Crypto News 

Swiss Federal Council: Existing Financial Law Should Be Adjusted to Blockchain Industry

“The Swiss Federal Council (Bundesrat) has said that existing financial law in the country suits the blockchain industry, but needs specific adjustments” writes Helen Partz for cointelegraph.com. The Federal Council also mentioned the results of a cross-departmental working group on the money laundering and terrorist financing risks of cryptocurrencies.The Bundesrat has also commissioned the FTF to research whether money laundering law should be reconsidered in accordance with certain types of crowdfunding. Source: cointelegraph.com Share This:

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Crypto GBP News 

British Crypto Exchange CEX.IO Now Requires Identity Info From Users

“United Kingdom-based cryptocurrency exchange CEX.IO now requires its users to disclose their identities, financial trading news outlet Finance Magnates reported Dec. 11” writes Ana Alexandre for cointelegraph.com. Established in 2013, CEX is a London-based cryptocurrency trading platform, initially started as a cloud mining provider.Currently, the exchange supports eight major digital currencies and four major fiat currencies, while its adjusted daily trading volume is around $4.9 million, according to CoinMarketCap.The increased regulations, in line with directives in the EU, are intended to limit the amount of anonymity possible for cryptocurrency traders.While…

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Kuwaiti cops are investigating social media stars for money laundering

“According to a report in Arabic language publication Al-Jarida, police in Kuwait has been called to investigate several social media influencers over money laundering” writes Ankush Chibber for mashable.com. According to the report, the funds in these accounts have originated from both individuals and companies and may have been linked to sponsored social media posts.The report said that at least 10 bank accounts belonging to the social media stars in the country are being looked into, and cited sources to say that some of these accounts exceeded millions of Kuwaiti…

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Crypto News 

Cryptocurrency Still a Minute Portion of Money Laundering Crimes, Says Police in Japan

“Law enforcement in Japan says cryptocurrency money laundering constitutes only a minor portion of the total cases of money laundering in the country” writes Nick Omo for livebitcoinnews.com. Based on these figures, crypto-related money laundering accounted for only two percent of such crimes reported to police authorities.While the percentage is insignificant, the NPA reports that virtual currency money laundering cases are on the increase.This assertion comes even as police authorities say instances of virtual currency-related money laundering are on the rise.According to the Japan Times, the country’s National Police Agency…

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Crypto News 

South Korea: Financial Watchdog Warns Two Banks Over Poor Crypto Transaction Management

“This spring, three domestic banks, including Kookmin and Nonghyup, were inspected again by the the Financial Services Commission (FSC) to ensure the banks were conforming to new anti-anonymity regulations” writes Max Yakubowski for cointelegraph.com. The banks have also received orders for improvement and must submit the measures to the FSS within three months.A South Korean financial authority has warned two major domestic banks about their lack of management of cryptocurrency transactions and Anti-Money Laundering (AML) regulation, local online media outlet The Daily reports Dec. 4.The Financial Supervisory Service (FSS) has…

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Deutsche Bank slumps to record low as probe said to widen to include board members

“The bank’s list of problems grew further last week when Deutsche Bank’s role in Danske Bank’s money-laundering scandal came to light” writes Callum Burroughs for businessinsider.com. The bank’s shares have fallen to yet another record low — they were down about 3.3% on Friday, taking its year-to-date plunge to a whopping 50%.Bloomberg reported that all eight of the bank’s board members’ offices were searched as part of the raids. Source: businessinsider.com Share This:

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HSBC is partnering with Google to improve AML processes

“The new system will help bring consistency to HSBC’s anti-money laundering (AML) processes” writes Lea Nonninger for businessinsider.com. Additionally, by putting its AML data on the cloud, it may make it easier to share that information with other banks, which could streamline communication about risky individuals, and thereby make AML processes even more efficient.Banking giant HSBC will launch a new cloud-based system to tackle money laundering, according to Jennifer Calvery, global head of financial crime threat mitigation at HSBC cited by Reuters.HSBC’s latest move could therefore help the bank to…

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Deutsche Bank offices raided in connection with Panama Papers

“Police in Germany have raided the offices of Deutsche Bank in connection with the Panama Papers revelations and as part of an investigation into alleged money laundering” writes Luke Harding for theguardian.com. In a statement Deutsche Bank confirmed the raid. “The investigation has to do with the Panama Papers case.Records from the Panamanian law firm Mossack Fonseca were the basis of the Panama Papers investigation and included more than 10m documents.The investigation is separate from another money laundering scandal surrounding the Danish lender Danske Bank, where Deutsche Bank is involved.About…

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Deutsche Bank searched in money laundering probe over Panama Papers

“The investigation is separate from another money laundering scandal surrounding Danish lender Danske Bank (DANSKE.CO), where Deutsche Bank is involved” writes Min Read for reuters.com. Several Banks, including Swedish lenders Nordea and Handelsbanken have already been fined by financial regulators for violating money laundering rules as a result of the papers.FRANKFURT (Reuters) – Around 170 police officers, prosecutors and tax inspectors searched six Deutsche Bank (DBKGn.DE) offices in and around Frankfurt on Thursday over money laundering allegations, the Frankfurt public prosecutor’s office said in a statement. Source: reuters.com Share This:

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Investigators search Deutsche Bank offices on money laundering allegations

“FRANKFURT (Reuters) – Roughly 170 criminal police officers, prosecutors and tax inspectors on Thursday searched six Deutsche Bank offices in and around Frankfurt on money laundering allegations, the public prosecutor said in a statement” writes Midwest Communications Inc for 95kqds.com. The investigations are directed against two Deutsche Bank staff members who are alleged to have helped clients set up off-shore firms to launder money gained from criminal deeds, the prosecutor said. Source: 95kqds.com Share This:

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