United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Money Laundering (AML) laws to curb money laundering and terrorist financing activities.
The US Senate is seeking votes on the country’s AML Act 2020 as a significant change in its National Defence Appropriation Act. This is a great step towards limiting money
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Coinbase’s CBPL and West Vancouver Real Estate Firm Experience Fine of $400+ for Ineffective Onboarding Checks and AML Controls
By Richard M.
The UK’s Financial Conduct Authority (FCA) imposed a fine of $4.5 million on Coinbase’s CB Payments LTD (CBPL) for not having strict onboarding protocols while offering service to high-risk customers. As per the FCA’s investigation, the company onboarded and/or provided electronic services to more than 13,000 high-risk entities despite having several regulatory restrictions in place.…
UK Parliament Legislates New Digital Identity Verification Services Bill
By Richard M.
On Wednesday, in the King’s Speech, the UK government presented a new Digital Identity Verification Services Bill to standardize digital IDs.
The UK government has introduced a new bill for online identity verification services, a commitment to support digital ID products and services from certified authorities. The country’s Digital Transformation and Smart Bill is one…
Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks
By Richard M.
Taiwan and Singapore enhance Anti-Money Laundering (AML) regulations for virtual asset service providers and banks, aiming to control the illicit flow of money through the country’s legal financial systems.
Taiwan’s parliament has brought up significant amendments to the country’s AML regulations, mandating cryptocurrency exchanges and Virtual Assets Service Providers (VASPs) to register for AML…
Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively
By Richard M.
Singapore and Europe have emerged with enhanced AML requirements for corporate services businesses and crypto assets exchanges to fight financial crimes.
Singapore’s regulatory authorities have brought up significant enhancements in the country’s anti-money laundering measures while introducing hefty fines for corporate service providers (CSPs) and increased restrictions for companies’ nominee directorships.
Parliament passed two bills…
Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates
By Richard M.
On Friday, an international financial watchdog committed to securing the global economic system against money laundering and terrorist financing, the Financial Action Task Force (FATF), removed Türkiye from its gray list, handing over a code of confidence to the government due to their efforts of enhancing anti-money laundering (AML) systems to prevent money laundering processes.…
FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities
By Richard M.
FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying with AML and CFT regulations.
Swiss Financial Market Supervisory Authority FINMA has alleged HSBC (Suisse) SA Private Bank for anti-money laundering failings. This resulted from enforcement proceedings conducted by the watchdog in December 2021, which focused on the bank’s relationship with…
Shufti Pro and .MUSIC partner to authenticate music identities and protect global music community against AI impersonation
In the new age of AI-powered musical impersonation, deepfakes and bots, an artist’s greatest asset in the digital world is their Name, Image, Likeness, and Voice (NILV). Today, identity verification is essential to ensure trust, integrity, and authenticity. .MUSIC and global identity verification provider Shufti Pro are partnering to authenticate the digital identity of the…
Identity Verification Isn’t Just for Compliance Anymore
Identity verification solutions are well-known in regulatory compliance environments, particularly for Know Your Customer (KYC) programs supporting Anti-Money Laundering (AML) efforts. But the threat of identity fraud touches many aspects of our modern lives, from bank account opening and securing medical records to online reputations and career prospects.
Unfortunately, rapidly advancing technology is driving the…
Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations
By Richard M.
Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money laundering and counter-terrorist financing frameworks to exit FATF’s grey list.
Nigeria is all set to exit FATF’s grey list. To meet the regulatory requirements, the country has signed MOUs with the Kingdom of Bahrain, the Sultanate of Oman, and the Democratic Republic of…