AML / KYC

The CFTC would be granted authority over crypto spot markets, based on the understanding that "most digital assets are more similar to commodities than securities".

The working group will identify areas of the fighting financial crime ecosystem that would benefit most from available technology upgrades.

EBA, EIOPA and ESMA propose that AML/CTF compliance be a specific requirement for firms, including crypto firms, to obtain and maintain their licences.

A former CSRC official and Communist Party city chief was found to have taken $41mn in bribes between 2004 and 2020.

Under the revision bill, only licensed banks, trust companies, and registered money transfer agents will be able to issue stablecoins.

The US tried to impose new UN sanctions on North Korea last week but the resolution was vetoed by China and Russia.

The measures include an emergency self-service ‘kill switch’, enhancements to fraud surveillance systems, and additional customer confirmations.

The US is targeting more Russian government and business officials and technology. The EU approved an embargo on seaborne oil imports.

The MCA says it has received information that indicates potential violations including fraud by Chinese companies operating in India.

In one case, approximately $821,000 flowed through one mule bank account controlled by scam operators within a period of six months.