The Financial Crimes Investigation Board (MASAK) imposed a fine of 8 million lira ($750,000) on Binance’s local unit BN Teknoloji after it was found the exchange violated anti-money laundering requirements.
With regulators taking an increasingly tight line on compliance, gambling operators are now expected to run KYC and AML checks as standard on every player, among their many legal obligations.
Austria-based kompany has entered into a definitive agreement to be acquired by Moody’s Analytics, which provides financial intelligence and analytical tools globally to help business leaders make better, faster decisions.
Israel will extend the anti-money laundering and combating the financing of terrorism rules to digital currencies to deter crime and give the industry legal recognition, the country’s AML chief says.
The Taproot “upgrade” moves BTC even further away from the original 2009 Bitcoin protocol and enables participants in a contract to hide not only their identities, but their public keys as well.
The National Cryptocurrency Enforcement team, comprised of AML and cybersecurity experts, will enforce anti-money laundering and other laws around digital currency transactions.
Digital currency firms must report any transaction that exceeds $87,000 to regulators, whether the firm is registered locally or under another jurisdiction.
What the Taproot update does is make the responsibility for laundered coins to fall more broadly on the shoulders of every participant in the network.
The bill is seeking to increase the amount of tax the Israeli government collects from the industry, but several leaders in the space are already up in arms against it.
With the implementation of the digital euro, digital identities linked to wallets, and new regulations allowing for increased oversight and enforcement, the EU will become an increasingly unfriendly jurisdiction for criminals or those who play fast and loose with the law.
Policymakers in the European Union proposed that all companies that transfer BTC and other “crypto-assets” must collect details of the senders and recipients in an effort to crack down on crimes.
The head of the Financial Services Commission said that these exchanges must comply with the revised laws that requires exchanges to establish banking relationships and verify users’ identities.
