AML News

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.

Opinion
Cryptocurrency is a promising asset class for people and investors, but the lack of proper regulation slows down its innovation.
Is there a right way to regulate crypto? Yes, and this is how
Antoni Trenchev
2021-06-12T11:12:00+01:00
11316
News
India’s Enforcement Directorate will probe crypto exchange WazirX for alleged violations of AML laws and FEMA in connection with crypto transactions worth $389 ...
Binance-owned Indian exchange WazirX investigated for alleged AML failings
Marie Huillet
2021-06-11T11:31:30+01:00
5266
News
The inability to satisfy Anti-Money Laundering standards set by regulators in the United Kingdom is reportedly forcing many crypto companies out of business.
51 crypto firms withdraw licensing applications in the UK
Osato Avan-Nomayo
2021-06-04T11:19:53+01:00
8640
News
Only five crypto firms have received FCA AML registration after the authority became the official money laundering supervisor for crypto businesses last year.
Crypto firms not meeting AML standards, says UK minister
Helen Partz
2021-05-28T14:11:30+01:00
18867
News
After some confusion, South Korea’s government has laid out which state and regulatory bodies are charged with the oversight of various aspects of crypto-relate...
Korean gov’t clarifies crypto regulatory roles of different agencies
Marie Huillet
2021-05-28T11:54:26+01:00
10330
News
Govt agencies want more tools to trace suspect crypto transactions.
US sanctions agency OFAC to rely more heavily on Chainalysis
Martin Young
2021-05-28T05:06:40+01:00
9654
Use Case
Between strict capital controls and regulations, Korea’s cryptocurrency industry is so closed off that Bitcoin commands a steep premium and DeFi is in its infan...
Korea’s crypto market is among the strongest — and the strangest — in the world
Connor Sephton
2021-05-25T20:00:00+01:00
13282
News
With exchanges slow to fall under FIA oversight, Uganda’s AML watchdog wants the government to make a move on crypto regulations.
Uganda's finance watchdog calls for crypto regulations in the country
Osato Avan-Nomayo
2021-05-24T13:03:58+01:00
8733

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