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Tag: AML

Binance Must Intensify AML Compliance For Paris Expansion


Source: AdobeStock / Florence PiotFrench financial sector regulator Autorité des Marchés Financiers (AMF) has announced that crypto exchange Binance needs to intensify its efforts to ensure anti-money laundering compliance if it wants the agency’s backing for its plans to launch a regional registered office in the country’s capital.The latest development comes shortly after Changpeng Zhao, CEO of Binance, announced that Paris would be a “natural choice” for the exchange’s regional, and potentially even global headquarters, Reuters reports.In a November interview with French…

Little Known Facts About AML Compliance – And its Significance in Machine Learning

Companies across industries face distinct problems as regulatory obligations, corporate standards, and best practices evolve at a breakneck pace. It is not enough to comply with present regulations in highly regulated industries like financial services—companies must predict and plan for forthcoming regulations that will affect all elements of business operations and systems.
Anti-Money Laundering (AML) compliance has unquestionably been one of the top priorities for authorities overseeing financial institutions around the world. The legislative measures aimed to combat current money…

What FATF’s Latest Guidance Means for DeFi, Stablecoins and Self-Hosted Wallets

FATF warns regulators to not blindly accept the crypto industry marketing that loosely calls various platforms “decentralized.” In function, these platforms typically have a natural, if not legal, person somewhere who controls or influences their activities. The term “controls or influences” is key and offers a framework to analyze who should be the entity obliged to follow AML/CFT regulations. In FATF’s view, almost all DeFi platforms are still Virtual Asset Service Providers (VASP). FATF offers a broad playbook for bringing DeFi platforms under regulatory oversight, including…

CBDCs should have ‘privacy by design’, says blockchain boss

As Central Bank Digital Currencies (CBDC) continue to materialise, so do worries surrounding the financial privacy of users, says Matthew Niemerg, co-founder of Aleph Zero – a Swiss non-profit, enterprise-ready, peer-reviewed, developer-friendly blockchain platform.According to Aleph Zero, CBDCs will undoubtedly be subject to know-your-customer (KYC) and anti money laundering (AML) regulations, which require identity disclosure among their participants.In fact, the Bank of Canada has already qualified anonymity as a ‘risk’ banks should look to avoid – leaving prospective users with…

IMF recommends CBDC and global crypto standards for financial stability By Cointelegraph

The International Monetary Fund (IMF) released a set of policies for the emerging markets and developing economies to ensure financial stability amid global crypto adoption.
The IMF believes in the potential of crypto assets as a tool for faster and cheaper cross-border payments, citing the dramatic increase in the value of the crypto markets despite the bearish trends from May 2021. The report attributes high returns, transaction costs and speed and reduced Anti-Money Laundering (AML)…

FATF wants to ‘gut’ DeFi with ‘vague’ new guidelines, crypto players say

The crypto community has given a wilting reaction to the Financial Action Task Force (FATF) refreshed direction, given recently with one regretting that the document is terrible to the point that it makes the infrastructure bill look sensible. Most show up especially irked by the bodys position on decentralized finance (DeFi). As revealed, the FATF, which polices globalanti-money laundering (AML) and combating the financing of terrorism (CFT) endeavors, has looked to bring non-fungible…

Crypto DeFi Firms May Need More Oversight, Global Watchdog Says

Crypto firms that offer stablecoins, blockchain-based decentralized finance apps and services supporting peer-to-peer transactions may be required to keep tabs on their users’ identities and funds as a way of preventing money laundering and terrorism financing, a global watchdog said.In updated guidance issued Thursday, the Financial Action Task Force — which makes anti-money-laundering rules followed by governments worldwide — called for increased disclosure and oversight…