When the Anti-Money Laundering Act 2020 (AMLA) was passed, the definition of a ‘financial institution’ was expanded to include anyone “engaged in the trade of antiquities, including an advisor, a consultant, or any other person who engages as a business in the solicitation or the sale of antiquities.” In addition, AMLA also directed the Secretary of the
Some experts believe that Australia is at risk of becoming a haven for cash belonging to oligarchs who are seeking to avoid sanctions. At present, the country is only one of three (alongside Haiti and Madagascar) that are yet to commit to bringing lawyers, accountants, and real estate agents under the umbrella of anti-money laundering
The Financial Conduct Authority (FCA) has warned challenger banks that they need to stop cutting corners when attempting to combat financial crime. Currently, the regulator believes that processes that allow customers to set up accounts quickly and easily are stopping challenger banks from conducting appropriate checks. Challenger banks fail to put risk assessment processes in place
The crypto sector has written to European Union finance ministers and lawmakers, asking them to rethink anti-money laundering rules it believes are “burdensome” and “alarming”. The letter, which was seen by CoinDesk and was signed by academics, lobby groups, and many senior executives from companies within the crypto space, says that the EU’s current proposals
Last month, the European Banking Authority (EBA) announced plans to strengthen the anti-money laundering (AML) checks required for remote customer onboarding processes. While launching a public consultation on new draft guidelines, the EBA announced a raft of new measures that aim to tackle apparent inconsistencies across EU countries. These particularly relate to checks conducted by financial
Research from Transparency International UK has revealed more than a third of UK-licensed electronic money institutions have been flagged for potential money laundering. In a December 2021 report, the association claimed that the payments industry could become a “major gateway” for illicit funds from around the world unless it faces stricter enforcement. How are electronic
In a recent conference speech, a top special agent from the United States Internal Revenue Service (IRS) stated that although non-fungible tokens (NFTs) and cryptocurrencies are “the future”, fraud and manipulation are still rampant in the space. IRS recognizes drawbacks to NFTs and crypto Speaking at a virtual event held by the USC Gould School of Law, Ryan Korner
In a recent conference speech, a top special agent from the United States Internal Revenue Service (IRS) stated that although non-fungible tokens (NFTs) and cryptocurrencies are “the future”, fraud and manipulation are still rampant in the space. IRS recognizes drawbacks to NFTs and crypto Speaking at a virtual event held by the USC Gould School
According to a report from London-based firm Elliptic, DeFi users and investors have suffered more than $12 billion in losses in 2021. Of this figure, $10.5 billion has been lost to fraud and theft. This equates to a sevenfold increase from last year. Known as the “Wild West” of cryptocurrencies, DeFi products aim to replicate traditional
On 30 November, London-based BitcoinPoint secured approval from the Financial Conduct Authority (FCA) to obtain a Registered Cryptoasset Firm License. This permanent crypto-asset registration will enable BitcoinPoint to continue to reach UK retail customers after March 2022, when all ‘temporary’ registrations will be revoked. Since last year, the company has been the only crypto exchange
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