The Israeli government is now reportedly in the process of reviewing several crypto firms to issue operating licenses.
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.
Civic’s Ignite Pass aims to combat bots targeting NFT drops on the Solana network by verifying video-based selfies using artificial intelligence.6287
U.S. financial regulators are close to working out the limits of their authority over at least one class of digital assets.1522
Launched in production in 2020, Notabene’s Travel Rule solution now processes transactions among 50 crypto exchanges.2009
All individuals and institutions in the country, including banks, will have to sign up using the new AML registry from the Bank of Spain.4033
U.S. regulators are looking at crypto-related areas, touching on financial regulation, economic innovation and national security.10799
As the crypto industry continues to develop at a rapid pace, so do the ransomware attacks, but regulators now seem ready to step in.2077
The blockchain analytics firm have amassed data points on 98% of the market's digital assets.5705
BitOasis has partnered with the Dubai Police Force to establish safety regulations around crypto investments in the region, according to the exchange’s CEO.3930
The penalties are part of a new piece of legislation that also regulates crypto trading and payments.6129
The decentralized, disintermediated and borderless blockchain networks challenge regulators, but DeFi is the future of finance.8910
The Russian central bank is planning to slow down payments to crypto exchanges and combat suspicious crypto activity.4195
Bithumb’s stricter KYC requirements come in line with South Korea’s tightened Anti-Money Laundering regulations regarding foreign users of crypto exchanges.3158
A decentralized exchange reckoning is coming — and it’s bigger than the infrastructure bill — thus, the DeFi community must be ready.6921
“Many BTM operators feel that merely asking for a cell phone number is enough due diligence to absolve them of their mandated KYC requirements,” a Coinsource exec said.5901