fatf

How banks can identify money laundering involving crypto, explained

Following the money laundering red flag indicator guidelines set out by the FATF is a good place to start. Red flag indicators related to transactions can involve payments that are made in small amounts, or in repeated quantities that fall under a reporting threshold. Alarm bells can also be raised if funds are sent to …

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Crypto lobby groups are gaining traction in Washington as the threat of regulatory bottleneck looms

Crypto-focused lobby groups in Washington, D.C. are playing an increasingly vital role in reorienting policymakers away from the view that virtual currencies are used primarily for illegal transactions. Now, they are preparing for potentially their biggest battle yet.  Blockchain Association, an industry trade group representing crypto firms, has added ten members to its brass since …

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South Korea’s Kimchi Premium Returns: BTC and ETH Prices Jump 18% Higher Than the Global Average

<div class=”featured_image_container”> </div> <strong>While a great number of spot exchanges have seen consistent prices in a few select areas in the world, bitcoin is selling for a premium. That’s the case in South Korea right now as there’s a price gap, otherwise known as the ‘kimchi premium’ on domestic South Korean exchanges in comparison to …

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Japanese Regulator Aims to Implement FATF Rules Toward Crypto Companies in 2022

<div class=”featured_image_container”> </div> <strong>Japan’s Financial Services Agency (FSA) has revealed that the regulating body will adopt the Financial Action Task Force (FATF) “travel rule” and standards toward the cryptocurrency industry throughout the nation. Meanwhile, FATF’s rule has been considered far-reaching and the organization Global Digital Finance and the company’s advisory member, Malcolm Wright, hopes industry …

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New FATF Guidance Applies Regulatory Standards to Decentralized Exchanges, Defi and NFTs

<div class=”featured_image_container”> </div> <strong>On March 19, the Financial Action Task Force (FATF) published draft guidance on the risk-based approach to virtual assets. The newly updated guidance now applies anti-money laundering and know-your-customer rules to stablecoins, decentralized finance (defi), and non-fungible token (NFT) assets.</strong> FATF Defines Decentralized Exchanges and Defi as a Virtual Asset Service Providers …

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BitMEX Introduces Data Storage Framework for FATF’s Travel Rule

Crypto exchange BitMEX has published a framework of principles for how best to store additional batches of transactional provenance data, a requirement exchanges face as part of new anti-money laundering (AML) rules. In order to fall in line with the rest of the financial system, virtual asset service providers (VASPs) have been asked to obtain, …

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Philippine Central Bank Widens Cryptocurrency Regulation — Sees ‘Accelerated Growth’ in Crypto Activity

<div class=”featured_image_container”> </div> <strong>The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), has expanded the country’s cryptocurrency regulation after seeing “accelerated growth” in the use of crypto exchanges. The new regulatory framework is in line with the guidelines recommended by the Financial Action Task Force (FATF), according to the central bank.</strong> Philippine Central Bank …

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France moves to ban anonymous crypto accounts to prevent money laundering

French financial authorities are strengthening the country’s cryptocurrency regulations in a move to prevent illicit activities like money laundering and terrorism financing. On Dec. 9, several ministries in France jointly introduced an order aiming to prevent anonymous digital asset transactions by banning anonymous crypto accounts. The new regulatory effort is backed by French finance minister …

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Industry Pros Weigh In on Rumors of New Crypto Wallet Regulations

Recent rumors about U.S. regulation of private, self-hosted crypto wallets have some compelling context. For example, the proposal submitted last month by U.S. authorities to lower the anti-money laundering (AML) threshold for cross-border transactions (its consultation ends today, Friday), seems to support the hypothesis that outgoing Treasury Secretary Steven Mnuchin is rapidly making more rules …

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Russia’s Gazprombank debuts Bitcoin trading in Switzerland

Gazprombank Switzerland, a subsidiary of one of the largest banks in Russia, has piloted its Bitcoin (BTC) transaction service following regulatory approval by Swiss regulators. According to a Nov. 19 announcement, Gazprombank will provide its new cryptocurrency solution in collaboration with its long-running partners like fintech firm Avaloq and crypto custody provider Metaco. Gazprombank Switzerland …

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