AML

South Korean Lawmakers Greenlight Strict Crypto AML Bill

South Korean lawmakers voted Thursday to place tough new requirements on cryptocurrency exchanges, adding legitimacy to the country’s sprawling crypto economy – and potentially triggering a market consolidation down the road. As reported by CoinDesk Korea, the legislation – an amendment to Korea’s existing Financial Information Act – shores up South Korea’s anti-money-laundering (AML) and …

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How the IRS Audits Cryptocurrency Tax Returns – Filing Expert Shares Example, Insights on AML Focus

</header> <strong>Tax season is one of the most dreaded times of the year for many, and when the added confusion of filing crypto returns is thrown into to the mix, things can get even stickier. News.Bitcoin.com recently talked with Clinton Donnelly of Donnelly Tax Law, a service that specializes in crypto returns. The U.S. Treasury-licensed …

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Are the BZx Flash Loan Attacks Signaling the End of DeFi?

Earlier this week, the decentralized lending protocol bZx was exploited in back-to-back “flash loan” attacks. While the two exploits were distinct, the end results remained the same. In total, $954,000 was gleaned from the platform. But what exactly happened? Was it an exploit, a simple case of arbitrage or a malicious attack? And where does …

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Russian Central Bank Links Crypto Transactions With Money Laundering

The Central Bank of Russia (CBR) published a new set of rules for suspicious transactions, Russian finance publication RBC reported on Feb. 17. The update broadly categorizes any cryptocurrency-linked transaction as a potential money laundering risk. The bank issued an update to directive 375-P, which lists all signs of suspicious activity that may be linked …

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Governments Begin to Roll Out FATF’s Travel Rule Around the Globe

It’s been nearly eight months since the Financial Action Task Force issued its divisive crypto directives, establishing traditional banking regulations within the crypto sector. With the year-long adoption deadline fast approaching, how have the world’s regulatory authorities responded to the guidelines so far? The FATF — an intergovernmental organization tasked with combating money laundering — …

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Wells Fargo Joins Elliptic’s Series B Investment Round

Wells Fargo Strategic Capital, the venture arm of the fourth-largest bank in the U.S., is contributing $5 million to Elliptic’s Series B funding round. According to a Feb. 13 press release, the investment will help the company build products for large financial institutions. The latest investment brings Elliptic’s Series B raise to more than $28 …

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UK Crypto Startups to Pay Discounted £2,000 Fee for Registration, FCA Revises Application Charges

</header> <strong>Young and small cryptocurrency businesses will pay lower registration fees than big companies, the United Kingdom’s financial watchdog has decided after consultations with members of the industry. The revised fee scheme takes into account the firms’ income to determine the amount they’ll be charged to cover supervision costs. </strong> Also read: Singapore Introduces Licensing …

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LocalBitcoins Quietly Suspends Accounts in Multiple Regions Without Notice

Popular Bitcoin (BTC) exchange platform LocalBitcoins is allegedly suspending user accounts with little fanfare, citing an “enhanced due diligence process.” Finland-based LocalBitcoins, one of major global peer-to-peer (P2P) crypto exchanges, has reportedly suspended user accounts in some countries in Africa, the Middle East and Asia without warning, with some users being unable to withdraw their …

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Localcryptos Lets You Cash Out BTC P2P – Minus the KYC 

</header> <strong>If you’ve ever had a sudden need for fiat while all in crypto, you’ll understand the difficulty of cashing out without KYC-ing away your identity and that of your unborn children. Localbitcoins is now an AML hellhole, Bisq is great if you’re happy to wait two days for a trade, which leaves what exactly? …

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With New Regulations, Europe’s Crypto Companies May Be Running Out of Options

</header> <strong>European crypto companies are finding themselves in a changing regulatory environment. The new realities they have to deal with stem from the fifth edition of the European Union’s anti-money laundering directive. AMLD5 introduces stricter customer due diligence requirements and some in the industry have realized their business models, based on key principles of the …

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