Understanding the EU’s 6AMLD and the risk to your business
The changes brought about by 6AMLD will affect a lot of businesses, but there is still time to prepare for new rules. In January 2020, the European Union released its Fifth Anti-Money Laundering Directive to increase transparency while tackling fraud, money laundering and cybercrimes.The 5AMLD extended the scope of customer due diligence checks, introduced domestic and politically exposed persons, extended the creation of central registrars of beneficial ownership, and extended Anti-Money Laundering checks to majority-owned subsidiaries outside the European Union.Related: New EU AML....
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Any business knows that holding volatile assets involves some degree of risk. In fact, there are several aspects of everyday business in which management is required to constantly assess risk and take action based on findings. Since Bitcoin acts as a mixture of currency, commodity, and property, the risk involved with Bitcoin is different than a lot of other things that have risk associated with them. For example, businesses that sell goods or services to another company on a credit basis must risk the fact that they could have a bad debt expense, an expense that happens when an account....
In response to a question regarding bitcoin asked by an investor during a conference call, VISA CEO Charlie Scharf essentially downplayed bitcoin by acknowledging that is interesting, but remains complex (to the ordinary user), according to PF Hub. Scharf reportedly pointed back to traditional payment networks, citing they're safer for consumers than getting involved with bitcoin and/or other virtual currencies. "The established network rules we have, the understanding of how things operate, understanding who the participants are, the fact that the business that we do has financial....
Coinfirm said it would be able to provide the same AML/CFT analytics for assets minted on Cardano, a number which may grow as the project prepares to expand to smart contracts. The nonprofit organization behind Cardano has partnered with blockchain analytics provider Coinfirm to ensure ADA is in compliance with the Financial Action Task Force’s guidelines.In an Aug. 24 announcement, the Cardano Foundation said it would be using Coinfirm’s services to provide Anti-Money Laundering, or AML, and Combating the Financing of Terrorism, or CFT, analytics for Cardano’s native cryptocurrency ADA.....
In order for Bitcoin to be accepted in any business regardless of the size, managers will need to research whether or not it would be a profitable venture. For small businesses, the risk of trying something new is relatively small. Small businesses can test a new product or service to evaluate the demand with little to no cost and the potential to increase business revenue and profits. For a larger business, trying out new products or services in a test market is more expensive due to increased costs and difficulty in logistics. When a large business with multiple locations wants to try....
With thousands of businesses around the world beginning to accept bitcoin, you have to ask: what's the real reason? Are they genuinely attracted to the benefits bitcoin offers merchants? Are they doing it for publicity? It probably doesn't matter. But with services like BitPay and Coinbase that make bitcoin acceptance easy as can be, you can probably bet a good number of these crypto-friendly businesses don't know very much about it - only that many others are joining the parade. But according to BitPay CEO Tony Gallippi (in an interview with Bitcoin Owl), businesses who accept bitcoin....