5AMLD comes into effect on Jan. 10, and cryptocurrency service providers are required to go along with it. The European Union’s 5th Anti-Money Laundering Directive (5AMLD) came into effect today, January 10. The regulation was entered as law on July 9, 2018 in an effort to bring increased transparency to financial transactions for pushing back…
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Britain’s Financial Conduct Authority now monitors anti-money laundering and counter terrorism financing for companies carrying out cryptocurrency-related activities. Britain’s Financial Conduct Authority (FCA) now monitors anti-money laundering (AML) and counter terrorist financing (CTF) for companies carrying out cryptocurrency-related activities. According to an official announcement published on Jan. 10, FCA will supervise whether United Kingdom-registered businesses…
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What did 2019 bring by way of privacy coins in criminality, how have things changed, and what is the 2020 outlook? The right to privacy is a fundamental prerequisite for peace of mind and security. The idea that only criminals have something to hide is strange. Contrarily, privacy is sought by almost everyone. Yet, it…
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Has 2019 lived up to the expectations of the crypto community and those working in the industry, and what are the biggest disappointments? Disappointment isn’t always a bad thing. It can be a spur, motivating one to work harder to meet expectations and goals. It is in this spirit that Cointelegraph informally surveyed members of…
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New legislation called 5AMLD places crypto firmly under the EU’s regulatory umbrella. The deadline is rapidly approaching. 5AMLD — the Fifth Anti-Money Laundering Directive — is a piece of legislation that brings fiat-to-crypto exchanges and custodial wallets across the European Union under a new first-of-its-kind regulatory framework. Exchanges must achieve compliance with the rules by…
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CipherTrace claims that major U.S. banks may be processing up to $2 billion in undetected crypto-related transfers each year. Blockchain intelligence firm CipherTrace has claimed that large banks may be processing up to $2 billion in undetected cryptocurrency-related transfers each year. In a press release shared with Cointelegraph on Dec. 16, CipherTrace claims that its…
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New York-based blockchain analytics firm Chainalysis is set to provide crypto exchange Bitfinex with its Anti-Money Laundering compliance solution. New York-based blockchain analytics firm Chainalysis is set to provide crypto exchange Bitfinex with its Anti-Money Laundering compliance solution. In a press release published on Dec. 12, both firms took pains to stress that the solution…
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Monero’s compliance workgroup concludes that FinCEN Funds Travel Rule does not apply to underlying assets and cryptocurrencies such as XMR. The Monero Compliance Workgroup has stated that the Monero (XMR) network is not subject to U.S. Financial Crimes and Enforcement Network (FinCEN) guidelines regarding the Funds Travel Rule, in a Dec. 5 blog post. What…
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JPMorgan’s blockchain payments network will reportedly launch in Japan in 2020, with Japanese banks making up the majority of participating financial institutions. JPMorgan’s blockchain-based payment network will launch in Japan in early 2020, Cointelegraph Japan reports on Dec. 10. Based on JPMorgan’s in-house blockchain platform Quorum, the Interbank Information Network (IIN) intends to accelerate payment…
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Next year is to be crucial for the crypto industry in Europe, when the EU Fifth Anti-Money Laundering Directive will be transposed into the national legislation of each EU member state. In January 2020, the regulatory landscape for crypto businesses will completely change in the European Union in comparison with the last decade — and…
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