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.

Expert Take
The IRS has a strong interest in receiving information from informed whistleblowers about offshore crypto accounts and criminal crypto tax activity.
Illicit crypto transactions are getting more attention from the government
Selva Ozelli
2020-09-19T15:00:00+01:00
3343
Analysis
Crypto wallet provider BRD partners with Ciphertrace, Chainalysis and others to boost its banking enterprise solution.
BRD’s enterprise banking blockchain boosted by new compliance strategy
Rachel Wolfson
2020-09-17T15:59:00+01:00
6410
News
FinCEN is preparing to modernize its AML requirements for financial institutions to greater respond to the dynamic threats posed by “illicit finance.”
FinCEN announces sweeping money laundering regulations overhaul
Samuel Haig
2020-09-17T06:21:04+01:00
5323
News
Privacy coins aren’t a major money laundering risk a new white paper argues.
Privacy coins ‘pose less risk of money laundering than other coins’
Turner Wright
2020-09-16T02:26:00+01:00
4347
News
Binance’s lax KYC requirements are creating more legal problems for the exchange.
Binance sued for allegedly facilitating money laundering with 'lax KYC'
Andrey Shevchenko
2020-09-15T12:14:00+01:00
6344
Use Case
Virtual asset service providers (VASPs) are looking for effective cryptocurrency compliance solutions as new regulations are introduced globally to combat illic...
How banks are integrating crypto AML software for compliance
Mary Kelly
2020-09-14T20:36:00+01:00
1847
News
The FATF doesn’t seem to like frequent jurisdiction hoppers, notably Binance.
FATF hints at Binance as example of an exchange avoiding regulation
Andrey Shevchenko
2020-09-14T17:40:00+01:00
6239
News
The platform hopes to help in meeting AML standards.
AnChain.AI and Bluehelix partner for compliance solutions
Emilia David
2020-09-12T16:09:00+01:00
7796

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