AML

Irish Banks Hail EU’s ‘Radical’ Anti-Money Laundering Push

<div class=”featured_image_container”> </div> <strong>Banks in Ireland have welcomed an upcoming reform of the European Union’s anti-money laundering regulations that will affect the crypto space. The Irish banking industry organization voiced support for the changes aimed at disrupting illicit transactions at the union level while calling them “radical.”</strong> New AML Body to Weed Out Suspicious Transactions …

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UN commission serves new warning against BTC adoption in El Salvador

The Economic Commission for Latin America and the Caribbean, or ECLAC, a United Nations’ regional commission to encourage economic cooperation, is the latest regulator to raise concerns about El Salvador’s decision to accept Bitcoin (BTC) as legal tender. ECLAC executive secretary Alicia Bárcena has warned that El Salvador’s Bitcoin move poses a number of systemic …

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Binance tackles Travel Rule compliance after multiple bans

Binance, the world’s top-ranked crypto exchange by daily trading volume, has faced a quick succession of bans on its operations in three different jurisdictions: Ontario, Canada; Japan; and the United Kingdom. While affected users continue to adjust to these quickfire developments, the platform appears to be stepping up its efforts to comply with international regulatory …

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Crypto exchanges could sue Korean gov’t for ‘passing the buck‘ to banks

With the implementation of new rules from South Korea’s Financial Services Commission (FSC), many smaller cryptocurrency exchanges in the country fear they will be forced to shut down.  These rules require that each exchange must prove it has a real-name account held at a Korean bank by Sept. 24 2021 — the hitch being that …

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South Africa Working Group Releases New Position Paper Calling for Regulation of Crypto Asset Providers

<div class=”featured_image_container”> </div> <strong>South Africa’s Intergovernmental Fintech Working Group (IFWG) has a released new position paper that calls for the regulation of the country’s cryptocurrency ecosystem. In the document, the IFWG, which is a creation of the South Africa Reserve Bank (SARB), recommends “a staged approach to bring crypto-assets within the regulatory remit through the …

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Binance-owned Indian exchange WazirX investigated for alleged AML failings

The well-known Indian crypto exchange WazirX, which Binance acquired in 2019, is under investigation for alleged violations of India’s Foreign Exchange Act (FEMA). The probe was publicly announced in an official tweet today from India’s Enforcement Directorate (ED): ED has issued Show Cause Notice to WazirX Crypto-currency Exchange for contravention of FEMA, 1999 for transactions …

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UK Regulator Extends Temporary Registrations Regime as Crypto Firms Fail to Meet AML Rules

<div class=”featured_image_container”> </div> <strong>Many companies operating with cryptocurrencies are not meeting anti-money laundering regulations, the U.K.’s Financial Conduct Authority revealed. The government agency has extended its temporary registration scheme after facing a growing number of crypto firms that are withdrawing their applications. </strong> FCA Extends Temporary Registrations Regime Till End of March 2022 The Financial …

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Crypto firms not meeting AML standards, says UK minister

Cryptocurrency businesses in the United Kingdom have been struggling to meet Anti-Money Laundering standards set by the Financial Conduct Authority, according to a senior official. John Glen, a member of U.K. parliament and the Economic Secretary to the Treasury, pointed out major difficulties in the process of registering crypto firms under the FCA’s AML regulations …

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Korean gov’t clarifies crypto regulatory roles of different agencies

Over the past year or so, the crypto community in South Korea has had to adapt to a suite of new regulations and government frameworks tailored to the growing industry.   With the regulatory landscape for digital assets thus undergoing a marked shift, there has nonetheless been some confusion as to which Korean government agency …

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