Is Cryptocurrency Legal in South Korea? Cryptocurrencies: Not legal tender Cryptocurrency exchanges: Legal, must register with FSS Currently, South Korea cryptocurrency regulation means that crypto is not considered legal tender. Exchanges, while legal, are part of a closely-monitored regulatory system. […]
Is Cryptocurrency Legal in Switzerland? Cryptocurrencies: Legal, accepted as payment in some contexts Cryptocurrency exchanges: Legal, regulated by SFTA and FINMA In Switzerland crypto and virtual currencies are classified as assets or property. Exchanges are legal and, depending on the […]
Is cryptocurrency in Japan legal Cryptocurrencies: Legal, treated as property Cryptocurrency exchanges: Legal, must register with the Financial Services Agency Japan currently has the world’s most progressive regulatory climate for cryptocurrencies and recognizes Bitcoin and other digital currencies as legal […]
Is Cryptocurrency Legal In Singapore? Cryptocurrencies: Not legal tender Cryptocurrency exchanges: Legal, registration with the Monetary Authority of Singapore required In Singapore, cryptocurrency exchanges and trading are legal and the city-state has taken a friendlier position on the issue than […]
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 United Nations Office on Drugs and Crime (UNODC) estimates that two to five percent of global GDP is laundered annually – equating to between €715 billion and €1.87 trillion each year. As technology advances, so do the avenues through […]
Know Your Customer (KYC) is the process financial institutions (FIs) use to verify their customers’ identities and inform compliance risk assessments. KYC is a foundation of anti-money laundering and countering the financing of terrorism (AML/CFT) compliance in jurisdictions worldwide. Given […]
A Money Laundering Reporting Officer (MLRO) is a person responsible for implementing and overseeing a company’s anti-money laundering (AML) compliance program. The duties of the MLRO may involve serious legal consequences that result in civil and criminal action. Money Laundering […]
What is a Bank Secrecy Act Officer? The Bank Secrecy Act (BSA) Officer is the person responsible for ensuring compliance with the Bank Secrecy Act of 1970, that aims to prevent and detect money laundering and other financial crimes. The […]
What is an AML compliance program? In order to combat financial crime, banks, credit unions, and a variety of other financial institutions across the world are required to develop and put in place Anti-Money Laundering (AML) Compliance Programs. An anti-money […]
What is an AML Officer? In order to oversee internal anti-money laundering policies and remain compliant with important regulations, banks, credit unions, and similar financial institutions are required to appoint an Anti-Money Laundering Compliance Officer. As part of the fight […]
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