Doing the bare minimum is no longer acceptable when it comes to AML/CTF compliance. The global regulatory environment is evolving around governments implementing stricter AML laws, international regulators increasing enforcement actions and new innovative technology that open up opportunities for businesses, consumers and criminals. Let’s have a look at what has been happening over this week.
Global regulatory changes:
US House Bill offers the most comprehensive regulatory framework for Crypto
Dated: 02.08.21
The 58-page Act seeks to create an exhaustive regulatory regime for digital assets. It would do so in part by defining which sorts of cryptocurrencies might be securities, which can be treated as commodities, and bolster tax data collecting for reporting purposes.
Will this bill change the course of crypto trading?
Crypto Traders forced to share money laundering reports with UK regulators
Dated: 03.08.21
Under the new suggested proposal, all cryptocurrency exchanges and custodial wallet providers must provide the Financial Conduct Authority (FCA) with a financial crime risk report. This is regardless of their total annual income, relating to the fact that companies must provide more information about money laundering practices. FCA wants to collect data from these companies to ensure their resources are focused on companies that engage in activities that may pose higher risks.
Bangladesh Bank Reiterates ban on cryptocurrency
Dated: 05.08.21
Bangladesh Financial institution has reiterated its ban on cryptocurrencies within the nation to clarify its stance after reviews circulated claiming that crypto buying and selling will not be unlawful until it’s linked to different crimes. Officials stated that cryptocurrency transactions ought to solely be thought-about unlawful if they’re related to cash laundering or terrorist financing. The Bangladesh CID has likewise responded, saying that cryptocurrency buying and selling is illegal and violates overseas change management and AML/CTF legal guidelines.
Fraud and corruption news:
$1.2 billion worth cryptocurrency sized this fiscal year by the U.S. IRS
Dated: 04.08.21
The U.S. officials act as crypto brokers to catch the sources of money laundering through virtual assets. Interviews with current and former federal agents and prosecutors suggest the U.S. has no plans to step back from its side hustle as a crypto broker. The crypto seizure and sale operation are growing so fast that the government just enlisted the help of the private sector to manage the storage and sales of its hoard of crypto tokens. “In the fiscal year 2019, we had about $700,000 worth of crypto seizures. In 2020, it was up to $137 million. And so far in 2021, we’re at $1.2 billion,” an official told CNBC.
Ex Malaysian Minister Syed Saddiq charged with money laundering
Dated: 05.08.21
Former Youth and sports minister Syed Saddiq Syed Abdul Rahman charged with two counts of money laundering at the Sessions Court in Johor Baru, involving RM100,000 (S$32,000). Under Section 403 of the Penal Code, the charge carries a jail term of between six months and five years, caning, and a fine. Syed has pled not guilty and looking at a hearing again soon.
KYC tech and trends:
AML Market demands, trends, and future report
Dated: 03.08.21
The report provides data such as item improvements, bundling advancements, financial impacts, dissemination, or evaluating issues of the AML industry. It represents data with proper tables, figures, and charts that show how the AML market is set to change. Additionally, the report maps the subjective effect of different market factors on market portions and geologies. It helps to get a deep understanding of the AML industry.
Online Casinos KYC Checks
Dated: 04.08.21
The online gambling market has been growing quicker and anticipates to double in size from 2016 to 2024. Several factors are contributing to its growth ranging from digitalisation and globalisation to convenience and lost cost options. This rapid growth has held up the importance of KYC and AML. With multiple options readily available, online gamblers look for trustworthy and authentic sites. Companies try to strike a balance between user experience and compliance. Will authorities make KYC a requirement for the gambling industry?
This week at Data Zoo:
Why you need Reliable and Independent Data?
Dated: 03.08.21
Businesses must understand the various money laundering and terrorist financing risks to which they are exposed and apply anti-money laundering (AML) and counter financing of terrorism (CFT) measures. This allows businesses to apply measures proportionate to the level of risk, such as ensuring the use of reliable and independent identity verification resources to the extent that would ensure mitigation of these risks. Get to know more about reliable and independent data sources and their importance in the business structure.
Author Sara Singh Tak, Data Zoo Marketing Specialist
About Data Zoo:
Data Zoo is setting the new standard for identity verification. With over a decade of experience, we have helped top global organisations reduce risk and verify their customers. Our innovative global solutions utilise independent; government, credit, utility, and commercial data sources to provide clients with industry-leading match rates and unparalleled response times.
