EU eyes new money laundering regulator and stricter crypto reporting requirem...
The new Anti-Money Laundering Authority would comprise the “centerpiece” of a new supervisory system that would include national regulators. The European Union is looking to launch a new agency designated with cracking down on money laundering at the regional level, with increased reporting requirements around crypto transactions listed among its principal objectives.A July 8 report from Reuters citing leaked EU documents asserts the European Commission is proposing forming a new Anti-Money Laundering Authority (AMLA) that would act as the “centerpiece” of an oversight system also....
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FINMA said it stood by an AML ordinance requiring identity checks for transactions of virtual currencies to cash or “other anonymous means of payment” exceeding 1,000 Swiss francs. The Swiss Financial Market Supervisory Authority, or FINMA, has announced it will be extending an anti-money laundering ordinance which requires identity checks for reporting certain crypto transactions.In a Nov. 2 notice, the Switzerland financial regulator said it would enforce a threshold of 1,000 Swiss francs — roughly $997 at the time of publication — for transactions of virtual currencies to cash or “other....
Lithuania is taking cryptocurrency regulation seriously. The institutions of the European Union are urged to expedite the process of regulating cryptocurrencies in consideration of the growing number of crypto-asset service providers in Europe, current global challenges, and the increased risk of money laundering and terrorism financing associated with virtual currencies. In an effort to combat money […]
The Swiss financial regulator has published its updated anti-money laundering (AML) ordinance, noting it’s extending the coverage to include blockchain trading platforms. It also clarified certain reporting and identification requirements that apply to crypto transactions. Financial Authorities Adjust Swiss Anti-Money Laundering Rules Concerning Crypto Transfers Following consultations that started earlier this year, the Swiss Financial Market Supervisory Authority (FINMA) has partially revised its Anti-Money Laundering Ordinance (AMLO), clarifying the application of a maximum limit for....
The UIAF, which is the Colombian money laundering watchdog, has postponed the date on which exchanges and individuals must start reporting their transactions to the organization. The institution will now open a consulting period in which companies and individuals can present their thoughts regarding the proposed regulation, which might be modified before its application on June 1st.
Colombian Watchdog Delays Report Resolution for Transactions
The UIAF, the organization that controls and detects money-laundering and terrorism-financing activities in Colombia, has delayed a....
Financial crimes reporting obligations are irrespective of a crypto firm’s total annual revenue. The United Kingdom's Financial Conduct Authority has included cryptoasset businesses under the financial crimes reporting umbrella eight months after initially announcing plans to do so.The FCA made this known via a policy statement issued on its website on Wednesday. This move comes as the country’s financial regulator has increased the number of firms required to submit annual financial crime report known as “REP-CRIM” from 2,500 to about 7,000.According to the policy statement, the FCA....