Keeping Up With the Regulators — August 2019 Week #5
Your weekly briefing on what’s new in KYC/AML for FinTechs
As promised, Fractal is sharing our weekly briefings to help FinTechs stay up-to-date with the latest developments in the KYC/AML regulatory space. In case you missed our last issue, here it is:
Find this week’s briefing below:
Week 23.08.2019–30.08.2019
What’s cooking in the regulatory space?
- Bahamas: Director of Public Prosecutions to consider whether money laundering investigations should be attached to investigations carried out by the police
- Bulgaria: Draft bill extends AML rules to cryptocurrency platforms, digital wallet providers and art galleries
- India: Aadhaar-based KYC enabled
- Malaysia: AML guidelines under revision by the central bank
- Switzerland: New guidance clarifies that AML regulations are applicable to exchanges, wallet providers and trading platforms
- UK: FCA issues final guidance on crypto assets
- USA: OFAC sanctions the crypto addresses of 3 Chinese nationals
- USA: FinCEN creates new Global Investigations Division to identify foreign money laundering threats
News
- The Basel AML Index ranks Estonia as the country with the lowest risk of money laundering
- Taiwan will rise to the top-tier ranking for AML efforts of the Asia/Pacific Group on Money Laundering
- Companies using the terms “crypto” or “blockchain” in business filings are denied banking services in the Netherlands
- Money laundering scandal results in a dramatic share price decline for Nordic banks
- FINMA approves banking licenses for the blockchain service firms Sygnum AG and SEBA
The AML’s Watch
- Deccan Chronicle Holding’s premises raided in AML probe
- MGSB directors plead guilty to charges of involvement in money laundering activities
- 25-year-old pled guilty to a $25 million money-laundering operation carried out through a cryptocurrency exchange and a bitcoin ATM
- Australia’s big banks can face penalties for AML breaches in the next 6 months
Add this to your knowledge folder
- Changes to the Canadian AML regime — impact on casino operators
Good reads
- Automation of the debt sales business — will banks be ditched any time soon?
- Boris Fomin speaks out to explain how Danske Bank was used to launder money from corruption, tax evasion and theft
- The evolution of AML: increased threats, improved regulation, and unprecedented regulatory scrutiny
- The AI arms race: criminals vs financial institutions
- The story of 1MDB —laundering money raised by Malaysia’s state-owned investment fund
- Ripple’s XRP is down 5 per cent and regulatory issues might be the cause of it
- A comparative analysis of suspicious transaction reports data across Europe
About the Author:
Catarina Veloso is a legal counsel at Fractal and co-chair of INATBA’s identity working group — Catarina specialized in energy law and focused on how blockchain technology can contribute to the management of electricity grids; but an unexpected(-ly happy) turn of events lead her to work closely with Fractal’s product team to remove all the friction while keeping all the compliance in a global KYC/AML onboarding solution.