German politician explains why some forces in the European Parliament have suddenly come out in favor of a Bitcoin ban.1535
Cryptocurrency mixers offer users a higher level of privacy and anonymity for their transactions, but often run into trouble with regulators.2668
Regulators on both sides of the Atlantic seem to be nervous about people transacting with their wallets.3647