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 Dutch central bank has taken a U-turn on KYC and AML requirements it had imposed on digital asset providers, after the court directed it to consider the objections raised by the Bitonic exchange.
The increase in individuals looking to use digital currencies to evade the law has led to many innovative solutions, such as the creation of blockchain analytic tools and teams dedicated to combatting such crimes.
The report warns of digital currency’s capacity to evade scrutiny by gambling regulators and financial watchdogs, thereby “facilitating avoidance” of AML and KYC procedures.
As per the ruling, personal information on users who have exceeded the threshold will now be turned over to the IRS, in a bid to help root out failures of disclosure to the tax agency.
The Thai Anti-Money Laundering Office has mandated all exchanges to use the dip-chip machine, which scans a chip embedded on the Thai national identity card, for identity verification.
Companies considered to be Virtual Asset Service Providers (VASPs) are now required to adhere to the same rules as other regulated financial companies in Ireland.
Dubai Economy has partnered with the Dubai International Financial Centre to expand the tool which now accounts for over 50 percent of all KYC verifications in Dubai.
The budget increase would see funds of $191 million allocated to the agency, up $64 million on its original budget for the year.
Nigerian fintech startups, including those in the digital currency sector, have been relying on the bank verification number (BVN) as a primary know-your-customer (KYC) and anti-money laundering (AML) tool.
The Financial Services Commission has brought forward a new structure of penalties for exchanges that fail to properly implement anti-money laundering measures.