AML/KYC | ForkLog

ForkLog 48 25.12.2024

Turkey Enforces AML Requirements for Cryptocurrency Transactions

Starting February 25, 2025, users in Turkey conducting digital asset transactions exceeding 15,000 TRY (~$425), will be required to provide identification data to crypto service providers. The new AML provision aims to prevent money laundering and the financing of terrorism. Insufficient information about the sender will categorize the transfer as “risky,” with the possibility of […]

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ForkLog 17 15.11.2024

South Korean Authorities Uncover Up to 600,000 KYC Violations at Upbit

South Korea’s Financial Intelligence Unit, part of the FSC, has identified between 500,000 and 600,000 potential violations of KYC procedures at the Upbit exchange, according to Maeil Business. Specifically, Upbit allegedly allowed users to open accounts using identifiers with blurred personal details such as names and registration numbers. The platform faces fines of 100 million […]

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ForkLog 158 31.10.2024

The Cryptex case: why the exchange’s founder was wanted in the US and arrested in Russia

In early October the Interior Ministry and the National Guard mounted a sweeping operation to detain almost 100 people suspected of running illegal cryptocurrency operations. Six alleged key figures were placed under house arrest, among them Cryptex founder Sergei Ivanov. Notably, the sweep came soon after US authorities offered a reward of up to $10m […]

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ForkLog 134 11.10.2024

AI Tools Exploit KYC Loopholes in Cryptocurrency Exchanges

Malefactors are employing AI-based software to circumvent stringent KYC measures on cryptocurrency exchanges, according to a report by security firm Cato Networks. The tool, named ProKYC, represents a “new level of sophistication” in crypto fraud. It marks a significant advancement over older methods used by cybercriminals to bypass two-factor authentication and KYC. Instead of purchasing […]

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ForkLog 60 04.10.2024

Russian State Duma Committee Endorses AML Regulations for Digital Ruble

The State Duma’s Financial Market Committee has recommended the first reading approval of a bill to extend AML regulations to participants of the digital ruble platform, as reported by Izvestia. The initiative proposes a multi-tiered model for implementing anti-money laundering requirements. All platform users, except credit institutions, will be categorized by the Bank of Russia […]

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ForkLog 19 30.09.2024

Trump-Backed Crypto Project Launches KYC for Token Sale

The Trump-endorsed crypto initiative, World Liberty Financial, has initiated verification on its official website. Currently, the platform is not accessible in all countries. Error 403 on the World Liberty Financial website. Source: World Liberty Financial website. The site is accessible to users from Austria. World Liberty Financial homepage accessed from an Austrian IP. Source: World […]

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ForkLog 20 26.09.2024

US Sanctions Target Bitcoin Exchange PM2BTC and Cryptex Platform

On September 26, OFAC added the cryptocurrency exchange PM2BTC, the Cryptex platform, and their alleged administrator, Russian citizen Sergey Ivanov, to its sanctions list. According to the agency, both services are linked to money laundering activities involving ransomware operators and other cybercriminals. The FinCEN determined that nearly half of the transactions processed by PM2BTC were […]

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ForkLog 20 09.09.2024

Ukrainian Central Bank Urges Joint Monitoring of P2P Transfers by Banks

The National Bank of Ukraine has called on commercial banks to collaborate in monitoring P2P transfers to prevent fraud under the 150,000 hryvnia limit established from October 1st. According to NBU Deputy Chairman Dmytro Oleinik, some financial institutions neglect to combat “drops,” prioritising customer base growth over the risks of using the bank for money […]

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ForkLog 41 30.08.2024

The end of anonymity: who tracks crypto transactions, how, and why

The decentralised world is no longer as autonomous as it was a decade ago. Trends point to tighter regulation, closer identification of users and even individual wallets. In parallel, transaction-tracking tools are evolving—useful to some for crafting trading strategies, to others for exposing illicit activity, and to a third group for manipulating markets. ForkLog spoke […]

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ForkLog 24 27.08.2024

Russia Allocates 10.6 Billion Rubles for Bitcoin Holder Identification

By 2030, Rosfinmonitoring will receive 10.61 billion rubles to develop a digital platform aimed at combating money laundering. One of its functions will be to monitor cryptocurrency transactions, facilitating the identification of bitcoin wallet holders, according to local media. Under the “Digital State Governance” project, the platform will connect five federal executive bodies under the […]

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ForkLog 17 20.08.2024

China Equates Bitcoin Transactions with Money Laundering

China’s Supreme Court has classified transactions involving “virtual assets” as a method of money laundering, enshrining this in law, according to local media. The transfer and conversion of illicit proceeds through digital transactions now fall under provisions prohibiting the “concealment of the source and nature of criminal proceeds and other benefits.” Offenders face fines ranging […]

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ForkLog 4 23.07.2024

Russian Miners Mandated to Comply with AML Regulations

On July 23, the Russian State Duma passed a law requiring miners to adhere to anti-money laundering (AML) regulations, as reported by RBC. This is a separate document, not linked to the mining bill. The initial version applied only to notaries. However, amendments for the second reading included miners, mining pool participants, and their administrators. […]

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