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Blockchain Technology is Money Laundering’s Kryptonite
What is Blockchain? In the early 1990s, Blockchain arose from a scandal in record tampering that toppled a Nobel laureate’s career. Blockchain works as a visual chain, where each digital block contains a hash or a code that identifies information as well as the hash of a previous block. The hash is made up of […]
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The Vulnerability of the Cryptocurrency Industry and Different Types of Market Manipulation
The crypto market allows users to have direct interaction with exchanges, a trading climate where market users can conduct pseudonymous transactions, without supervision from intermediaries. While regulations and policies have cracked down on certain types of market manipulation, there continue to be many suspected cases of market manipulation. What is Market Manipulation? Market manipulation […]
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What is a Suspicious Transaction Report (STR) and when should a STR be filed?
Suspicious Transaction Reports are incredibly important given that they tip off financial authorities to transactions that might be a precursor to crime.
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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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What is Digital Onboarding? Why is it Important for Regulatory Compliance?
In 2018, MAS released guidelines requiring Financial Intermediaries to implement robust controls when onboarding new customers, fundamental to apply the risk-based approach recommended by the FATF. According to FATF requirements, financial intermediaries identify and verify customers’ identities using independent source documents, data, or information. In the digital ID context, digital onboarding would include measures such […]
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What is KYT and Why Does It Matter In Compliance?
What Is KYT? Know Your Transaction (KYT) is defined as a software offering crucial analysis for organisations to discover and identify the skeptical fraudulent transactions made by customers against their respective backgrounds and profiles. In layman terms, an effective KYT system allows financial institutions (FIs) to check for suspicious transactions by linking customer profiles with […]
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El Salvador Legalises Bitcoin. What Does It Mean For the Country and the Wider Ecosystem?
President Nayib Bukele broadcasted his intentions on June 9 to establish El Salvador as the world’s first sovereign nation to adopt bitcoin as legal tender. Through a partnership with digital wallet company, Strike, bitcoin will be accepted as El Salvador’s legal currency in the coming 90 days. ‘It will bring financial inclusion, investment, tourism, innovation, […]
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KYC Compliance Made Simple: What You Need to Know
At the recently concluded CoinGeek Conference Zurich 2021, Nouriel Roubini, leading economist and professor at New York University’s Stern School of Business, and Dr Craig Wright, inventor of Bitcoin, took to stage to share the importance of the rule of law for the future of digital currencies. As cryptocurrency becomes more mainstream, regulations such as […]
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China’s Cryptocurrency Ban: Exchanges and Mining Companies Closes in the Face of Regulatory Pressure
China’s latest attempt to suppress the flourishing virtual currency market on May 21st has wiped nearly $1 trillion (€820 billion) off the market. Host to at least 75% of the world’s bitcoin mining capacity, China’s cryptocurrency ban caused a price plunge of 30% – the biggest one-day drop since March 2020. Under the ban, financial […]
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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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