AB-1326, “Virtual Currency”, was unexpectedly shelved earlier this week despite multiple unanimous or near-unanimous votes in the California Assembly and Senate. The bill, which would have governed how digital currency businesses can operate in California, was lauded by many in the industry as a favorable...
Earlier this week, the Conference of State Bank Supervisors (CSBS) issued its long-awaited regulatory framework for the digital currency industry. The CSBS sought to create this framework for states to use in the development and implementation of their individual regulatory requirements. We recommend that state...
On Tuesday, BitAML Founder & President, Joe Ciccolo, hosted a webinar “Compliance and Virtual Currencies: Debunking Myths and Responding to Real Risks” for the Association of Certified Financial Crimes Specialists (ACFCS). The ACFCS is a worldwide organization for private and public sector professionals who work...
Last week, The Economist published an article in which it justifiably decried the high cost of foreign remittance. The article blamed a combination of factors, including AML regulations of course. However, the bulk of the article was devoted to criticizing exclusive agreements signed by banks...
Recently, much has been written about the relatively slow rate of bitcoin adoption in Asia. The cause, it’s been said, is the combination of a lack of awareness and the absence of regulation. The latter seems a bit ironic given recent events here in the...
Today, BitAML Founder & President, Joe Ciccolo, hosted a webinar "Compliance and Virtual Currencies: Debunking Myths and Responding to Real Risks" for the Association of Certified Financial Crimes Specialists (ACFCS). The ACFCS is a worldwide organization for private and public sector professionals who work in...
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...
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...
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...
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...
