France moves to ban anonymous crypto accounts to prevent money laundering
France is preparing new frameworks to prevent anonymity in crypto. French financial authorities are strengthening the country’s cryptocurrency regulations in a move to prevent illicit activities like money laundering and terrorism financing.On Dec. 9, several ministries in France jointly introduced an order aiming to prevent anonymous digital asset transactions by banning anonymous crypto accounts.The new regulatory effort is backed by French finance minister Bruno Le Maire, overseas minister Sébastien Lecornu and junior economy minister Olivier Dussopt. The order is pursuant to Article....
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The French council of ministers has approved a series of new measures to combat the anonymity of cryptocurrency transactions. Anonymous accounts are banned at crypto exchanges which must now impose stricter know-your-customer requirements. France’s Finance Minister Bruno Le Maire says the changes are necessary to fight against terrorism financing. France Tightens Crypto Surveillance France’s Council of Ministers endorsed an ordinance containing a series of measures to tighten the surveillance of cryptocurrency activities last week. The ordinance, which will enter into force in....
According to a recent article in Belgian newspaper De Morgen, the government is setting plans in motion to target money laundering actions in Bitcoin. Similarly to any type of payment in the world, Bitcoin has become a tool wielded by internet criminals. However, the popular digital currency does not provide privacy or anonymity, and tracking down individuals using Bitcoin for money laundering purposes is a lot easier compared to when cash is involved. Money Laundering And Bitcoin Is Not Such A Big Issue. There is still a lot of confusion as far as Bitcoin and digital currencies are....
Chase have outlined a new policy on cash deposits. Picture via /u/throwwwwaway81. One of the key aspects of the Charlie Shrem and BTCKing money laundering case is that anonymous individuals were able to go to various banks around the United States and make deposits of less than $1,000 to bank accounts owned by BitInstant. BitInstant was not required to collect information on people who wanted to buy less than $1,000 worth of bitcoins per day, and the banks allowed anonymous individuals to make deposits into bank accounts controlled by BitInstant. It seems that Chase is implementing a new....
The European Commission has proposed legislation to “ensure full traceability of crypto-asset transfers, such as bitcoin,” in order to prevent and detect “their possible use for money laundering or terrorism financing.” Moreover, “anonymous crypto asset wallets will be prohibited.” New EU Rules Ban Anonymous Crypto Transactions and Wallets The European Commission presented a set of legislative proposals Tuesday aimed at strengthening the EU’s anti-money laundering and countering terrorism financing (AML/CFT) rules. Among the proposals is a revision....
An anonymous Dutch bank employee has revealed that major banks in the EU are applying new rules forcing banks to report, monitor or investigate accounts receiving or sending over €1,000 connected to bitcoin. Taking to /r/DarkNetMatters, the anonymous user identifies himself as a bank employee within the Dutch banking system. Referencing a memo seen in the bank offices, the user describes how accounts receiving more than €1,000 from known bitcoin-linked accounts should be subject to increased scrutiny, and reported. Additionally, the whistle-blower writes that the bank also must “flag....