The volume of cryptocurrency transactions grew to $15.8trn in 2021, up 567% from 2020, another sign that the trading of digital assets is becoming increasingly mainstream. Highlights from a new report from blockchain data platform Chainalysis show illicit crypto transactions […]
New sanctions against ransomware operators and crypto exchanges, along with the seizure of $6.1m in funds tied to ransom payments, have marked an escalation in the US government’s crackdown on hackers and anti-money laundering. The US Department of the Treasury announced a […]
The Financial Action Task Force (FATF) has updated its guidance for the virtual asset (VA) industry following a public consultation. The 111-page 2021 Guidance for a Risk-Based Approach to Virtual Assets and VASPs (virtual asset service providers) has been much-anticipated by regulatory […]
The US Office of Foreign Assets Control (OFAC) has launched a new set of guidelines for financial sector compliance teams: Sanctions Compliance Guidance for the Virtual Currency Industry. The guidance follows a recent report by the US Treasury Department’s Financial […]
Whether evaluating a counterparty or detecting suspicious behavior across fiat and cryptocurrencies, ComplyAdvantage has it all covered in one platform. By enabling firms to effectively scrutinize their customers’ transactional behavior, transaction monitoring is the foundation of an effective anti-money laundering […]
In 2021 the Bank for International Settlements (BIS) published a report entitled Supervising cryptoassets for anti-money laundering, which has important implications for those working in the crypto space. The BIS promotes international cooperation amongst central banks, and its 63 members account […]
More than 100 people have been arrested, many on the Spanish island of Tenerife, over allegations of money laundering, online scams, and violence. Italian and Spanish officials say the suspects made millions by tricking victims – mostly Italian nationals – […]
Is Bitcoin In El Salvador Legal? Cryptocurrencies: Bitcoin accepted as legal tender Cryptocurrency exchanges: Legal, registration requirements with SSF The government of El Salvador has been debating the use of cryptocurrency in its financial system for years, with President Nayib […]
From Central Bank Digital Currencies (CBDCs) to non-fungible tokens (NFTs) financial service use cases enabled by blockchain are evolving rapidly. For virtual asset service providers (VASPs), the rate of change is both exhilarating and overwhelming. How do you establish best […]
BitMEX exchange has agreed to a $100 million settlement with the US Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN). The fine was imposed after the exchange failed to carry out sufficient checks on its customers. […]
On June 25, the Financial Action Task Force (FATF) wrapped up its fourth virtual plenary under the German presidency and finalized regulatory reports and guidance on several different aspects of financial crime. Of particular note is FATF’s recent 12-month review […]
Two brothers, co-founders of a South African cryptocurrency investment platform, Africrypt, have been accused of running off with an estimated $3.6 billion worth of bitcoin from investors. It’s an allegation the founders “categorically” deny. Yet both they and the money […]
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