Know Your Crypto: How KYC and AML are helping cryptocurrencies go mainstream
Cryptocurrencies have risen up the ranks from being a nascent concept to a legitimate commodity that banks are looking to invest in. So much so, that regulatory bodies have had to adapt to an ever-shifting change in compliance, investigating
Are grey area NFTs the new source of crypto-concern for AML?
“What does NFT even stand for, anyway?” Perhaps these words have resonated with you the past few months in conversations with colleagues or friends. While seemingly a throwaway josh, it echoes an unfamiliarity that many people working within financial
The FinCrime Files – Q&A with Renata Hoes, Regulatory Compliance Manager at Bitstamp
In this edition of our FinCrime Files interview series, we had the pleasure of catching up with Renata Hoes. We first spoke to Renata in June of 2020 when we she was Chief Compliance Officer at MFEX Luxembourg, and
Banks face tough battle against crypto money launderers
Bank bosses can no longer bury their heads in the sand. Virtual currencies such as bitcoin are becoming mainstream and many traditional banking customers are transacting with cryptocurrency exchanges. The institutions must ensure robust anti-money laundering (AML) and counterterrorist
Where is FinCEN on Virtual Currencies?
Virtual currencies (sometimes referred to as cryptocurrencies) continue to move into established commerce. The number of merchants accepting the currencies is growing, as are the number of people looking to the currencies as investment vehicles, and to use them
Cybercrime: Virtual Threats, Real-World Impacts
In the old days, to rob a bank, the robbers would have had to go into the bank to hold it up and make off with the bags full of cash. Today, they can rob a bank from the
AML challenges for 2021: 6MLD, Brexit and Covid-19
The New Year message on money laundering could hardly have been clearer. Just seven days into 2021, HM Revenue & Customs published its latest list of businesses fined for breaches of money laundering regulations – including a record £23.8m
Addressing the AML risks of cryptocurrencies
With the recent explosion in cryptocurrencies, from the early beginnings of Bitcoin back in 2009 through to J.P. Morgan testing their own digital coins for institutional clients in 2019, there still remains serious unanswered questions about the