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
Canada’s financial regulator has announced that it will soon implement new anti-money laundering laws including stringent reporting requirements for crypto.
Canada Tightens Crypto Regulations Alongside AML/CTF Overhaul
Samuel Haig
2020-03-19T11:56:00+00:00
3826
News
Singapore’s central monetary authority issued a new set of guidelines for digital payment token service providers on March 16.
Monetary Authority of Singapore Issues AML/CFT Guidelines
Turner Wright
2020-03-19T06:34:00+00:00
2494
News
A new report from OXT Research shows the alleged PlusToken scam dumped BTC on regulated exchanges with KYC.
New PlusToken Report Shows KYC May Be Smoke and Mirrors
Benjamin Pirus
2020-03-12T00:23:00+00:00
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Expert Take
Russia’s relationship with blockchain and cryptocurrency wasn’t clear, but the country is making steps toward digital economic development.
Russia Updates Its Laws for Cryptocurrencies
Selva Ozelli
2020-03-11T21:27:00+00:00
3975
News
Two men arrested in Japan are accused of knowingly purchasing stolen NEM from the Coincheck hack as the thieves set up a dark web website to launder their proce...
Two Japanese Men Arrested for ‘Fencing’ NEM From Coincheck Hack
Andrey Shevchenko
2020-03-11T20:40:00+00:00
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News
The National Police Agency of Japan is reporting a record high of 537 cases involving money laundering.
Japan’s National Police: 537 Arrests for Money Laundering in 2019
Turner Wright
2020-03-06T07:06:00+00:00
1681
News
Adam Todd, CEO at Digitex Futures Exchange, reveals that the exchange will completely take down all KYC as of April 2020 in response to earlier data leakage.
Crypto Exchange Digitex Removes KYC to Protect User Data
Helen Partz
2020-03-04T15:53:00+00:00
3328
News
Ukrainian officials are urged to disclose their cryptocurrency holdings as one of the national anti-corruption agencies publishes a manual on how to report cryp...
Ukraine's Officials Will Need to Report Crypto as ‘Intangible Assets'
Andrey Shevchenko
2020-03-04T10:49:00+00:00
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