FCA Files First Charges Against Unregistered Crypto ATM Operator in UK

September 11, 2024 Bitcoin.com

AML

The UK’s Financial Conduct Authority (FCA) has charged Olumide Osunkoya for operating unregistered crypto ATMs in the country. This case is significant as it represents the first prosecution under UK law for such activities. Osunkoya is accused of running a network of crypto ATMs that processed £2.6 million in transactions without registration, violating anti-money laundering […]

BRICS Watch: Russian Finance Minister Highlights Digital Assets’ Role for Bloc’s Future

India’s FIU Considers Approving More Offshore Crypto Exchanges

September 6, 2024 Bitcoin.com

AML

India’s Financial Intelligence Unit is reportedly reviewing four offshore cryptocurrency exchanges for potential approval to resume operations following the lifting of bans on Binance and Kucoin. The focus is on ensuring compliance with anti-money laundering regulations, including transaction transparency and reporting of suspicious activity. FIU-India May Permit More Offshore Crypto Exchanges Next Year India’s Financial […]

BRICS Watch: Russian Finance Minister Highlights Digital Assets’ Role for Bloc’s Future

Fed hits Texas bank with cease and desist over servicing crypto firms

September 5, 2024 Coin Telegraph

AML

The US Federal Reserve said it identified “significant deficiencies” in the bank’s dealings with crypto clients and its risk management procedures.

The United States Federal Reserve has issued a cease and desist order to the crypto-friendly United Texas Bank, citing “significant deficiencies” in the bank’s risk management systems and dealings with crypto clients.

In a Sept. 4 cease and desist order, the Fed said it had examined United Texas Bank in May and found issues with its corporate governance structure and “oversights” by the bank’s board of directors and senior management.

“The Examination identified significant deficiencies related to foreign correspondent banking and virtual currency customers, specifically risk management and compliance with applicable laws, rules, and regulations relating to anti-money laundering including the Bank Secrecy Act,” the Fed wrote in its order.

BRICS Watch: Russian Finance Minister Highlights Digital Assets’ Role for Bloc’s Future

Binance’s return to India comes with $86M tax demand

August 20, 2024 Coin Telegraph

Binance’s return to India comes with M tax demand

AML

While Indian AML agencies have given Binance the green light to resume operations, authorities are still seeking $86 million in tax liabilities from the firm.

Binance recently announced its return to India on the occasion of the country’s 78th independence day — marking a fresh start to crypto adoption in one of the world’s fastest-growing digital economies.

However, the exchange still faces an $86 million tax demand from Indian authorities under the Goods and Services Tax.

Binance’s return to India is the culmination of a complex regulatory process. In December 2023, the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) issued notices to several offshore crypto exchanges, including Binance, KuCoin, Bittrex, Gate.io and OKX, among others, for operating illegally in India.

BRICS Watch: Russian Finance Minister Highlights Digital Assets’ Role for Bloc’s Future

Seychelles Approves Bill on Virtual Asset Regulation

August 20, 2024 Bitcoin.com

AML

The Seychelles National Assembly has approved a draft bill to regulate virtual asset service providers (VASPs). The bill requires license-seeking VASPs to establish a substantial presence in Seychelles, such as having a resident director and an office with competent staff. The law aims to balance innovation with anti-money laundering efforts, adhering to Financial Action Task […]

BRICS Watch: Russian Finance Minister Highlights Digital Assets’ Role for Bloc’s Future

Moody’s, Elliptic join forces for enhanced VASP risk screening

August 19, 2024 Coin Telegraph

AML

The companies will combine their strengths to provide enhanced virtual asset service providers screening ability.

The Moody’s financial research and ratings firm has teamed up with blockchain analytics and compliance specialists Elliptic to provide more insightful screening of virtual asset service providers (VASPs). According to the companies, the collaboration will leverage offchain and onchain data in a single interface.

The new service will take input such as digital asset transaction histories, financial records and regulatory databases to create a “comprehensive overview” of VASPs.

Elliptic has profiles of over 1,000 VASPs and uses real-time onchain data and proprietary technology to screen digital asset transactions for exposure to illicit activities. Moody’s offchain data includes over 21 million risk profiles, 489 million entities and 51,000 sanctioned entities, it claims. It uses the data to produce Anti-Money Laundering (AML) and Know Your Customer solutions for its clients.

BRICS Watch: Russian Finance Minister Highlights Digital Assets’ Role for Bloc’s Future

Binance Goes Live in India: Full Access for Indian Users

August 17, 2024 Bitcoin.com

AML

Binance has registered as a reporting entity with India’s Financial Intelligence Unit. Binance CEO Richard Teng emphasized the importance of the Indian market and the crypto exchange’s dedication to providing secure and efficient services. With this registration, Indian users now have full access to Binance’s platform. Binance Now Fully Available for Indian Users Crypto exchange […]

BRICS Watch: Russian Finance Minister Highlights Digital Assets’ Role for Bloc’s Future

Peru Issues VASP Regulation, Strengthens AML/TF Requirements

August 10, 2024 Bitcoin.com

AML

The Superintendence of Banking and Insurance (SBS) of Peru, has issued a resolution that forces VASPs to implement Know Your Customer (KYC) and anti-money laundering (AML) measures as part of a compliance plan. The resolution is in line with FATF recommendations and seeks to control and avoid criminals to use these platforms for illicit purposes. […]

BRICS Watch: Russian Finance Minister Highlights Digital Assets’ Role for Bloc’s Future

Hawaii crypto firms no longer need MT license, regulator rules

July 1, 2024 Coin Telegraph

AML

While being exempt from the Money Transmitter License requirement, crypto firms in Hawaii will still have to comply with any federal licensing laws.

Cryptocurrency firms in Hawaii are now officially exempt from the requirement to receive a Money Transmitter License (MTL) to run business in the state.

The Hawai‘i Department of Commerce and Consumer Affairs (DCCA) informed the public that the state concluded the collaborative crypto research project Digital Currency Innovation Lab (DCIL) on June 30, 2024.

Initiated in 2020, DCIL aimed to explore the landscape of digital currency activity within the state as well as assess the regulatory framework required for crypto-related companies.

BRICS Watch: Russian Finance Minister Highlights Digital Assets’ Role for Bloc’s Future

Blockchain Association objects to IRS broker rule in letter

June 21, 2024 Coin Telegraph

AML

The Washington DC-based blockchain advocacy group argued the IRS' broker rule provisions violate the Paperwork Reduction Act.

The Blockchain Association is once again objecting to the Internal Revenue Service's (IRS) proposed broker-dealer rules; this time focusing on the undue burden the rules would impose on investors, cryptocurrency companies, and the Internal Revenue Service itself.

In the letter, the industry advocacy group cited the Paperwork Reduction Act, which states that government regulators must not burden individuals and entities involved in the financial system with unnecessary and obtuse paperwork requirements.

Spokespeople for the Blockchain Association argued that signing these proposed rules into law would add 8 billion 1099-DA tax forms that must be processed, 4 billion hours in labor wasted to process the forms, and an annual compliance cost of $254 billion.

AML

Share this video