FATF is an inter-governmental body which sets global standards for combating money laundering, terrorist financing, and other threats to the global financial system. They are widely considered the standard-bearer for AML compliance and regulation. While its standards and recommendations are not legally binding, FATF maintains a strong influence on national and transnational AML laws and […]
At a recent conference of AML professionals, Central Bank of Nigeria (CBN), Deputy Director of Financial Policy and Regulation, Obot Akpan, labeled digital currency “dangerous” and a “channel for money laundering”. Mr. Akpan arrived at this conclusion because, in his words, it’s “not a legal tender of any country hence it has a borderless nature […]
Read More… from Nigeria hints at heavy-handed bitcoin regulations
Reserve Bank of India (RBI) Deputy Governor, SS Mundra, called for “appropriate regulatory changes” to accommodate the oversight of cryptocurrency. Mr. Mundra hinted at a comprehensive and multi-facetted regulatory framework, reminiscent of New York’s BitLicense, when referencing “…concerns around orderly growth of the system, consumer protection and grievance redressal, disaster recovery and business stability plans…” […]
Read More… from India wants to regulate bitcoin… just not right now
We’re pleased to announce that BitAML Founder & President, Joe Ciccolo, will be moderating the regulatory panel discussion at Inside Bitcoins, San Diego. The panel, “US and Beyond: Current Regulatory Examinations and Enforcement Actions”, will be held on Day #2 (12/15) of the conference from 12:00-12:30pm. The panel premiered earlier this year at Inside Bitcoins, […]
Read More… from BitAML President speaking at Inside Bitcoins, San Diego
As you’re all well aware, earlier this year, Ripple was the subject of the first digital currency enforcement action leveled by regulators for BSA/AML violations. FinCEN and the U.S. Attorney’s Office assessed $750,000 in fines, as well as (even more costly) “enhanced remedial measures”. The company further agreed to biannual compliance audits of its BSA/AML […]
Another week, another bitcoin company packing up the Family Truckster and leaving New York for greener pastures. LocalBitcoins announced its exit from the Empire State market in a recent company blog post. This followed similar announcements from other high-profile companies, including Kraken, BitFinex, ArtByte, Genesis Mining, Satoshi Citadel Industries, and ShapeShift, just to name a […]
The director of the Office of the Comptroller of the Currency (OCC), Thomas Curry, called for a balanced approach to regulating new financial technologies such as bitcoin. “It’s our job as a regulator to support and even encourage innovation that helps bank customers,” Director Curry stated. He goes on…“In fact, that’s a hallmark of the […]
Read More… from OCC Director hints at startup-friendly bitcoin regulation?
We’re pleased to announce that BitAML will sponsor the Illinois State University bitcoin club in conjunction with the Champaign-Urbana Bitcoin Meetup. The first meeting is scheduled for September 1st at 5:30pm on the campus of ISU. BitAML Founder & President, Joe Ciccolo, will serve as the club’s co-chair. It’s our belief that businesses within the […]
Read More… from BitAML sponsors Illinois State University bitcoin club
Promote and demand a “culture of compliance” within your organization: It’s not just another AML concept or buzz term. Nay. Compliance should be a cultural ethic that permeates throughout your business. It begins and ends with the tone at the top. Set the standard for compliance in your office and lead by example. It’s not […]
Read More… from Compliance tip of the week…Culture of Compliance
