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.

Follow up
While many countries have sped up their efforts to regulate cryptocurrencies following a crisis-filled 2022, most still lack a clear framework for the industry ...
Where crypto can grow: Digital asset regulations around the world
Luke Huigsloot
The crypto business guidelines were reportedly revealed by the CEO of Hong Kong’s Securities Futures Commission, Julia Leung.
Hong Kong security regulator to issue crypto license guidelines in May
Brayden Lindrea
Assistant Treasury Secretary Elizabeth Rosenberg said the Treasury was enhancing its regulatory regime and that DeFi should program in some compliance.
Innovate some compliance mechanisms, US Treasury official tells DeFi community
Derek Andersen
Some pundits shared harsh sentiment toward a new euro-pegged stablecoin, but it’s not publicly accessible for the time being.
‘Worst code I’ve ever seen’: Euro stablecoin faces centralization criticism
Brayden Lindrea
Follow up
The Bitcoin logo lights up on the European Central Bank building in Frankfurt as Bitcoiners urge bankers to “study Bitcoin.”
From Bat-Signal to Bitcoin: Projecting ‘Orange Pill’ on banks as EU drives crypto regulation
Gareth Jenkinson
Elizabeth Warren is back with an Anti-Money Laundering act that would — among other things — make it mostly illegal for you to use your own crypto wallet.
Elizabeth Warren is pushing the Senate to ban your crypto wallet
Brendan Cochrane
Changpeng ‘CZ' Zhao has refuted claims made by the Commodities Futures and Trading Commission in its March 27 complaint against Binance.
Breaking: Binance CEO CZ rejects allegations of market manipulation
Brayden Lindrea
Explore essential skills for top legal and compliance jobs in the crypto market.
Top 7 legal and compliance jobs in the crypto market
Alice Ivey

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