Regulation

Is Cryptocurrency Legal in Canada? Cryptocurrencies: Not legal tender Cryptocurrency exchanges: Legal, required to register with FinTRAC after June 1, 2020 In Canada cryptocurrency is not legal tender but can be used to buy goods and services online or in […]

Is Cryptocurrency Legal in the US? Cryptocurrencies: Not considered legal tender Cryptocurrency exchanges: Legal, regulation varies by state While it is difficult to find a consistent legal approach at the state level, the US continues to progress in developing federal […]

The Know Your Customer (KYC) process refers to the need for businesses to understand who their customers are and what kind of financial activity they are involved in. KYC is a foundation of AML/CFT compliance in jurisdictions all over the […]

Today, is the deadline for the 4th Money Laundering Directive (4MLD) to be implemented across Europe. As European companies rush to integrate key changes needed for KYC processes such as domestic PEP screening and other due diligence practises we highlight […]

Is your business ready for the changes coming with 4MLD?  The UK government is in the process of transposing 4MLD into UK legislation via the Money Laundering and Transfer of Funds (Information on the Payee) Regulation 2017, which will come […]

On January 1st 2017 New York State’s Department of Financial Services (DFS) Part 504 went live. This rule provides a clarification on how OFAC and other lists are screened and how transactions are monitored. The impacts of this rule may […]

Today, the trend of de-risking by banks still remains one of the greatest threats to the remittance industry. Not only does it put these businesses out of practice, it also deprives people who have limited access to the formal banking […]

What is 4AMLD and What Does it Mean for Regulated Industries? The European Union Fourth Money Laundering Directive (4AMLD) was ratified by the European Parliament in 2015 and was implemented in all EU states on the 26th June 2017. It […]

The importance of anti money laundering policies With financial crime more prevalent than ever, it is important that both companies and governments develop tactics to curb it. Probably the most common way of doing so is to implement anti money […]

What is MiFID II, and how has it Affected the European Investment Market One of the most influential laws enacted by the European Union to regulate the investment sector is the Markets in Financial Instruments Directive. This directive, which is […]

The Markets in Financial Instruments Directive (MiFID) was created in 2004 to replace the Investment Services Directive, and it was implemented in 2007. A new law, known as MiFID II, has since replaced MiFID. The EU hoped that the directive […]

The Effects Of Foreign Account Tax Compliance Act On Foreign Accounts The Foreign Account Tax Compliance Act (FATCA) is a federal law designed to counter tax evasion in the United States. Introduced in 2010, FATCA imposes a range of compliance […]