As the world of cryptocurrency and stablecoins continues to evolve and gain mainstream adoption, the importance of implementing effective anti-money laundering (AML) practices becomes increasingly cru...
Tag: AML
India Implements AML Standards on Crypto
In a move that is not entirely surprising, the Indian government has implemented anti-money laundering (AML) standards on crypto. The Ministry of Finance published a notification in The Gazette of Ind...
India Introduces New AML Measures
The Indian government has put the crypto sector under Prevention of Money Laundering Act (PMLA). But is it a signal of greater regulation to come? According to the Ministry of Finance, all Virtual Dig...
Indian Finance Ministry: Crypto Trading Is Now Subject to AML Laws
Indian Finance Ministry said crypto trading is now subject to money laundering laws. The AML regulation comes after multiple crypto-related scandals. Previously, India imposed a capital gains tax of 3...
Coinbase exec claims Layer-2 Network could include AML measures
Base’s upcoming launch is expected to come with AML features Base is an Ethereum layer-2 network that offers users a secure and convenient way to develop decentralised applications Brian Armstrong, CE...
New Layer-2 Network May Include AML measures, Coinbase CEO Says
Due to this increased watch over the crypto space, many firms have been scrutinized and found non-compliant with specific rules. Coinbase is one of the firms under the radar of financial watchdogs. On...
Coinbase CEO hints its new layer-2 network could include AML measures
Coinbase chief executive Brian Armstrong has hinted that the firm’s new Layer-2 blockchain network Base may be subjected to transaction monitoring and anti-money laundering measures at launch. In an i...
Coinbase’s Base will likely feature transaction monitoring, AML measures
Ad Coinbase CEO Brian Armstrong said on March 6 that his company’s layer-2 network, Base, will likely feature transaction monitoring and anti-money laundering measures. Base will feature compliance me...
KYC & AML in the Financial Technology industry – Cryptopolitan
No doubt, one of the main problems of online financial services for users is security. Everyone wants to be sure that their assets will not be robbed or blocked, and transactions will be completed wit...
FATF Unveils New AML Plans as Ransomware Attacks Decline
Global anti-money laundering watchdog, the Financial Action Task Force, has called for greater adoption of Virtual Asset Service Provider Travel Rule to curb the flow of illicit funds using cryptocurr...
Sen. Warren vows reintroduction of AML bill that extends to DAOs and DeFi
A bi-partisan Anti-Money Laundering (AML) bill that covers “decentralized entities” such as decentralized finance (DeFi) protocols and decentralized autonomous organizations (DAOs) will soon be reintr...
Sinbad crypto mixing service may be Blender in disguise: Elliptic
A shuttered crypto transaction mixer once sanctioned by U.S. regulators may have returned under a new name, according to an analysis by crypto firm Elliptic. Elliptic said that on-chain data sho...
Coinbase agrees to a $100M Settlement: for AML and KYC violation
Coinbase agreed to pay NYDFS a $100 M settlement. $50 M will be fine, and $50 M will go towards AML background checks. The company is alleged to have opened accounts without proper background checks...
Coinbase Commits $100M to Improve AML Compliance Practices
The regulators slapped Coinbase with a $50 million fine for violating anti-money laundering laws. It will commit another $50 million to improve compliance. The bad actors have been using cryptocurrenc...
Coinbase will pay $100m over KYC, AML to NY regulators
According to the New York Times, Coinbase will have to pay $50 million to New York regulators for letting users open accounts with minimal background confirmation. The organization will also spend $50...
Coinbase fined $100M over KYC and AML failures
Coinbase has agreed to cough up a total of $100 million to bring an end to an investigation into failures of its anti-money laundering (AML) and know-your-customer (KYC) measures. The exchange announc...
Coinbase had “inadequate” AML measures; settles for $100M with NYDFS
Coinbase will pay a penalty of $50 million for failing to comply with the New York Banking Law and other state regulations, according to a press release on Jan. 4. The largest crypto exchange by tradi...
Coinbase to pay $100 million over failure to scale AML as business boomed
Coinbase reached a $100 million settlement with the New York Department of Financial Services following investigations into failures in its compliance program. The NYDFS fined Coinbase $50 milli...
Researchers use zero-knowledge to address privacy, AML concerns in stablecoins
Researchers from German crypto blockchain-based payments fintech etonec and other organizations have proposed using zero-knowledge proofs to ensure regulatory compliance and privacy in stablecoins. Th...
Warren, Marshall introduce bill to tighten money laundering rules for crypto
Sens. Elizabeth Warren, D-Mass., and Roger Marshall, R-Kan., introduced legislation to tighten U.S. anti-money laundering rules to digital assets. The bill would expand know-your-customer rules ...
Binance and Its CEO at Risk of Criminal Charges Over AML Rules: Report
The cryptocurrency exchange Binance and executives including CEO Changpeng Zhao are at risk of U.S. criminal charges over compliance with U.S. money-laundering laws and sanctions, according to a repor...
US DOJ split over charging Binance in the 2018 AML investigation: Report
The United States Department of Justice (DOJ) is nearing the completion of its investigation into cryptocurrency exchange Binance, which started in 2018. A report from Reuters suggests there is a conf...
Overview of GetBlock.net: the first multichain explorer with functionality for AML checks
Explorer is one of the most important tools for crypto enthusiasts. It can be used to check the status of transactions and obtain data about crypto wallets. Previously, the crypto community members ha...
Privacy Coins Likely to Face Ban Following EU AML Regulations
Did the EU Anti-Money laundering bill draft create fear in crypto? AML regulations still under discussion are likely to be live soon. The concept of privacy is quite popular among cryptocurrency en...
Is Silvergate In Trouble? Why Didn’t KYC And AML Prevent The FTX Fiasco?
Did Silvergate let FTX and Alameda share funds and bank accounts? Isn’t that illegal? Also, if one of the objectives of KYC and AML procedures is to stop money laundering, why didn’t Sam Bankman-Fried...
European AML rules could ban privacy coins: CoinDesk
The European Union is considering a ban that would prevent banks and crypto providers from dealing with cryptocurrencies that aim to enhance user privacy — commonly called “privacy coins.”...
Swiss Financial Watchdog Releases Revised AML Ordinance, Clarifies Crypto Requirements – Regulation Bitcoin News
The Swiss financial regulator has published its updated anti-money laundering (AML) ordinance, noting it’s extending the coverage to include blockchain trading platforms. It also clarified certain rep...
Solidus Labs Unveils First-of-its-kind Web3 AML Solution, Flagging Close to 200,000 Rug Pulls and Smart Contract Scams That Make Up 8% of All Ethereum Tokens
In a major step towards de-risking DeFi, data released by Solidus reveals that a new token pre-programmed to scam users is created every 4 minutes on average, and the illicit funds from these scams of...