FATF Global Watchdog Affirms UK Crypto Exchanges Pose Low Money Laundering Risks

2018-12-11 20:06

The Financial Action Task Force (FATF), an international financial watchdog, has reported last week that the crypto exchanges from the United Kindom represent what can be considered a low risk for money laundering. The report affirms that there are emerging risks of money laundering but simply not evidence enough to actually affirm that anything of the sort is happening.

Regulators from the UK are planning to create extensive anti-money laundering measures and ways to counter financing of terrorism using the crypto industry and these exchanges. The FATF asked the regulators of the UK to continue to increase their understanding of the risks that virtual currencies possess and to take appropriate actions against money laundering.

While the UK has acknowledged that there are some vulnerabilities which are inherent of the crypto system, the nation is focused on implementing changes that can help these vulnerabilities to be destroyed and the problems caused by them to be fixed.

FATF Issues Global Crypto Regulation Guide

Recently, the Financial Action Task Force has issued a guide for global crypto regulation to be followed by several nations of the world. The guide is supposed to govern how crypto exchanges and companies that offer Initial Coin Offerings (ICOs) will work.

This is part of a larger effort from the G20 nations in order to improve their international coordination on these issues and make the crypto market better and safer for all the ones who are involved with it.

The FATF has affirmed that the agency will regulate crypto assets and that they will have the highest standards for Anti-money laundering and counter of financing of terrorism. The work is still being done, but the experts believe that crypto regulation will blossom and become more important during 2019.

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Источник: bitcoinexchangeguide.com

laundering money → Результатов: 126


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2018-6-29 12:04


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Bitcoin Price Watch: Is the Recent Drop Part of a Bigger Picture?

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Experts say Cryptocurrency Crimes will be on the Rise this Year

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2018-6-24 21:22


Japan’s bitFlyer Halts Taking on New Business to Fix Issues Following FSA Order

bitFlyer, Japan’s largest Bitcoin exchange, is being forced to stop taking on new business after regulators said it wasn’t doing enough to stop money laundering and terrorist financing. The move by the Tokyo-based exchange saw a drop in the price of the coin and highlights how the country’s financial watchdog, the Financial Services Agency (FSA),.

2018-6-23 22:00


Top 3 Blockchain Technologies Poised to Save Businesses Time and Money on KYC

The costs of complying with due diligence processes like KYC (Know Your Customer) and AML (anti-money laundering) are rising. With financial firms regularly spending 8. 4x their average compliance costs on KYC amidst growing client complaints about poor KYC experiences, KYC is becoming a growing balance sheet and relationship management liability.

2018-6-22 21:00


Japan’s Largest Crypto Exchanges to Face the Wrath of the FSA

Japan’s Financial Services Agency (FSA) will be taking administrative action against several registered cryptocurrency exchange operators in the country. These exchanges include Quoine, Bitbank, BITPoint Japan, BtcBox, and industry leader BitFlyer, who authorities claim don’t have proper internal management systems in place, including measures to prevent money laundering.

2018-6-20 23:10


Фото:

Netflix And Shill? Hollywood Films Its Cryptocurrency Premiere

Hollywood has announced it will film its first high-profile feature centered on cryptocurrency – and its alleged connection with money laundering in the art world. ‘Crypto,’ Art And Money Laundering ‘Crypto,’ an unlikely blockbuster which will see actors from some of the most popular current US serials play major roles, will begin filming later this year, local industry magazine Hollywood Reporter revealed last week.

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Blockbid Crypto Exchange Ink Strategic Partnership Deal with LexisNexis Risk Management Firm

Australia’s Blockbid cryptocurrency trading firm has achieved a significant milestone yet again in the blockchain-based virtual currency industry by becoming the first crypto exchange in the globe to partner with a traditional risk management firm, in a bid to conduct more effective Know-your-customer (KYC) and Anti Money Laundering (AML) operations.

2018-6-18 18:57


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