AML Watcher’s Post

#News #cryptoscams #AMLRegulations #China China to Revise Crypto AML Regulations By 2025: China is preparing to implement a significant revision to its Anti-Money Laundering (AML) regulations to encompass transactions involving cryptocurrencies by 2025. Local media report that on January 22, Prime Minister Li Qiang presided over an executive meeting of the State Council wherein the revised AML law was discussed. The first revised draft of the nation’s […] The post China to Revise Crypto AML Regulations By 2025 appeared first on Coinscreed.

EU Tightens AML Laws: Cash Limits & Ban on Anonymous Crypto: The EU cracks down on money laundering with new laws restricting cash & banning anonymous crypto transactions.

💊Drug money laundering has evolved dramatically 🤝Mexican cartels partner with Chinese MLOs 🗝️This alliance utilizes three key methods: 𝐄𝐧𝐜𝐫𝐲𝐩𝐭𝐞𝐝 𝐚𝐩𝐩𝐬 ↪Secure messaging platforms enable covert communication, making it difficult for law enforcement to intercept communications. 𝐸𝑛𝑐𝑟𝑦𝑝𝑡𝑒𝑑 𝑐𝑜𝑚𝑚𝑢𝑛𝑖𝑐𝑎𝑡𝑖𝑜𝑛 ℎ𝑖𝑛𝑑𝑒𝑟𝑠 𝑠𝑢𝑟𝑣𝑒𝑖𝑙𝑙𝑎𝑛𝑐𝑒 𝐂𝐫𝐲𝐩𝐭𝐨𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 ↪Digital assets facilitate anonymous transactions, obscuring the money trail and complicating asset tracing. 𝐶𝑟𝑦𝑝𝑡𝑜𝑐𝑢𝑟𝑟𝑒𝑛𝑐𝑦'𝑠 𝑝𝑠𝑒𝑢𝑑𝑜𝑛𝑦𝑚𝑜𝑢𝑠 𝑛𝑎𝑡𝑢𝑟𝑒 𝑐𝑜𝑚𝑝𝑙𝑖𝑐𝑎𝑡𝑒𝑠 𝑓𝑢𝑛𝑑 𝑡𝑟𝑎𝑐𝑘𝑖𝑛𝑔 𝐌𝐢𝐫𝐫𝐨𝐫 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬 ↪Funds are moved through underground Chinese banks, matching deposits in China with equivalent payouts in the US, bypassing traditional financial systems. 𝑀𝑖𝑟𝑟𝑜𝑟 𝑡𝑟𝑎𝑛𝑠𝑎𝑐𝑡𝑖𝑜𝑛𝑠 𝑙𝑒𝑎𝑣𝑒 𝑚𝑖𝑛𝑖𝑚𝑎𝑙 𝑝𝑎𝑝𝑒𝑟 𝑡𝑟𝑎𝑖𝑙𝑠 Along with traditional money laundering vehicles such as bank accounts associated with trade-based money laundering, front companies and shell companies Law enforcement and financial crime investigators continue to face an uphill battle with mountains of financial data. I believe a new wave of AI inspired investigative tools will assist investigators with this uphill battle. ❓Do you? 🕵🏻 𝒀𝒐𝒖𝒓 𝒊𝒏𝒕𝒖𝒊𝒕𝒊𝒐𝒏 + 𝑨𝑰 = 𝑼𝒏𝒔𝒕𝒐𝒑𝒑𝒂𝒃𝒍𝒆 𝒇𝒐𝒓𝒄𝒆 𝒂𝒈𝒂𝒊𝒏𝒔𝒕 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒇𝒓𝒂𝒖𝒅. 𝑾𝒂𝒕𝒄𝒉 𝒕𝒉𝒆 𝒎𝒂𝒈𝒊𝒄 𝒖𝒏𝒇𝒐𝒍𝒅: https://lnkd.in/ejaehtih

The KYC360 AML Roundup for 27 September 2024👇 Some key articles from this week's Roundup: 👉Germany Shuts Down 47 Cryptocurrency Exchanges Due to Lack of AML Controls 👉U.S. Publishes Beneficial Ownership Reporting Requirements for Small Businesses 👉New Report Calls for AML Supervisory Reform for UK Legal and Accountancy Bodies 👉Major Banks Unwittingly Processed Payments for Companies Linked to Prigozhin 👉HSBC Urges Tech Firms to Help Refund Fraud Victims 👉AML Group Suspends Colombia Access 👉TD Bank CEO Bharat Masrani Announces Retirement 👉G7 Issues Joint Guidance on Preventing Sanctions Evasion 👉Former Singapore Transport Minister Found Guilty of Corruption 👇📃 Read the AML Roundup: https://lnkd.in/eSr3Jxi3 📩 Sign up for weekly updates here: https://lnkd.in/eWTdRMuW

𝗧𝗼𝗽 𝗧𝗿𝗲𝗻𝗱𝘀 𝗦𝗵𝗮𝗽𝗶𝗻𝗴 𝗔𝗠𝗟 𝗶𝗻 𝗔𝗣𝗔𝗖 𝟮𝟬𝟮𝟰 The latest Forrester report discusses the top trends shaping Anti-Money Laundering (AML) in the Asia Pacific region for 2024. Here are the key takeaways: 𝙀𝙢𝙚𝙧𝙜𝙞𝙣𝙜 𝙇𝙖𝙪𝙣𝙙𝙚𝙧𝙞𝙣𝙜 𝙈𝙚𝙩𝙝𝙤𝙙𝙨 🔎Shell Companies: Criminals are increasingly using shell companies to hide the true ownership of funds, exploiting regulatory loopholes across #APAC. 🔎Crypto-based Money Laundering: The rise in cryptocurrency adoption and #regulatory gaps have made crypto-based money laundering more prevalent, with techniques like smurfing and exchange hopping being used to obfuscate fund origins. 🔎Trade-Based Money Laundering: APAC's significant trade volumes and complex networks make it a hotspot for trade-based money laundering, posing major challenges for banks. 𝙍𝙚𝙜𝙪𝙡𝙖𝙩𝙤𝙧𝙮 𝙀𝙣𝙝𝙖𝙣𝙘𝙚𝙢𝙚𝙣𝙩𝙨 𝙖𝙣𝙙 𝘿𝙖𝙩𝙖 𝙎𝙝𝙖𝙧𝙞𝙣𝙜 🎯Enhanced AML Regulations: APAC countries are strengthening their AML regulations to align with international standards, emphasising risk-based supervision and interagency cooperation. 🎯Public/Private Collaboration on Data Sharing: Initiatives like Singapore's COSMIC and Australia's Fraud Reporting Exchange (FRX) enable secure information sharing to combat financial crime. 🎯#Crypto Regulations: Tightening regulations to combat crypto-based #moneylaundering including new licensing requirements and transaction monitoring measures. 𝙒𝙝𝙖𝙩 𝙔𝙤𝙪 𝘾𝙖𝙣 𝘿𝙤: ✅ Collaborate with Peers and Regulators: Join regional initiatives to share data on #financialcrime and enhance AI-based risk management models. ✅ Stay Informed and Adapt: Keep up with the latest #AML regulations in APAC and proactively implement new measures to combat illicit crypto-based activities. Reach out to us if you need help. Full report here: https://lnkd.in/gduJDUfx

AML regulations just got stricter in the EU. How will Fintechs stay ahead of the curve? Key Impacts for Fintechs The tightening AML landscape brings several shifts for Fintechs. More crypto service providers now fall under anti-money laundering obligations, signaling a greater step towards crypto's legitimacy as an asset class and medium of exchange. Prepare for enhanced due diligence on transactions as small as €1000 - it's your chance to demonstrate an unwavering commitment to security. Beneficial ownership will no longer be shielded by multi-layer company structures, fostering increased transparency across the financial system and making it far tougher for criminals to conceal illicit activities. Be mindful that business transactions in certain countries, considered high-risk by the EU (list at the end), will now face higher compliance hurdles. This creates a need for innovative Fintech solutions that effectively manage risk and facilitate operations. The Privacy Challenge: Robust data protection is non-negotiable in this new landscape. Fintechs must strike the right balance between transparency and safeguarding customer privacy. These changes challenge Fintechs but present a major opportunity. Companies that adapt fast will position themselves as leaders in building a more secure and trustworthy financial sector. Let's talk solutions! #fintech #AML #compliance #regulations #innovation Source: 1) [Council of the EU press release: https://lnkd.in/dp6Xqnvu] 2) [High-risk by the EU list: https://lnkd.in/d8hbsVsa]

💰FIU-IND Director Urges Crypto Platforms to Comply with AML Norms. Vivek Aggarwal, Director of Financial Intelligence Unit-India (FIU-IND), reiterated the importance of anti-money laundering (AML) compliance for both offshore and onshore crypto exchanges. Here's the scoop: 🔍 AML Compliance Reminder: - Aggarwal emphasized the necessity of preventing cryptocurrency misuse for money laundering and terrorism financing, urging exchanges to adhere to AML regulations diligently. - He clarified that AML obligations for crypto exchanges are activity-based and not contingent on physical presence in India, emphasizing the need for effective tracking and tracing of fraudulent activities. 🌐 Capacity Building Workshop: - The FIU-IND director inaugurated a capacity-building workshop for virtual digital asset service providers (VDASPs) registered under the Prevention of Money Laundering Act (PMLA). - Representatives from 35 crypto exchanges, including Kucoin and CoinDCX, attended the event, which aimed to provide training on compliance requirements and gather feedback on industry challenges. 🤝 Collaborative Efforts: - The Bharat Web3 Association (BWA) unveiled a document outlining compliance requirements for registering as a reporting entity in India, aiming to set standards and foster a safer environment for the Web3 and VDA sector. - Banned crypto exchange Binance is reportedly set to return to India after approval from the FIU, while Kucoin re-entered the market after paying a penalty for past non-compliance. 📈 Regulatory Framework: - All cryptocurrency platforms operating in India, both onshore and offshore, must register as reporting entities under the PMLA, 2002, and comply with KYC norms, maintaining records of customer information and transactions. As regulatory scrutiny intensifies in the crypto space, compliance with AML norms becomes increasingly crucial for exchanges to ensure transparency and mitigate financial risks. #CryptoRegulation #AMLCompliance #StartUpNews #BusinessNews #MicroShots #NewsUpdates

Do you Analysis the Pressures Impacting AML Best Practices? In the dynamic world of Anti-Money Laundering (AML), several pressures are constantly reshaping our strategies and practices: 1️⃣ Criminals: The fight against financial crime is a moving target, as criminals become increasingly sophisticated, utilizing advanced methods to evade detection. 2️⃣ Technology: Keeping pace with rapidly evolving technologies is a significant challenge. The rise of digital currencies and fintech innovations demand continuous adaptation and vigilance. 3️⃣ Regulators: Regulatory landscapes are in a state of flux, with ever-changing regulations and heightened scrutiny. Staying compliant requires robust, flexible, and proactive compliance frameworks. 4️⃣ Business: The introduction of new products, the expansion into new channels, and the emergence of new risks necessitate agile risk management strategies. Every day brings fresh challenges that demand our attention and response. In this environment, AML best practices must evolve swiftly, balancing vigilance with adaptability. Let's stay ahead by embracing innovation, enhancing our capabilities, and fostering a culture of compliance, for lifecycle management and end-end operations, a one point of truth helps productivity and accuracy. I invite you to IM me to discuss further. #aml #financialcrime #compliance #technology #regulations #riskmanagement #innovation #crypto #blockchain #btc #eth #crm

Preventing Money Laundering: Choosing the Right AML Solution for Crypto Exchanges: Implementing robust crypto AML solutions is vital for several reasons: Regulatory compliance. Ensuring adherence to AML regulations helps avoid hefty ...

💼 Update on New Regulations in the European Cryptocurrency Sector Europe has introduced new regulations, imposing strict compliance requirements for companies operating in the cryptocurrency sector. To ensure compliance and enhance credibility within the industry, businesses should focus on the following key areas: 1. Customer + Implement the "Know Your Customer" (KYC) process, collecting detailed personal information and advanced data, including the origin of assets and funds used in transactions. + Classify customers based on risk levels and apply tailored control measures for each group (risk-based approach). 2. Control + Prohibit cash transactions exceeding 10,000 EUR. + Use a user information screening system to ensure compliance with sanctions lists and politically exposed persons (PEP) lists. + Establish a transaction monitoring system to detect and investigate suspicious transactions. + Regularly review the control system through independent or internal audits to identify and promptly address any vulnerabilities. + Develop comprehensive documentation for operational and control processes. 3. Personnel + Appoint a dedicated AML Officer to oversee the internal anti-money laundering system and interact directly with regulatory authorities. + Regularly train relevant department personnel on new regulations and the skills needed to identify and handle emerging money laundering techniques. 4. Reporting Promptly report any suspicious transactions to the regulatory authorities. 5. Data Retention Retain user and transaction information for a minimum of 5 years. Adhering to these new regulations will not only ensure legal safety for your business but also build strong trust with customers and partners.