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Weekly Market Roundup
Anti-Money Laundering (AML)
Red Flag Indicators- What are They and Why Do We Need Them?
What are Red Flags? Every year, hundreds of billions of “dirty” money are laundered through financial institutions or Virtual Asset Service Providers (VASPs). Virtual assets (VA) and related services encourage financial innovation, but their distinct features also create a plethora of opportunities for Money Launderers (ML), Terrorist Financiers (TF), and criminals to launder or finance […]
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The Essentials Of Anti-money Laundering (AML) for Crypto: Why Does It Matter?
The dynamic evolution of cryptocurrency has helped build up a significant presence in the financial market, the crypto market is relatively new in the scene and is vulnerable to financial crimes. The amount and nature of data that can be stored and utilised for screening purposes have evolved – and so must technology. Money laundering […]
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What Are NFTs and Are They Used For Illegal Activities?
Cryptocurrencies undergo cyclic cycles in innovation and every now and then, there arises a new type of investment or practical use of the technology. Last year, DeFi gained immense popularity and an enormous influx of capital as people rushed to invest in staking, yield farming and other derivative products. Today, DeFi stands at roughly $52 […]
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New FATF Draft Guidance extends Anti-Money Laundering Rules to DeFi and NFTs
The regulatory industry has been deeply disrupted by the development of various decentralized technologies which allow for pseudonymous-by-design transactions. Already struggling to graft money-laundering rules, FATF, the intergovernmental organization which sets standards and promotes the effective implementation of legal, regulatory, and operational measures for combating any threats to the integrity of the international financial system […]
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A Guide to the FATF Travel Rule
TheFinancial Action Task Force (FATF) is an independent inter-governmental body that helps to develop and promote Anti-Money Laundering (AML) and Know Your Customer (KYC). In light of the rise of the cryptocurrency industry, the FATF published guidance on how its 37 members should regulate cryptocurrency exchanges whereby the FATF’s 2019 amendment to Recommendation 16 had […]
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What you need to know: KYC, AML and Travel Rule
Benefits of the Travel Rule With the growth of the cryptocurrency industry, more regulations are necessary so as to protect the industry. However, with more firms, there is greater inconsistency in terms of regulations. This has led to an increase in illegal activities such as money laundering through virtual assets. This is attributed by the […]
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