AML News

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.

Follow up
The SEC's incoming chair predicted the crackdown on crypto exchanges over AML concerns back in 2018. See what other insight he had.
How to regulate exchanges: Learn crypto from Biden's SEC chair pick, part 2/3
Benjamin Pirus
Use Case
As the crypto markets mature and institutional money flows into the space, technology to detect fraud and money laundering involving digital assets is more impo...
How compliance software detects fraud and money laundering involving crypto
Connor Sephton
If you can't beat 'em, join 'em? BitMex onboards more aggressive Chainalysis measures in advance of a response to the CFTC.
BitMEX turns to Chainalysis to solve legal woes, or at least soften the CFTC's blow
Kollen Post
The operator of a Bulgarian crypto exchange has received a 10-year prison sentence for money laundering in connection with an Eastern European cybercrime syndic...
Crypto exchange owner gets 10 years in prison for aiding scammers
Osato Avan-Nomayo
Controversial crypto derivatives trading platform BitMEX says its entire user base has completed the obligatory Know Your Customer process.
After Know Your Customer debacle, BitMEX reports 100% of users are verified
Osato Avan-Nomayo
The central bank of The Kyrgyz Republic has drafted regulations that recognize cryptocurrency exchanges in the country for the first time.
Kyrgyzstan's central bank opens up crypto draft laws to public discussion
Samuel Haig
Major U.S crypto firms are united in opposition to new AML laws proposed by FinCEN, warning they could drive users away from regulated platforms and stifle inno...
Jack Dorsey warns that FinCEN regulations will drive crypto users offshore
Samuel Haig
Expert Take
Such regulation by enforcement does indeed run the risk of stifling important and valuable innovation in the crypto space.
SEC vs. Ripple: A predictable but undesirable development
Carol Goforth

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