Anti-Money Laundering

Anti-Money Laundering

Working Group Formed to Update Crypto’s IVMS101 Standard

By Manesh Samtani | 16/04/2023

The working group will update the IVMS101 standard and develop other standards to create “greater consistency and integrity” within the crypto ecosystem.

PEPs & Sanctions

OFAC Sanctions Chinese Entities in Fentanyl Supply Chain

By Editors | 14/04/2023

The Chinese individuals and companies were allegedly involved in supplying drug cartels with ingredients to make opioids for sale in the US.

Anti-Money Laundering

UPDATED – Singapore Bankers Asked to Avoid Discussing Inflows from China

By Editors | 14/04/2023

Regulators asked private bankers to avoid attributing large fund inflows to Chinese wealth as this is seen as a politically sensitive issue.

DeFi & Web3

Hong Kong Doubles Down on Pledge to Develop Web3

By Editors | 13/04/2023

Financial Secretary Paul Chan said crypto market volatility provides an opportunity for Web3 development. SFC official said DeFi platforms require licensing.

Anti-Money Laundering

EU-Funded Report Explores Crypto Use in Darknet Markets

By Mark Johnston | 12/04/2023

Law enforcement needs training, resources, technology and cooperation to effectively investigate darknet markets, which grew 469-fold between 2011 and 2020.

Supervision & Enforcement

China Fines Crypto Miner Bitmain for Tax Violations

By Manesh Samtani | 12/04/2023

Bitmain’s Beijing unit failed to withhold and pay personal income tax on employees’ salaries and other benefits totalling CNY 16.6 million.

Anti-Money Laundering

FATF Holds First In-Person Joint Experts Meeting Since 2019

By Editors | 11/04/2023

The three day event covered themes including cyber-enabled fraud, terrorist financing through crowdfunding, and the risks and challenges associated with hawala.

Cryptocurrency

Binance.US Struggling to Secure Banking Services – Report

By Mark Johnston | 08/04/2023

Binance.US previously relied on either Signature Bank or Silvergate Capital to handle its customers’ cash deposits.

Anti-Money Laundering

US Treasury Publishes First Ever DeFi Risk Assessment

By Manesh Samtani | 07/04/2023

Treasury calls on the private sector to use the risk assessment to inform their risk mitigation strategies, and offers recommendations on government action.