The Risk Alert seemed to take particular aim at broker-dealers, who have been "inadequate" in their AML compliance.
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.
The Financial Action Task Force is looking to adapt its guidance standards for stablecoins and crypto peer-to-peer transactions.6464
The global monetary landscape will have everyone storing electronic money, cryptocurrencies and central bank digital currencies in one bank.25865
Crypto industry concern mounts ahead of the likely introduction of a bill to ban retail traders from cryptocurrency activities in Hong Kong.19872
If we want to achieve mainstream adoption, we must move toward an industry where DeFi can also serve legacy financial institutions.7257
A California resident is expected to plead guilty to charges of operating an unlicensed exchange and laundering more than $13 million.7818
Cynthia Lummis, a U.S. senator who openly owns Bitcoin, will launch a Financial Innovation Caucus to educate her fellow senators about BTC and crypto assets.7297
A crypto exchange says regulations protect customers far more than they might expect.2619
The Bangko Sentral ng Pilipinas has expanded its regulatory remit of the crypto space to include all cryptocurrency financial service providers.7296
U.S. Anti-Money Laundering and Combating the Financing of Terrorism laws: Where will these updates lead the crypto space?11633
The SEC's incoming chair predicted the crackdown on crypto exchanges over AML concerns back in 2018. See what other insight he had.10369
As the crypto markets mature and institutional money flows into the space, technology to detect fraud and money laundering involving digital assets is more important than ever.14284
If you can't beat 'em, join 'em? BitMex onboards more aggressive Chainalysis measures in advance of a response to the CFTC.10305
The operator of a Bulgarian crypto exchange has received a 10-year prison sentence for money laundering in connection with an Eastern European cybercrime syndicate.6354
Controversial crypto derivatives trading platform BitMEX says its entire user base has completed the obligatory Know Your Customer process.4524