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Witnessing the digital breakthrough


EU To Pressure Malta Into Revamping Its AML Framework
Malta   |   01.07.19  |  

... under constant pressure to cater to EU demands , but it seems like the only issue right now is the staffing. Should Malta be able to “import” some major market experts as counsellors, they’d be able to introduce arguably the most crypto friendly AML policy in the European Union. Image courtesy of Cryptocentral

Brazil Tightens Control Over Cryptocurrency Transactions
Legislation   |   20.06.19  |  

The Department of Federal Revenue of Brazil (RFB) has released new rules requiring crypto exchanges to inform the regulator of user transactions The Department of Federal Revenue of Brazil (RFB) has issued new rules requiring crypto exchanges to inform the regulator of user transactions in order to detect tax fraud, Cointelegraph Brazil reports . The guideline states that cryptocurrency trading platforms in Brazil should inform the agency about the movement of users' funds in cryptocurrency and...

Regtech And Suptech: Laws Are New Gold
Forecasts   |   17.05.19  |  

... is not an easy task for both companies and customers. A lot of regtech companies offer their solutions for it. The solution by Trulio KYC is part of the more general regtech direction, which is commonly referred to as “solutions for compliance with AML laws (anti-money laundering laws).” An important part of the application of regulatory technologies is the organization, support, optimization and automation of the process of creating and sending reporting documents. Elliptic offers its services,...

AML And Crypto Transactions Identification Is On The Agenda Of G20 Summit
Legislation   |   05.04.19  |  

... authorities of different governments. It is assumed that countries prepare to accept the inevitable: the fact that decentralized means of data and values sharing ​​will become the norm. The appointment is primarily devoted to the anti-money laundering (AML) and the counter-terrorism financing (CTF) issues. Negotiations on the regulation of cryptocurrency at the global level have been conducted more than once, but so far there are still no unified solutions. Measures aimed at preventing any entity from ...

Binance Labs-backed Koi Trading Has Released New AML Compliance Platform
Innovations   |   13.03.19  |  

... IdentityMind, is intended for use by enterprises providing financial services Koi Trading, the company supported by Binance Labs, in collaboration with the online risk management platform IdentityMind, has announced the release of a product that provides AML compliance-as-a-service. The development was announced in a press release . Koi Compliance is intended to be used as an AML CaaS for enterprises providing financial services. The platform supports the digital currency. It is assumed that its implementation ...

Come Again And Play the Bitcoin Game! TOON #20
Investments   |   07.12.18  |  

... getting data about their financial activities quite often becomes a massive chore. This gives a proper reason to question their honesty, despite the fact that these days pretty much any big exchange asks its clients to perform the ritual dances of KYC and AML. Furthermore - more and more people are thinking that exchanges are messing up the market for their own mysterious gains, while counting their sweet-sweet crypto fees because of the constant transactions back and forth. This is a sole reason why a ...

Global Financial System Launders $800 bln Per Year, But FATF Considers Crypto To Be A Threat
Regulation   |   20.11.18  |  

AML in banking sphere is severely compromised, but FATF is looking in the direction of imposing AML/KYC obligations on cryptocurrencies. What’s wrong with the priorities? In light of the burning reputation of traditional financial institutions in ...

The Danske Bank Money Laundering Case Is Worth $230 Bln — More Than The Whole Crypto Market Cap
Legislation   |   19.11.18  |  

The branch of Danske Bank in Estonia was accused in money laundering of unprecedented volume. It shows that AML fails on global level, and it is not cryptocurrency to blame. The branch of Danske Bank in Estonia appeared in the spotlights of the whole newsworld for the last couple of months. The reason for attention to the small bank within the small country ...

Exchange Transparency SWOT-Analysis: Consider It Before You Deposit
Trading   |   09.10.18  |  

... becoming best practices in the industry, with exchanges providing significant insight into the security measures taken to keep investors safe, as well as displaying their financial strategies to potential users. ‘Know Your Customer”, as well as AML/CFT, is a generic demand from regulators when an exchange is aimed at doing business within fully transparent frameworks. The task forces are not dormant and work towards fighting the issues mentioned above, as well as tax-evasion practices. “ Internal ...

SEC And FATF Are Moving Towards Acceptance of Digital Assets
Investments   |   24.09.18  |  

The US SEC США announced the start of procedure of making a decision about the possibility of virtual assets trading and FATF is correcting the rules of AML. The digital market is moving inexorably towards the institutionalization In September, the regulators of several countries got extraordinarily active: releases of normative acts, various statements of responsible persons, conferences, and summits....

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