Posts in category

AML


Paul Brody is EY’s global innovation leader for blockchain. The views expressed are his own. At the beginning of this year, I wrote a column predicting that companies would find the allure of public blockchains irresistible. While a world of private blockchains provides many enterprises, regulators and central banks with the comfort that there are …

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Bruce Silcoff is the CEO of Shyft in Toronto, which is focused on developing blockchain-based solutions for digital identity and KYC/AML processes. It’s easy to question the need for strict know-your-customer (KYC) and anti-money-laundering (AML) controls, as Edan Yago did in a recent CoinDesk op-ed. Who likes the rising complexity and costs of compliance? Who gets …

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Edan Yago has spent the last seven years engaged in payments using cryptocurrencies, first at Zynga, then as CEO of Epiphyte and now as the founder of a stealth startup developing a meta-stablecoin platform. Follow him on Twitter here. The worst-kept secret in cryptocurrency is that many projects are little better than scams: they’ve digested billions of …

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South Korea’s financial regulators have amended the anti-money laundering rules that apply to cryptocurrency exchanges in the country, requiring domestic banks to tighten up monitoring of related bank accounts. According to an announcement from the Financial Services Commission (FSC) on Wednesday, the amendment – which will be in effect for a year – means domestic …

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Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. Imagine if flour millers insisted on knowing the precise identity and originating farm of each grain …

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Taiwan aims to formally regulate bitcoin under anti-money laundering (AML) rules before the end of the year. According to the Taiwan Central News Agency, Chiu Tai-san, the country’s minister of justice, said at an anti-money laundering event on Friday that the nation aims to have the legal framework ready before a visit to Taiwan by the Asia …

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The Central Bank of Taiwan is eyeing new rules that would bring bitcoin under the island’s existing anti-money laundering regulations. During a meeting with Taiwan’s legislative arm Monday, central bank governor Yang Chin-long was questioned over how the banking authority would address the current “opacity” in bitcoin trading in the country, as highlighted by the …

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Marc Hochstein is the managing editor of CoinDesk.  The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. “Let’s form a committee to explore the formation of an exploratory committee!” OK, that’s not quite a fair summation of the recommendations on cryptocurrency that came out of the G20 meeting …

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Two South Korea financial regulators are reportedly launching a probe into domestic banks over their implementation of anti-money laundering procedures for cryptocurrency exchanges. According to a report from Yonhap, the Financial Intelligence Unit and Financial Services Commission (FSC) will launch the inspection starting next month at banks offering corporate accounts to cryptocurrency exchanges. The investigation, …

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The Cabinet of Thailand, the executive branch of the country’s government, has provisionally passed two royal decree drafts aimed at regulating cryptocurrencies, a report states. The drafts – covering both cryptocurrency and initial coin offering transactions, as well as a possible tax on crypto capital gains – first received agreement from government ministers on Tuesday. Before …

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Japan will call on the G20 member governments to concentrate on developing a common anti-money laundering (AML) strategy for cryptocurrencies during the annual summit in Buenos Aires on March 19-20, Reuters reports March 13, quoting a “government official with direct knowledge of the matter.” Japan’s government official told Reuters that at the moment the country’s …

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Thailand is set to draft legislation that would oversee cryptocurrency trading with the view of taxing the crypto market in the country, the AP reported today, March 13. According to Nathporn Chatusripitak, a government spokesman, Thai Ministry of Finance’s impetus for the proposition of new crypto regulation stems from a desire to prevent money laundering …

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New policies for cryptocurrency exchanges developed by Malaysia’s central bank have gone into effect. Bank Negara Malaysia announced Tuesday that its “Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies” is now the law of the land. As outlined in the published policy documentation, the rules will apply to all activities performed by cryptocurrency exchanges that offer both …

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Bank of America has cited cryptocurrency as a material risk to its business, public records show. The technology could hamper the second-largest U.S. bank’s ability to comply with anti-money-laundering regulations, pose a competitive threat and force the company to spend more money to keep up with the times, the bank said in its annual filing …

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Marc Hochstein is the managing editor of CoinDesk. The views expressed here are his own, so don’t blame his co-workers. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. Picture two $1 bills. One is crisp and immaculate, newly arrived from the U.S. Mint. The other is crumpled …

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Brian Fleming is a member of the law firm of Miller & Chevalier in Washington, D.C. With governments around the globe cracking down on all aspects of the cryptocurrency market, it seems like new regulatory risks arise every day. Add U.S. sanctions to that list. On Jan. 19, the U.S. Department of the Treasury’s Office …

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Marc Hochstein is the managing editor of CoinDesk and a former editor in chief of American Banker. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. Each of these three stories out of Southeast Asia is significant on its own, but when you read them side by side they tell a …

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A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering. The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem …

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Expert Blog is Cointelegraph’s new series of articles by crypto industry leaders. It covers everything from Blockchain technology and cryptocurrencies to ICO regulation and investment analysis. If you want to become our guest author and get published on Cointelegraph, please send us an email at mike@cointelegraph.com. Larry Fink, CEO of the world’s largest asset management …

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The global equity market has seen a very turbulent decade since the start of the global recession. Yet despite the relatively stable economic growth the world has seen over the past five years there has been a significant decline in the number of Initial Public Offerings (IPOs), as well as a general lack of funding …

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