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.

Explained
What are the tools that banks and financial institutions need to identify money laundering involving crypto? This explained guide reveal...
How banks can identify money laundering involving crypto, explained
Connor Sephton
2021-04-07T07:17:00+01:00
Opinion
The bull market effect has made Know Your Customer regulation more important than ever for cryptocurrency exchanges.
Implementing the double-edged sword of KYC is a must for crypto exchanges
Konstantin Anissimov
2021-04-03T08:17:00+01:00
15077
News
Japan has been a member of the FATF since 1990.
Japan's FSA asks cryptocurrency industry group to introduce FATF travel rule
Helen Partz
2021-04-01T09:29:09+01:00
4043
News
Financial crimes reporting obligations are irrespective of a crypto firm’s total annual revenue.
UK crypto firms must now submit yearly financial crimes reports
Osato Avan-Nomayo
2021-03-31T12:19:51+01:00
10094
News
Marathon plans to divert all hash power to its new, regulatory compliant Bitcoin mining pool from May 1.
The blacklist: Marathon only mining ‘fully compliant’ Bitcoin transactions
Samuel Haig
2021-03-31T01:36:11+01:00
9072
News
Agustín Carstens has called for cryptocurrencies to be subject to more regulations while arguing that virtual currencies have not made a significant dent in glo...
Bank of International Settlements head says cryptos require more regulation
Osato Avan-Nomayo
2021-03-24T12:24:35+00:00
5351
News
Rosfinmonitoring has informed the Russian parliament that it is paying close attention to transactions involving the conversion of crypto to rubles.
Russia's money laundering watchdog monitoring crypto to ruble transactions
Osato Avan-Nomayo
2021-03-24T11:03:54+00:00
4181
Follow up
The growing cost of compliance in South Korea could push smaller crypto businesses out of the country.
South Korea faces strict crypto regulation and fears of centralization
Osato Avan-Nomayo
2021-03-24T09:53:27+00:00
8182

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