EU to ban anonymous digital currency transfers
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.
Latest Know Your Customer News
Bitonic regulatory clash shows power of FATF
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.
How blockchain solutions can combat blockchain-related crimes, as explained by PwC partner Vikas Agarwal
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.
Asian racetracks urge crackdown on digital currency-based betting
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.
North Carolina judge orders Kraken to report customer details to IRS
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.
Thailand requires in-person KYC for new digital currency exchange signups
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.
Irish digital currency firms now obliged to register with central bank
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 gov’t expands blockchain-powered KYC tool for financial institutions
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.
Joe Biden pushes budget increase for FinCEN to tackle financial crimes
The budget increase would see funds of $191 million allocated to the agency, up $64 million on its original budget for the year.
Fintech startups in Nigeria lose access to gov’t KYC/AML verification tool
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.
South Korea digital currency exchanges to face penalties for anti-money laundering breaches
The Financial Services Commission has brought forward a new structure of penalties for exchanges that fail to properly implement anti-money laundering measures.
Bithumb ramps up anti-money laundering protections
The new measures include enhanced Know-Your-Customer verification processes, as well as the introduction of new specialized blockchain intelligence technologies.