The new department will work to incentivise and manage prudent behaviour as well as hold institutions to account for non-compliance.
Between 2016 and 2019, eight police reports were filed by victims who were deceived into wiring around $1.7mn into the bank accounts of Singapore-registered shell companies.
Bitkub has been allowed to resume accepting new clients. A warning was issued against Binance. Huobi was ordered to suspend services.
Dr Marcus Pleyer says supervisors and compliance officers in banks and companies mostly still take a basic tick-box approach.
The man used other people's identities to set up accounts with a cryptocurrency provider, which he used to withdraw stolen bitcoin.
All financing and lending companies are required to register with the AMLC, report suspicious transactions and comply with other AML/CTF rules.
FinCEN is asking for written comments on the implementation of the beneficial ownership information reporting of the Corporate Transparency Act.
The FSA has written to the JVCEA advising it to start preparing for the implementation of the travel rule in Japan's crypto industry.
Australia is sending a message to financial criminals around the world that its lawyers, accountants and property market are open for business.
The proposal will hamper the ability of investors, banks, property agents, researchers and journalists to carry out due diligence on transactions and counterparties.
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