Blockchain 

US Will Strictly Enforce Anti-Money Laundering In Crypto

The United States Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco said that Anti-Money Laundering (AML) laws will be strictly enforced in the world of cryptocurrencies. On Nov. 15, Reuters reported that Blanco made it crystal clear that cryptocurrency companies engaged in money service businesses will have to comply with AML laws and share information about their customers. Travel rule also applies to crypto Speaking at a conference hosted by Chainalysis, a New York-based blockchain analysis company, Blanco told the audience that the so-called travel rule also applied to digital…

Read More
Blockchain 

CipherTrace Urges Crypto Companies to Prepare for Anti-Money Laundering Compliance

For better or for worse, the cryptocurrency space is coming of age. Since Bitcoin’s rise to mainstream prominence in 2015, there has been increasing recognition of digital assets from government agencies around the world. In turn, new regulations are being imposed to control the way cryptocurrency companies operate and do business globally.  Most recently, the Financial Action Task Force issued new guidelines on how digital assets should be regulated. In order to raise awareness around these requirements, the blockchain security company CipherTrace hosted a conference and hackathon this week in…

Read More
Blockchain 

Anti-Money Laundering Laws Apply to Crypto Too, Says FinCEN Chief

The United States Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco spoke at the University of Georgetown where he made it clear that Anti-Money Laundering (AML) laws apply to everyone. On Oct. 21, banking trade publication American Banker reported that Blanco said that fintech firms offering cryptocurrency users anonymity must comply with AML laws “just like everyone else.” Blanco highlights responsibilities and the Bank Secrecy Act Blanco seemed to direct his comments toward anonymous crypto payment systems that could conceal criminal activity and or enable users to anonymously engage in…

Read More
Blockchain 

Binance Unveils Latest Compliance Partnership Targeting Anti-Money Laundering

Cryptocurrency exchange Binance has partnered with blockchain monitoring solutions provider Elliptic to boost its regulatory compliance as part of its international expansion, industry news outlet CoinDesk reported May 2. As part of plans to ensure smooth operations in new countries with varying regulations on cryptocurrency, Binance will use Elliptic to ensure it can comply with various demands from authorities. Specifically, CoinDesk references Binance’s chief compliance officer Samuel Lim as saying that the latest deal will focus on Anti-Money Laundering (AML). Last month, the exchange also teamed up with blockchain analytics…

Read More
Blockchain 

Binance-Backed OTC Firm Releases Anti-Money Laundering Compliance-as-a-Service Product

Binance-backed over-the-counter (OTC) desk Koi Trading has partnered with IdentityMind, a platform for online risk management, to develop an Anti-Money Laundering (AML) compliance-as-a-service product. The development was announced in a press release published on March 12. The parties have reportedly released an AML compliance-as-a-service product dubbed “Koi Compliance,” supporting digital currency and targeting money services businesses. The new platform will purportedly enable companies to focus on conducting their business, letting Koi Compliance to perform Know Your Customer (KYC) procedures, monitor transactions, conduct sanctions screening, and keep records. Last November, Koi…

Read More
Bitcoin 

Huobi Korea to Strengthen Anti-Money Laundering Protections

Huobi Korea, the South Korean branch of the world’s sixth largest crypto exchange, has recently strengthened its anti-money laundering (AML) protections, according to a press release shared with Cointelegraph on Feb. 21. According to the statement, Huobi Korea, which launched its services in 2018, has reviewed its deposit and withdrawal processes and fiat-to-crypto oversight. The company will closely monitor any transactions that might seem suspicious, the press release notes. In addition to that, Huobi Korea says it will regularly update its fraud detection system algorithms. Moreover, the exchange is set…

Read More
Bitcoin 

Cyprus Securities Regulator Calls for Adoption of EU Anti-Money Laundering Framework

The Cyprus Securities and Exchange Commission (CySEC) is calling for the transposition of the European Union (EU)’s Fifth Anti-Money Laundering (AML) Directive (AMLD5) into national law — bringing local regulation of cryptocurrencies under its provisions. CySEC’s announcement and consultation paper on the matter were published on Feb. 19. Тhe directive, which came into force on July 9, 2018, sets a new legal framework for European financial regulators to monitor crypto-related businesses and service providers in order to protect against money laundering and terrorism financing. Specifically, the directive extends the scope…

Read More
Blockchain 

Crypto Is Tightening Up Its Anti-Money Laundering Game, While Banks Are Still Being Fined for Non-Compliance

In 2018, barely a month passed without an official at a financial institution or government department calling on crypto to clean up its act. In the last quarter of the year alone, the United States Department of the Treasury, the Canadian Parliament and the Russian Federal Financial Monitoring Service all urged or announced the introduction of Anti-Money Laundering (AML) laws for cryptocurrencies, and all of them based their moves on the (noticeably mistaken) presumption that cryptocurrencies are a primary haven for criminals, who use them either as a medium of…

Read More