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.

News
Will this legal contradiction be resolved before the deadline?
Mandatory KYC verification may contradict privacy laws in South Korea
Felipe Erazo
2020-09-25T01:01:00+01:00
6531
News
The leaked documents show many banks 'enabling' money laundering.
FinCEN leak suggests new AML measures may not go far enough… for banks
Turner Wright
2020-09-21T10:00:00+01:00
4228
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
4587
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
6718
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
6457
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
4464
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
6609
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
2344

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