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Keeping up with KYC

Enablers Act expands anti-money laundering requirements

KYC news

Enablers Act expands anti-money laundering requirements

At present, financial institutions such as banks are required to investigate their clients and their sources of wealth or funds. But, until now, many other financial gatekeepers have been exempted from so-called ‘due diligence rules’.

EU lawmakers say NFT platforms should be subjected to money laundering regulations

KYC news

EU lawmakers say NFT platforms should be subjected to money laundering regulations

If new legislation passes, it will mean that all NFT marketplaces will have to assess the risk of illicit finance flowing through their systems and carry out identity checks on new customers and suspicious transactions.

EU reaches provisional agreement on transparency of crypto asset transfers

KYC news

EU reaches provisional agreement on transparency of crypto asset transfers

By introducing the so-called ‘travel rule’, the EU aims to ensure financial transparency on exchanges involving crypto assets. The rule will also provide the EU with a framework that will comply with recommendations 15 and 16 of the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog.

Money laundering watchdog pushes for rules on crypto information sharing

KYC news

Money laundering watchdog pushes for rules on crypto information sharing

A survey commissioned by the Financial Action Task Force (FATF) has revealed that only 30% of jurisdictions have passed rules to help prevent the illicit use of cryptocurrencies. 

Cryptos under pressure as regulators call for stricter supervision

KYC news

Cryptos under pressure as regulators call for stricter supervision

Regulatory bodies are currently aware of the risks that cryptos could pose to the broader financial system. To counter any future risks, the BIS paper proposed enhancing the collection and publication of cryptocurrency trading data in a more rigorous manner, such as through “embedded supervision”.

Crypto industry aims to exempt NFTs and DeFi from tax reporting rules

KYC news

Crypto industry aims to exempt NFTs and DeFi from tax reporting rules

Authorities are attempting to calculate whether digital assets are riskier when it comes to assessing tax compliance, and thus deserving of further scrutiny.

Studies show that banks caught laundering cash will lose customers

KYC news

Studies show that banks caught laundering cash will lose customers

With such a notoriously competitive environment, customers are now acutely aware of the benefits switching can provide and how many alternate lenders are available. As a result, they’re placing heightened importance on ethical behavior in the sector.

Think tank calls for changes to international crypto regulation

KYC news

Think tank calls for changes to international crypto regulation

New research drafted by the Basel Institute of Governance and The International Academy of Financial Crime Litigators, has suggested that action against illicit crypto markets must be more coordinated.

Council of Europe calls on member countries to crack down on digital asset money laundering

KYC news

Council of Europe calls on member countries to crack down on digital asset money laundering

Formed in the wake of World War II, the Council of Europe is an organization that’s committed to upholding human rights, democracy, and the rule of law in Europe. The organization has specialized committees that deal with specific issues under its mandate. This includes MONEYVAL, which focuses on anti-money laundering and curbing the financing of terrorism.

Feds charge two 20-year-olds in alleged NFT money laundering scheme

KYC news

Feds charge two 20-year-olds in alleged NFT money laundering scheme

The ice-cream-themed NFTs involved in the scheme were known as ‘Frosties’. Early investors were promised future giveaways, access to future releases, and a metaverse game built around the brand. However, prosecutors allege that Ethan Nguyen and Andre Llacuna executed a ‘rug pull’ in January.

Hackers stole more than $600 million in crypto – but they’re struggling to launder it

KYC news

Hackers stole more than $600 million in crypto – but they’re struggling to launder it

The thieves are struggling to exchange the dirty cryptocurrency for cleaner funds. After all, governments around the world have ramped up law-enforcement efforts to seize stolen funds and bolstered money-laundering regulations for crypto exchanges. Such efforts make transferring the funds to exchanges difficult. 

NFTs: Money laundering and wash trading on the rise

KYC news

NFTs: Money laundering and wash trading on the rise

The company analyzed NFT sales to self-financed addresses and found that several NFT sellers have conducted hundreds of ‘wash trades’. These trades involve the seller being on both sides of the transaction, and they’re used to paint a misleading picture of an NFT’s value and liquidity.

EU wants anti-money laundering regulator to monitor crypto

KYC news

EU wants anti-money laundering regulator to monitor crypto

Due to fresh concerns over money laundering in the space, the European Union (EU) is aiming to bolster its oversight of the cryptocurrency industry by providing its new anti-money laundering watchdog with greater powers. 

Legislation to crack down on dirty money in the UK introduced in parliament

KYC news

Legislation to crack down on dirty money in the UK introduced in parliament

On 1 March 2022, the UK government brought forward the Economic Crime (Transparency and Enforcement) Bill. The legislation intends to clamp down on dirty money and was described by the government as a ‘landmark step’ towards doing so.

AML fines drop as regulators clamp down on crypto

KYC news

AML fines drop as regulators clamp down on crypto

The latest review found that the value of fines issued to financial services firms for AML failings globally fell from $2.2bn in 2020 to a new low of $1.6bn in 2021. For context, $3.3bn worth of fines were issued in 2018.

Australia at risk of becoming a haven for Russian cash due to weak money laundering laws

KYC news

Australia at risk of becoming a haven for Russian cash due to weak money laundering laws

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 and counter-terrorism finance laws.

China launches three-year anti-money laundering campaign

KYC news

China launches three-year anti-money laundering campaign

At the end of January 2022, China launched a three-year anti-money laundering (AML) campaign. According to a government statement, the campaign intends to safeguard national security and social stability. 

Treasury releases report on money laundering risks in the art market

KYC news

Treasury releases report on money laundering risks in the art market

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.” 

Global money-laundering operation stops $2.6 million passing through Australia’s financial institutions 

KYC news

Global money-laundering operation stops $2.6 million passing through Australia’s financial institutions 

Following a worldwide operation involving law enforcement agencies from 27 countries, 18 Australians are facing criminal charges relating to money laundering offenses.

AML fines reached $2.2 billion in 2020

KYC news

AML fines reached $2.2 billion in 2020

Studies have shown that fines for AML failings by regulated institutions were five times higher in 2020 than they were in 2019. In total, AML penalties for 2020 reached $2.2 billion.

IRS special agent sees “mountains and mountains” of fraud in NFTs and crypto

KYC news

IRS special agent sees “mountains and mountains” of fraud in NFTs and crypto

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. 

Report finds 30% increase in crypto money laundering

KYC news

Report finds 30% increase in crypto money laundering

A report by blockchain data company Chainalysis has discovered that criminals laundered $8.6bn of cryptocurrency in 2021. This was a 30% increase in the amount laundered in 2020.

Biden and FinCEN aim to combat corruption with AML legislation

KYC news

Biden and FinCEN aim to combat corruption with AML legislation

In an effort to root out corruption, the Biden administration plans to issue regulations that will improve transparency in regard to beneficial ownership and real estate transactions.

100 UK-licensed electronic institutions have been red flagged for potential money laundering risk

KYC news

100 UK-licensed electronic institutions have been red flagged for potential money laundering risk

Research from Transparency International UK has revealed more than a third of UK-licensed electronic money institutions have been flagged for potential money laundering.

EU banking regulator set to strengthen remote onboarding checks

KYC news

EU banking regulator set to strengthen remote onboarding checks

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 institutions.

Financial Conduct Authority finds challenger banks are not doing enough to fight financial crime

KYC news

Financial Conduct Authority finds challenger banks are not doing enough to fight financial crime

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. 

‘Alarming’ AML laws prompt protests from EU crypto firms

KYC news

‘Alarming’ AML laws prompt protests from EU crypto firms

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”. 

$10 billion stolen in DeFi scams and thefts in 2021

KYC news

$10 billion stolen in DeFi scams and thefts in 2021

Decentralized Financial images are proving attractive due to the growth and evolution of blockchain technology. However it's users are losing a lot of money to criminal activity. How can they make their assets more secure?

BitcoinPoint becomes the first crypto-asset firm registered with the FCA to offer an ATM cash-out facility

KYC news

BitcoinPoint becomes the first crypto-asset firm registered with the FCA to offer an ATM cash-out facility

The London-based company takes a massive step in making Bitcoin easily available to new retail customers, and more attractive with the easy 'cash-out' option.

How can we stop the NFT marketplace being used for money laundering?

KYC news

How can we stop the NFT marketplace being used for money laundering?

NFTs are a hot news topic, being spoken about in all corners of the internet. But how can we make them more secure, and less open to exploitation by online fraudsters and criminals?

AML fines reach $1.9 billion in 2021 but could rise further in coming years

KYC news

AML fines reach $1.9 billion in 2021 but could rise further in coming years

Banks and financial institutions have been issued anti-money laundering fines of over $1.9 billion this year alone. But is this just a hint towards a rising trend, and how quick will banks get a handle on things?

Criminals are using bitcoin ATMs for scams and money laundering schemes

KYC news

Criminals are using bitcoin ATMs for scams and money laundering schemes

As the popularity of bitcoin, and cryptocurrencies, continues to soar, so does the availability of bitcoin ATMs. And they're making it easier for criminals to conduct illicit activities in broad daylight. Read our blog to learn more.

FinCEN’s ransomware report reveals analysis of SAR data

KYC news

FinCEN’s ransomware report reveals analysis of SAR data

A new report from the Financial Crimes Enforcement Network, looking at suspicious activity reports from financial institutions, has revealed growth in ransomware attacks in 2021 - read our blog to discover more.

UK Government Announces New Economic Crime Levy

KYC news

UK Government Announces New Economic Crime Levy

As the title suggests, the British government has drafted legislation to create an Economic Crime Levy to help fight financial crime. Read the blog to discover who it affects, and when it will be introduced.

NatWest faces substantial fine after admitting AML failings

KYC news

NatWest faces substantial fine after admitting AML failings

How much is the potential fine the major UK bank will have to pay? And how have they landed in such hot water? Read our KYC news blog to learn more.

Australian financial institutions concerned about AML loopholes

KYC news

Australian financial institutions concerned about AML loopholes

Several of Australia’s largest banks and financial technology companies recently spoke to the country’s senate about closing major loopholes in the country’s anti-money laundering legislation.

Ghana’s Gaming Commission enforces KYC verification

KYC news

Ghana’s Gaming Commission enforces KYC verification

Why has Ghana brought in mandatory KYC, and which provider is already leading they way? Find out in our latest KYC news post.

China’s top regulators ban cryptocurrency trading and mining

KYC news

China’s top regulators ban cryptocurrency trading and mining

It's the latest big news for cryptocurrencies, as China's government takes drastic action against digital trading and mining. Learn more in our KYC news post.

New proposals strengthen the EU’s anti-money laundering and countering financing of terrorism (AML/CFT) rules

KYC news

New proposals strengthen the EU’s anti-money laundering and countering financing of terrorism (AML/CFT) rules

The European Union is working hard to combat money laundering and financing of terrorism, which is why they've made a wave of new proposals to strengthen their defences. Find out all about them here.

How will the EU’s new AML authority help transform AML/CFT supervision?

KYC news

How will the EU’s new AML authority help transform AML/CFT supervision?

As part of recent European Union proposals to strengthen AML & CFT regulations, they will look to establish an anti-money laundering authority. When will the AMLA be launched, and what will it do? Find out here.

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