New guidance issued by the Financial Crimes Enforcement Network (FinCEN), the Financial Intelligence Unit (FIU) of the United States, tackles the convergence of ransomware, cryptocurrencies, money laundering, and terrorist financing.
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Although aimed at supervisors, the BIS cryptoasset report is also a must read for compliance officers. It offers insights into how regulations are being drafted and implemented as well as how risks are being assessed in this fast-evolving industry. Those working in firms that offer crypto exchanges, service crypto exchanges or custody services will gain a greater understanding of what their regulators and supervisors are interested in. The report also highlights the challenges associated with operating in multiple jurisdictions, and provides a glimpse into possible future areas of regulation and enforcement.
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Luxembourg, labeled a tax haven following recent investigations, is taking steps toward tightening its AML systems, with new legislation aimed at sanctioning money laundering and tax evasion.
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The United Arab Emirates (UAE) and China have announced an intelligence-sharing deal to bolster the countries’ fight against money laundering and terrorist financing.
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According to the UK’s Financial Conduct Authority (FCA), several crypto businesses are struggling to meet the regulator’s high bar for anti-money laundering controls.
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The Australian government is weighing how it can extend AML/CFT regulation to cryptocurrencies, Nicole Rose, the CEO of AUSTRAC, confirmed on May 25.
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BaFin put N26 on warning once again for their lax anti-money laundering controls, according to an announcement made by the German regulator on Tuesday, May 11.
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We share our financial crime regulatory highlights from the week of May 3, 2021.
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We share our financial crime regulatory highlights from the week of April 26, 2021.
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We share our financial crime regulatory highlights from the week of 5 April 2021.
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We share our financial crime regulatory highlights from the week of March 8, 2021.
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In this article, we will look at some of the main issues the implementation of UBO registers in the EU has encountered to date.
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We share our financial crime regulatory highlights from the week of February 1, 2021.
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