As cryptocurrency businesses continue to thrive, they also begin to show some form of susceptibility to crime and make headlines for the wrong reasons. To emphasize, they are a vehicle for money laundering activities. In 2018, several hackers stole $560 million US dollars worth of XEM and other major cryptocurrencies off Coincheck, a Tokyo-based exchange. […]
Read full postFor businesses that deal with cryptocurrencies, there are many terms, such as Digital Asset Entity (DAE), Digital Asset Customer (DAC), Money Service Business (MSB) and Virtual Asset Service Provider (VASP) that are thrown around and used interchangeably. Combined with the fact that they are often used to describe very similar things, one might think that […]
Read full postThe Monetary Authority of Singapore (MAS) published new guidelines on the provision of digital payment token (DPT) services to the general public on January 17, 2021. MAS considers DPTs, which include cryptocurrencies, to be risky and unsuitable for the general population’s consumption. As a result, the citizens should not be encouraged to trade DPTs, and […]
Read full post2021 has been another year filled with volatility for the compliance landscape. From the rise in financial frauds and cyber crimes fueled by COVID-19, to the spotlight on environmental crimes at COP26, as well as one of the biggest data leaks in the Pandora Papers saga, financial crimes are rapidly evolving, and so are regulations. […]
Read full postWhat is Compliance Reporting ? Compliance reporting is a part of the core compliance process. It is a mandatory requirement by regulators to build and maintain compliance reports. The reports are used to assess whether the company has been complying with the regulations and document the current state of the organisation’s compliance posture. Generally, a […]
Read full postNon-fungible tokens (NFTs) are unique assets in the digital world that can be bought and sold like any other piece of property, but which have no physical form of their own. The market for NFTs surged to new highs in the second quarter, with $2.5 billion in sales in 2021, up from just $13.7 million […]
Read full postCompliance training comes in many forms, but in essence, it is employee training mandated by law or policy to educate employees on regulations that are relevant to their specific industry. A proper compliance training program helps to align and ensure governance across a company, which can minimise risk, increase productivity and help a company remain […]
Read full postFinTech Awards 2021 has awarded Regtank, a one-stop Regtech solution provider, the Cryptocurrency Regulatory Technology Company Award in Asia. Hosted by Wealth & Finance International, an investment market intelligence platform, the 2021 FinTech Awards aim to identify and spotlight individuals, companies, and enterprises across the hugely diverse global FinTech industry. Regtank was awarded the Best […]
Read full postSuspicious Transaction Reports are incredibly important given that they tip off financial authorities to transactions that might be a precursor to crime.
Read full postWhat 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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