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Stablecoin issuer Tether is partnering with blockchain forensics firm Chainalysis to bolster its anti-money laundering tools.The companies announced Wednesday that Tether would apply Chainalysis' "Know Your Transaction" tool for token issuers, allowing the stablecoin firm to monitor activity and "quickly understand the risk profile of each token holder," according to
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The deputy director of the United States Financial Crimes Enforcement Network (FinCEN) says the cryptocurrency sector must not abet a “slide backward” in money laundering prevention.FinCEN deputy director Jamal El-Hindi made his remarks during a speech at the Securities Industry and Financial Markets Association 20th Anti-Money Laundering (AML) and Financial
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Sharing is caring!Early Blockchain and Crypto project Cashaa, has launched a new “Crypto Business/Broker” account to ensure crypto businesses/brokers are compliant with the FCA’s new rules for anti-money laundering and counter-terrorist finance and the EU Fifth Money Laundering Directive (5AMLD). “We have put our experience of dealing with hundreds of crypto
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The UK’s Financial Conduct Authority (FCA) now supervises companies and business working with crypto for anti-money laundering (AML) and counter terrorism finance (CTF) compliance.In an announcement released on January 10th, the financial regulator said that it will supervise whether businesses dealing with cryptocurrencies and blockchain in the UK are complying
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The European Union’s 5th Anti-Money Laundering Directive (5AMLD) came into effect today, January 10. The regulation was entered as law on July 9, 2018 in an effort to bring increased transparency to financial transactions for pushing back against money laundering and terrorist financing across Europe.For the first time, 5AMLD
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Reginald Fowler, one of the individuals accused of running a "shadow banking" service for cryptocurrency startups, is expected to plead guilty to at least some charges during a court hearing next month.According to a letter written by Assistant U.S. Attorneys Jessica Fender and Sheb Swett on behalf of U.S. Attorney
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Chairman of the United States Commodity Futures Trading Commission (CFTC), Heath Tarbert, recently discussed crypto at Harvard Kennedy School as part of a series of lectures that revolved around financial regulations.Tarbert talked about the agency and its stance on cryptocurrency, and how the CFTC team is still processing the information
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The Ukranian government has approved the final version of a money laundering law that will handle virtual assets and virtual asset service providers (VASPs) per FATF guidelines.On Dec. 6, the Rada, Ukraine’s legislative body, published a final version of the law that considers virtual assets to be a store
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Banking compliance consultant Simon Lelieveldt, who has worked for the DNB and as a Dutch financial historian, said the two entities are trying to be proactive and not repeat past mistakes. Regulators are under pressure from critics who say lax oversight, particularly concerning the Netherlands largest bank, ING, led to
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A Manhattan federal jury has found lawyer Mark S. Scott guilty of helping OneCoin co-founder and current fugitive Ruja Ignatova launder $400 million.On Nov. 21, Law360 reported that the Manhattan jury of six women and six men decided to hand down a guilty verdict to Scott, a former partner
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