anti-money laundering

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Botswana Cryptocurrency Regulation: Government Set to Present Virtual Asset Bill to Parliament

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The Botswana government is set to present a “Virtual Asset Bill” to the country’s parliament, a move that could see it become one of the first countries in Africa to have laws regulating cryptocurrencies. Preventing the Proliferation of Risks Associated With Cryptos A Botswana government draft document that proposes to regulate new and developing virtual … Read more

India’s Central Bank RBI Says Crypto Is Prone to Fraud and Poses Immediate Risks to Consumer Protection

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India’s central bank, the Reserve Bank of India (RBI), has warned about multiple risks cryptocurrency poses to the country’s financial stability. “They are also prone to frauds and to extreme price volatility,” the apex bank claims, stressing that “cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) / combating the financing of terrorism … Read more

Kazakhstan Senate Adopts Legislation Subjecting Crypto Platforms to Financial Monitoring

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The Senate in Kazakhstan has approved amendments aimed at preventing the legalization of illicit funds which will affect companies dealing with digital assets, among others. The new legislation subjects crypto service providers to the country’s financial monitoring regime. Senators Back Law Concerning Crypto Services in Kazakhstan Members of the upper house in Kazakhstan’s parliament, the … Read more

Seychelles Examines the Pros and Cons of Licensing Crypto Trading Platforms

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Seychelles’ Financial Services Authority (FSA) together with the country’s finance ministry, is reportedly working on a policy to either prohibit or license crypto trading platforms as registered international businesses. Increase in International Investigations of Crypto Platforms According to a report, the move by the FSA happens against the backdrop of a rising number of international … Read more

FinCEN Names Misuse of Cryptocurrencies a National Priority

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The Financial Crimes Enforcement Network (FinCEN) has named “cybercrime, including relevant cybersecurity and virtual currency considerations” a national priority. In particular, the Treasury is concerned about the “misuse of virtual assets that exploits and undermines their innovative potential, including through laundering of illicit proceeds.” FinCEN, a bureau of the U.S. Department of the Treasury, published … Read more

Hong Kong Security Crackdown Leads to Record Capital Outflows— Residents Reportedly Used Cryptocurrencies to Move Funds

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The Canadian anti-money laundering agency, Fintrac, says it recorded official capital inflows originating from Hong Kong that totaled more than $34 billion in the past year. The outflows, which are the highest since 2012 when the earliest Fintrac records are available, “are the first evidence of a significant flight of capital overseas from the Asian … Read more