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Taiwan Aligns with India, Japan on AML Regulations for Crypto Businesses, Accelerates Registration Deadline
This week, Taiwan's Financial Supervisory Commission (FSC) announced that all cryptocurrency firms, whether already operating in the country or planning to establish operations, must register for anti-money laundering (AML) compliance. The FSC has advanced the registration deadline from January 1, 2025, to November 30, 2024, urging firms to expedit...
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UK Says 90 Percent Crypto Firms Applying for Licence Lacks Money Laundering, Fraud Precautions
A recent report by the UK Financial Conduct Authority (FCA) has said that they have rejected 90 percent of the registration applications of crypto firms in recent times. Inconsistencies with security measures against frauds and money laundering activities have emerged among top reasons for licence rejection.
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Binance Served Notice for Rs. 772 Crore in GST Charges by DGGI in India
Binance has been issued a notice for the payment of Rs. 772 crore in GST charges in India. In conversation with Gadgets360, an official said the notice issued to Binance should be seen by the exchange as an opportunity to present their front of the case and bring their business operations in alignment with India’s legal framework.
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Brazil to Unveil Second Phase of Crypto Rules by End of 2024: Report
Without disclosing too many details about the ‘internal planning’, Brazil’s Apex bank has confirmed that laws to monitor the use of stablecoins and the role they can play in foreign exchange settlements and other payments are in the pipeline this year.
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Binance Fined $4.4 Million in Canada for Violating Anti-Money Laundering Laws
Canada is the latest country that has taken action against crypto exchange Binance. The reason cited for the $ 4 million fine is Binance’s violation of Canada’s anti-money laundering rules while conducting its operations in 2023.
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India's MoS IT Rajeev Chandrasekhar Reacts to Binance and Changpeng Zhao Debacle
Indian minister Rajeev Chandrasekhar has warned crypto firms against misusing technology to flout laws and accomplish illegal activities. Chandrasekhar is the Union Minister of State for electronics and technology in India. The warning comes after Binance CEO Changpeng Zhao pleaded guilty to having violated the US’s anti money laundering policies...
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Hong Kong Amends Anti-Money Laundering Bill to Include Crypto, Here’s What it Means
Hong Kong, who recently emerged as the most crypto ready nation in the world, has taken a proactive step to ensure that crypto assets are not misused by criminals for moving illicit funds, illegally. The country has amended its Anti-Money Laundering (AML) and Counter-Terrorist Financing (Amendment) Bill 2022, to now include crypto transactions as w...
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Special Anti-Corruption Courts In Every District? Supreme Court To Hear Plea Next Week
Supreme Court is scheduled to hear on October 31 a plea seeking to establish special anti-corruption courts in every district to decide cases related to various economic offences like money laundering and tax evasion within one year.
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Pak May Exit "Grey List" Of Terror Financing Watchdog Today: Report
The global watchdog on terror financing and money laundering, FATF, is likely to free Pakistan from its inglorious "grey list" on Friday, allowing the country to try to get foreign funds for tiding over its precarious financial situation.
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IDBI Intech Implements Anti Money Laundering Reporting Solution At LIC
IDBI Intech Limited, a leading information technology company, implemented an Anti Money Laundering solution at the insurance giant - Life Insurance Corporation of India (LIC)
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RBI Clears Confusion On Cryptocurrency Trading, Asks Banks To Perform Customer Due Diligence
In a statement, the RBI has said that the particular order on crypto currencies is no longer valid as it had been set aside by the Supreme Court.
-
RBI slaps Rs 2 lakh fine on Jamia Cooperative Bank
The Reserve Bank of India (RBI) has imposed a fine of Rs 2 lakh on Jamia Cooperative Bank for violation of regulatory norms, including anti money laundering regulations.
-
Digital currency firms rush to adopt anti-money laundering rules
Digital currency firms are trying to satisfy new monitoring requirements without letting public enthusiasm for the technology-based concept slip away.
-
JPMorgan faces action on laundering controls
U.S. regulators are expected to order JPMorgan Chase & Co to correct lapses in how it polices suspect money flows, two people familiar with the situation said, in the latest move by officials to force banks to tighten their anti money-laundering systems.
-
Taiwan Aligns with India, Japan on AML Regulations for Crypto Businesses, Accelerates Registration Deadline
This week, Taiwan's Financial Supervisory Commission (FSC) announced that all cryptocurrency firms, whether already operating in the country or planning to establish operations, must register for anti-money laundering (AML) compliance. The FSC has advanced the registration deadline from January 1, 2025, to November 30, 2024, urging firms to expedit...
-
UK Says 90 Percent Crypto Firms Applying for Licence Lacks Money Laundering, Fraud Precautions
A recent report by the UK Financial Conduct Authority (FCA) has said that they have rejected 90 percent of the registration applications of crypto firms in recent times. Inconsistencies with security measures against frauds and money laundering activities have emerged among top reasons for licence rejection.
-
Binance Served Notice for Rs. 772 Crore in GST Charges by DGGI in India
Binance has been issued a notice for the payment of Rs. 772 crore in GST charges in India. In conversation with Gadgets360, an official said the notice issued to Binance should be seen by the exchange as an opportunity to present their front of the case and bring their business operations in alignment with India’s legal framework.
-
Brazil to Unveil Second Phase of Crypto Rules by End of 2024: Report
Without disclosing too many details about the ‘internal planning’, Brazil’s Apex bank has confirmed that laws to monitor the use of stablecoins and the role they can play in foreign exchange settlements and other payments are in the pipeline this year.
-
Binance Fined $4.4 Million in Canada for Violating Anti-Money Laundering Laws
Canada is the latest country that has taken action against crypto exchange Binance. The reason cited for the $ 4 million fine is Binance’s violation of Canada’s anti-money laundering rules while conducting its operations in 2023.
-
India's MoS IT Rajeev Chandrasekhar Reacts to Binance and Changpeng Zhao Debacle
Indian minister Rajeev Chandrasekhar has warned crypto firms against misusing technology to flout laws and accomplish illegal activities. Chandrasekhar is the Union Minister of State for electronics and technology in India. The warning comes after Binance CEO Changpeng Zhao pleaded guilty to having violated the US’s anti money laundering policies...
-
Hong Kong Amends Anti-Money Laundering Bill to Include Crypto, Here’s What it Means
Hong Kong, who recently emerged as the most crypto ready nation in the world, has taken a proactive step to ensure that crypto assets are not misused by criminals for moving illicit funds, illegally. The country has amended its Anti-Money Laundering (AML) and Counter-Terrorist Financing (Amendment) Bill 2022, to now include crypto transactions as w...
-
Special Anti-Corruption Courts In Every District? Supreme Court To Hear Plea Next Week
Supreme Court is scheduled to hear on October 31 a plea seeking to establish special anti-corruption courts in every district to decide cases related to various economic offences like money laundering and tax evasion within one year.
-
Pak May Exit "Grey List" Of Terror Financing Watchdog Today: Report
The global watchdog on terror financing and money laundering, FATF, is likely to free Pakistan from its inglorious "grey list" on Friday, allowing the country to try to get foreign funds for tiding over its precarious financial situation.
-
IDBI Intech Implements Anti Money Laundering Reporting Solution At LIC
IDBI Intech Limited, a leading information technology company, implemented an Anti Money Laundering solution at the insurance giant - Life Insurance Corporation of India (LIC)
-
RBI Clears Confusion On Cryptocurrency Trading, Asks Banks To Perform Customer Due Diligence
In a statement, the RBI has said that the particular order on crypto currencies is no longer valid as it had been set aside by the Supreme Court.
-
RBI slaps Rs 2 lakh fine on Jamia Cooperative Bank
The Reserve Bank of India (RBI) has imposed a fine of Rs 2 lakh on Jamia Cooperative Bank for violation of regulatory norms, including anti money laundering regulations.
-
Digital currency firms rush to adopt anti-money laundering rules
Digital currency firms are trying to satisfy new monitoring requirements without letting public enthusiasm for the technology-based concept slip away.
-
JPMorgan faces action on laundering controls
U.S. regulators are expected to order JPMorgan Chase & Co to correct lapses in how it polices suspect money flows, two people familiar with the situation said, in the latest move by officials to force banks to tighten their anti money-laundering systems.
