The regulatory industry has been deeply disrupted by technologies which allow for pseudonymous-by-design transactions. As a result, anti-money laundering rules are extended to assets such as DeFi, stablecoins and NFTs.
To combat money laundering and terrorist financing, FATF has advocated the use of a risk-based approach for the effective implementation of FATF recommendations - a comprehensive and consistent framework of measures that countries should adopt.
Regtank, a leading provider of a one-stop software-as-a-service compliance solution announces its partnership with Acuris Risk Intelligence (ARI), a world-class trusted provider of data intelligence for anti-money laundering, anti-corruption, and cybersecurity professionals to provide anti-money laundering data for cryptocurrency companies.
Bitcoin hits a new record high of more than USD $61,000 as stimulus hopes and big names fuel demand. According to PwC’s global crypto leader Henri Arslanian, this rally is partly driven by the entry of more institutional investors into the market.
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 brought about the current FATF Travel Rule.
On 11 February 2021, the Monetary Authority of Singapore (MAS) released Notice PSN01AA, a transitional arrangement to apply requirements of PSOA-N02 to include the exempt persons.
Regtank is proud to achieve the status of “Singapore Certified Fintech” as a RegTech provider, awarded by Singapore Fintech Association (SFA) and recognized by the Monetary Authority of Singapore (MAS)
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 anonymity of blockchain technology as money launderers take advantage of this anonymity to commit illegal transactions.
Singapore-based RegTech solution Regtank announced that it secured $2M in funding from Singapore-based tech investors. This is one of the largest seed funding rounds for RegTech companies in Asia. Founded by seasoned industry experts in 2020, Regtank will be using the funding to enhance its SaaS platform and deepen research into its patent-pending intelligent AML risk engine.