AML/KYC | ForkLog

ForkLog 58 26.03.2024

US Accuses KuCoin of Laundering $9 Billion

The US federal prosecutor charged cryptocurrency exchange KuCoin and its two founders with laundering $9 billion. Authorities allege that platform founders Chun (Michael) Gan and Ke (Eric) Tang failed to implement KYC/AML procedures from 2017 to 2023, despite serving over 30 million clients. Subsequently, identification and verification did not apply to existing users. Thus, the […]

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ForkLog 31 26.03.2024

Binance Joins Global Travel Rule Alliance for FATF Compliance

Bitcoin exchange Binance has joined the Global Travel Rule (GTR) Alliance. The platform provides infrastructure to comply with the recommendations of the FATF. According to a statement, this “strategic step” aims to enhance regulatory compliance and strengthen data security. The Travel Rule, known as Recommendation 16 of the Group, requires the VASP to share client […]

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ForkLog 15 24.03.2024

European Parliament Committees Endorse Ban on Anonymous Crypto Transactions

The European Parliament’s EP Committee on Economic and Monetary Affairs and the Committee on Civil Liberties, Justice and Home Affairs have approved the Anti-Money Laundering Regulation, which also addresses cryptocurrency payments. The previous version set a €1000 limit for non-custodial wallet owners, below which they could send transactions to crypto asset service providers (CASP). In […]

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ForkLog 8 19.03.2024

Binance Urges Prime Brokers to Tighten Client Checks, Reports Bloomberg

Cryptocurrency exchange Binance has requested its prime brokers to enhance compliance checks for American clients to avoid interactions with them, according to Bloomberg, citing its own sources. In November 2023, the platform settled claims with the U.S. Department of Justice, agreeing to pay $4.3 billion. According to the publication’s sources, following the settlement, Binance demanded […]

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ForkLog 16 28.02.2024

FATF Downgrades Russia’s Rating Over Inadequate Bitcoin Market Regulation

Russia’s rating concerning the FATF recommendations on the virtual assets market has been downgraded to “Partial Compliance.” This is evidenced by a report from the EAG. According to the document, the jurisdiction is taking insufficient measures in the legislative regulation of virtual currency circulation. Experts specifically mentioned the absence of a definition for providers of […]

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ForkLog 68 06.02.2024

AI-Generated Documents Service Circumvents KYC on Major Crypto Exchanges

A new online service, OnlyFake, has emerged offering AI-generated documents for KYC verification for $15, according to 404 Media. The platform generates fake driver’s licenses and passports from 26 countries, including the US, Canada, the UK, Australia, and several EU nations, accepting cryptocurrencies as payment. OnlyFake produces realistic images of IDs against backgrounds like wallpapers […]

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ForkLog 36 19.01.2024

EU to Mandate Crypto Firms to Verify Clients for Transactions Over €1000

The EU Council and Parliament have provisionally agreed on a package of measures to combat money laundering and terrorist financing (AML/FT), which will tighten existing regulations for the crypto industry. The agreement expands the list of entities subject to these regulations. “The new rules will cover most of the crypto sector, requiring all service providers […]

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ForkLog 7 18.12.2023

Kazakhstan and UAE to jointly curb illicit use of cryptocurrencies

The UAE and Kazakhstan intend to cooperate in the fight against financial crime and in the seizure of illicit digital assets.

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ForkLog 15 13.12.2023

Russia warned of potential FATF downgrade over cryptocurrency regulation

The FATF could downgrade Russia's rating for compliance with its cryptocurrency-regulation recommendations.

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ForkLog 10 12.12.2023

Bipartisan support grows in the U.S. Senate for bill expanding KYC requirements

Five senators backed the bill proposed by Elizabeth Warren, which would introduce KYC procedures for 'crypto wallets, miners, validators and other network participants'.

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ForkLog 11 07.12.2023

JPMorgan CEO calls on US authorities to shut down cryptocurrencies

Jamie Dimon, chief executive of JPMorgan Chase, told U.S. lawmakers that serious restrictions on digital assets are needed.

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ForkLog 21 07.12.2023

Bitzlato founder pleads guilty to laundering $700m and agrees to close the company

The founder of the Bitzlato crypto-exchange, Anatoly Legkodymov, pleaded guilty to transferring and laundering criminal proceeds.

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