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 […]Read full post
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 […]Read full post
Suspicious Transaction Reports are incredibly important given that they tip off financial authorities to transactions that might be a precursor to crime.Read full post
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 […]Read full post
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 […]Read full post
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 […]Read full post
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, […]Read full post
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 […]Read full post
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 […]Read full post
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 […]Read full post
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