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 …
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 …
Corruption & Crypto. We see climbing statistics in the number of suspicious activity reports (SARs) filed by actors in the digital assets space, a sign that the industry is maturing and AML/CFT controls are being implemented by more actors. However, last month FinCEN specifically requested financial institutions to focus their AML efforts on detecting the …
Constant Vigilance! 2022 is the year of getting crypto in [regulatory] shape, so we thought that a reminder of the famous quote would not go amiss. From the Executive Order released by President Biden in the United States, to a wide array of hearings in the U.S. Congress as well as the European Parliament and …
What happened to Anchorage Digital Bank? On 21st April 2022, the Office of the Comptroller of the Currency (OCC) in the United States issued a Consent Order against Anchorage Digital Bank for failure to adopt and implement an adequate compliance program for the bank’s anti-money laundering (AML) requirements under the Bank Secrecy Act (BSA), as …
In this report we observe and track all relevant events that have unfolded in the compliance and digital asset space during the past seven days. CANADA FREEZING CRYPTO ACCOUNTS, NCET AND INDIA CRYPTO TAX As BTC circles back to the 39K mark, an interesting piece featured this week that focused on the recent warnings from …
In this report we observe and track all relevant events that have unfolded in the compliance and digital asset space during the past seven days. PULSE OF FINTECH, NFTS, PSEUDONYMITY, NINTENDO AND META BTC is back to the 40K mark and according to KPMG’s “Pulse of Fintech” report, investment into the crypto space has surged …
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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In this report we observe and track all relevant events that have unfolded in the compliance and digital asset space during the past seven days. CHECKPOINT, WONDERLAND, CHAINALYSIS AND QUANTUM COMPUTING Rugpulls, hacks and bad actors dominate the headlines the past week as there has been scathing developments in various projects as the FUD continues …
In this report we observe and track all relevant events that have unfolded in the compliance and digital asset space in the past seven days. FTM, UK TREASURY, FIU AND MAS As BTC is dipping its toes in the US$30,000 range and heading towards its worst week in 8 months, FTM is now the third …