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. President Nayib Bukele […]
The criminal offense of money laundering (Section 261 of the German Criminal Code) was profoundly restructured by the “Act to Improve Criminal Law Combating Money Laundering” (Money Laundering Act) which came into effect on March 18th 2021. This new regulation […]
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 […]
The Financial Action Task Force (FATF) has published its mutual evaluation of Japan, which graded the country as in need of “enhanced follow-up.” 18 other countries share this designation including the US, China, South Korea, and Australia. Here, we explore […]
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 30, 2021, FinCEN published the first U.S. government-wide list of national priorities for anti-money laundering and counter-terrorism financing (AML/CFT) and the Bank Secrecy Act (BSA). FinCEN collaborated with the staff of several offices in the Department of the […]
On August 2nd the European Banking Authority (EBA) announced a three-month public consultation on a new set of guidelines for the role, tasks, and responsibilities of compliance officers responsible for anti-money laundering (AML) and countering the finance of terrorism (CFT). […]
FATF’s fourth virtual plenary ended on Friday, June 25, with the intergovernmental agency placing four jurisdictions under increased monitoring for strategic deficiencies in their anti-money laundering efforts. The Philippines — along with Haiti, Malta, and South Sudan — join 18 […]
Brexit and AML/CFT: What Does the Future Hold for the UK & EU? The UK and EU opted for a “minimalist” approach on the management of AML/CFT, with only broad agreement on following shared norms and cooperation. No formally defined […]
Reforms meant to strengthen Australia’s AML/CFT rules came into force on Friday, June 18. Dubbed Tranche 1.5, these reforms touch on customer due diligence, correspondent banking, information sharing, and cross-border payment reporting. More specifically, with Tranche 1.5, the Australian Transaction […]
The European Commission (EC) has taken legal action against Luxembourg for failing to implement AML regulations in a timely manner and has asked the European Court of Justice (ECJ) to enforce punitive measures. Should the ECJ rule in the EC’s […]
Regulated financial institutions must become compliant with the European Union’s Sixth Anti-Money Laundering Directive (6AMLD), which is a highly coordinated effort by the EU to crack down on financial crime that imposes much tougher penalties for breaches. The ever-widening scope […]
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