News 

Iran’s new anti-money-laundering law actually legalizes money laundering

“This outright encourages, facilitates, and enables money laundering to help Tehran in its sanctions-busting and proliferation operations” writes Todershowitz Saeed Ghasseminejad for businessinsider.com. The Guardian Council decides whether the bills passed by the Majlis are consistent with the country’s constitution and Islamic Sharia law.In effect, the Council granted legitimacy to deceptive actions that abet money laundering. Source: businessinsider.com

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Russian spy Maria Butina’s Republican boyfriend indicted for wire fraud and money laundering

“The Republican operative boyfriend of alleged Russian spy Maria Butina has been indicted by a South Dakota federal grand jury for charges of wire fraud and money laundering” reports washingtonexaminer.com. If found guilty, Erickson faces up to 20 years in federal prison and a range of different fines for each count.Paul Erickson, 56, of Sioux Falls, pleaded not guilty on Tuesday to 11 counts before a federal district court after being indicted on Monday.In December, Butina pleaded guilty in a D.C. federal court to conspiracy to act as an illegal…

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Crypto News 

Malta’s Regulatory Framework Has Attracted Crypto Players, but International Watchdogs and Local Opposition Are Skeptical

“Further, in October 2018, Malta signed a declaration to promote blockchain usage along with seven other EU countries” writes Stephen O’neal for cointelegraph.com. Malta is renowned for its crypto-friendly politics, whose efforts in the field have earned it the moniker of “blockchain island.” However, its push for becoming the international crypto hub has attracted criticism from both global watchdogs and local opposition.On Oct. 18, the Times of Malta reported that almost two-thirds of those applying for Malta’s cryptocurrency agent certification have failed. Source: cointelegraph.com

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Opus Accelerates KYC Automation For Banks

“Compliance and risk management technology provider Opus is launching a new Know Your Customer (KYC) workflow solution for banks” reports pymnts.com. A press release on Tuesday (Jan. 29) said Opus is rolling out its Clarity KYC solution to automate KYC workflows and enhance risk analysis.We are looking forward to helping all of our customers simplify their process, save time and reduce their risks.” Banks’ KYC compliance challenges have become a key focus in the emergence of RegTech.Clarity KYC integrates business identification, screening processes and due diligence, reporting, and customer monitoring into…

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Crypto News 

South Korea Report: Major Exchanges Join Forces to Combat Money Laundering

“Four major South Korean cryptocurrency exchanges have reportedly joined their forces in order to combat money laundering, sources told local news agency The Korea Herald on Monday, Jan. 28” writes Ana Berman for cointelegraph.com. In early January, Cointelegraph reported that seven of 21 local crypto exchanges have received approval from the South Korean government after a security audit.During the audit — which took place between September and December 2018 — Bithumb, Coinone and Korbit, along with four other major exchanges, satisfied investigators of the strength of their security measures.In neighbouring…

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The government requires banks, brokerages, and casinos to take specific steps to prevent money laundering. But not hedge funds.

“FinCEN’s latest proposed rule targets investment advisers who manage funds for clients such as hedge funds” writes Heather Vogell for businessinsider.com. Foreign political corruption is one of the money laundering risks for investment advisers, Angotti said.The industry has tended to proclaim that it favors the principle of anti-money laundering rules — while simultaneously contesting many of the specifics.Investment companies such as hedge funds and private equity firms have escaped multiple efforts to subject them to rules meant to combat money laundering.”We think investment advisers are a low risk because they…

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fined Deutsche Bank nearly $700 million

“Deutsche Bank has said that it acted as a correspondent bank for Dankse Bank in Estonia” writes Min Read for reuters.com. A Deutsche Bank executive director has said the German bank played only a secondary role as a correspondent bank to Danske Bank, limiting what it needed to know about the people behind the transactions.The U.S. central bank is investigating whether Deutsche Bank in New York properly monitored the transfer of funds it performed on behalf of Danske from its Estonia branch, the report added.In September, German regulator BaFin ordered…

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Deutsche faces questions from authorities investigating Danske

“Deutsche Bank has said that it acted as a correspondent bank for Dankse Bank in Estonia” writes Midwest Communications Inc for 95kqds.com. A Deutsche Bank executive director has said the German bank played only a secondary role as a correspondent bank to Danske Bank, limiting what it needed to know about the people behind the transactions.”It is not surprising at all that the investigating authorities and banks themselves have an interest in the Danske case and the lessons to be learned from it,” Deutsche Bank said.The U.S. central bank is…

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Crypto News 

Crypto Is Tightening Up Its Anti-Money Laundering Game, While Banks Are Still Being Fined for Non-Compliance

“Indeed, crypto exchanges are increasingly observing Know Your Customer (KYC) and AML regulations, while new trade bodies are being established with the aim of erecting self-regulatory guidelines for the crypto industry to follow” writes Simon Chandler for cointelegraph.com. Of course, the rejoinder to this point is that crypto exchanges have spent most of their lives outside the jurisdiction of the regulators responsible for AML enforcement.Moreover, in December, Latvia’s financial regulator levied a 1.2 million euro charge on BlueOrange Bank for AML noncompliance, while FINRA fined Swiss bank UBS $5 million…

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Crypto News 

Irish Gov’t Approves Anti-Money Laundering Bill Affecting Cryptocurrency

“Additionally, the bill will reportedly allow the Garda and the Criminal Assets Bureau to access bank records in the course of money laundering investigations” writes Ana Alexandre for cointelegraph.com. Last month, the European Union Blockchain Observatory and Forum made a case for digital versions of national currencies on a blockchain, stating: “Putting digital versions of national currencies on the blockchain means they could then become integral parts of smart contracts.The directive — which came into force on July 9, 2018 — sets a new legal framework for European financial watchdogs…

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