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.

Use Case
The costs of operating a cryptocurrency exchange are significant, but new software has been emerging that can make it more accessible.
What Challenges Affect the Cost of Running a Cryptocurrency Exchange
Frank Edwood
2020-07-09T20:46:00+01:00
1385
News
The Bitcoin community was quick to point out a $150 million penalty paid by Deutsche Bank for serving Jeffrey Epstein.
Bitcoin Community Cries Foul as Major Bank Implicated in Epstein Scandal
Andrey Shevchenko
2020-07-08T21:18:00+01:00
4271
News
U.S. Treasury’s former key undersecretary, Sigal Mandelker, has joined the board of advisors of major crypto analytics firm, Chainalysis.
Trump’s Former Sanctions Chief Joins Major Crypto Firm Chainalysis
Helen Partz
2020-07-07T15:47:00+01:00
5209
Analysis
As interoperable blockchain solutions gain traction, many believe that the technology is still relatively nascent and needs more polishing.
Interoperable Blockchains May Be the Future of Finance but Have a Ways Yet to Go
Shiraz Jagati
2020-07-03T14:24:00+01:00
3593
News
Sri Lanka’s central bank has selected a shortlist of three firms to develop a proof-of-concept for a shared Know Your Customer facility using blockchain.
Sri Lanka Central Bank Selects Shortlist for Blockchain Proof-of-Concept
Marie Huillet
2020-07-02T11:34:00+01:00
2546
Expert Take
U.S. agencies sought millions of dollars in new funding to bolster national and international cryptocurrency investigations.
The US Plan to Monitor Illegal Crypto Activities More Sufficiently
Selva Ozelli
2020-06-29T16:00:00+01:00
5111
Opinion
Blockchain technology can help to build a self-sovereign financial system where privacy belongs to the people.
Blockchain Can Provide the Right to Privacy That Everyone Deserves
Reuben Yap
2020-06-28T21:00:00+01:00
7044
Opinion
The lack of progressive jurisdictions in which a particularly attractive regime for regulating derivatives exists keeps crypto in a gray area, and it has to be ...
Crypto Derivatives Might Drive a New Cycle of Mass Adoption
Alex Axelrod
2020-06-28T19:00:00+01:00
4267

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