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.

Although the president has previously called the laws innovative, his concern regarding Anti-Money Laundering measures has put the bill back up for debate with ...
President of Panama shoots down crypto bill citing FATF guidelines
Jesse Coghlan
Delo was allowed to leave the country to travel to Hong Kong where he is a resident, bringing to a close his part in the legal saga which began in 2020.
BitMEX co-founder Benjamin Delo avoids jail, receives 30 months probation
Jesse Coghlan
A rapidly growing crypto market means that hacks and scams are accounting for less overall activity, and their percentage of total usage continues to decline.
Illicit crypto usage as a percent of total usage has fallen: Report
Jesse Coghlan
The Justice Department report, mandated by the president’s executive order on digital asset development, recommends more efforts along the lines already being p...
Information, AML/CFT steps are key to fighting international digital crime, DOJ report says
Derek Andersen
Despite the imminent possibility of serving jail time, proactively owning up to the allegations resulted in Hayes being sentenced to six months of house arrest ...
Arthur Hayes to serve 2-year probation owning up to BitMEX’s AML mishap
Arijit Sarkar
The annual supervision report from MONEYVAL concluded that 18 of the 22 jurisdictions have an insufficient level of compliance with AML standards.
European watchdog lists crypto next to lawyers, accountants as an AML threat
Prashant Jha
The notion of crypto being a tool for money laundering is often propagated by naysayers that include policymakers with a stake in the traditional financial syst...
Blockchain and crypto can be a boon for tracking financial crimes
Prashant Jha
The exchange said it was "categorically false" that it shared user data with Russian regulators, and it had stopped working in the country following the invasio...
Binance pushes back against report exchange supplied customer data to Russian government
Turner Wright

Follow us on Facebook