Anchorage Digital Bank

Compliance weekly – 30 May 2022

ML/TF Risks and Decentralized Autonomous Organizations (DAOs) Foundation companies, a category of corporate entities available to be incorporated in the Cayman Islands which allow for highly customized corporate governance with an ownerless trust-like variant, are becoming more popular as a legal entity vehicle allowing decentralized autonomous organizations (DAOs) to benefit from legal personality and limited …

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Compliance weekly – 23 May 2022

Crypto-Asset Reporting Framework and OECD CRS Amendments The rising acceptance of crypto-assets for investments and financial activities in recent years has attracted attention from the tax authorities. Crypto-assets can be stored and exchanged without involvement from traditional financial intermediaries and without any central administrator having total transparency, either with transactions or holdings. Consequently, there are …

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Towards a systems thinking approach to compliance

In July 2021, the Financial Action Task Force (FATF), an independent inter-governmental body that develops and promotes global policies against money laundering and terrorist financing (AML/CFT) published a paper called “Opportunities and Challenges of New Technologies for AML/CFT”, which started by noting that new technologies have the potential to make AML/CFT controls faster, cheaper and …

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