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As the South Korean government steps up its anti-money laundering (AML) oversight, major crypto exchanges in the country are voluntarily complying while banks are reportedly failing to meet the guidelines for compliance. South Korea has also been discussing ways to boost crypto-related AML measures with the U.S.
Government Concerned About Bank’s AML Compliance
South Korea’s AML directives currently do not apply to cryptocurrency exchanges directly. The government has made banks responsible for monitoring and reporting any crypto-related money laundering activities.
Singapore’s central bank sends eight unnamed crypto exchanges warnings about trading unregulated securities
Digital asset trading platform Bitfinex has announced that Peter Warrack, former Director of AML (Fintech Advisory) and Compliance Officer at the Bank of Montreal, has joined the exchange as Chief Compliance Officer – CCO.
Jean-Louis van der Velde, Chief Executive Officer of Bitfinex, stated: “We are exceptionally excited to have Peter join Bitfinex. His knowledge and experience, combined with our shared belief in blockchain playing a leading role in the future of the global economy, makes him a unique and valuable talent for our team,”
NEO has often been likened to “The Chinese Ethereum,” and for good reason. The platform, among other things, similarly runs smart contracts and decentralized applications. However, in order to stay in business in the world’s strictest regulatory environment, NEO has to play by the rules — which has pushed the project to the top of China’s blockchain foodchain.
Playing by the Rules
In an interview with The Hong Kong Economic Journal, NEO founder Da Hong-fei did not deny the similarities between his platform — the tenth largest cryptocurrency by market capitalization — and Ethereum, the second-largest cryptocurrency by market capitalization.
Bitcoinist spoke with Darren Marble, CEO of CrowdfundX, a fintech marketing firm that uses artificial intelligence and digital marketing to help its clients acquire retail investors and shareholders at scale. His company was responsible for designing, producing, and marketing historic Reg A+ IPOs to NASDAQ, NYSE, and OTC Markets Group, as well as Security Token Offers (STOs) such as KodakCoin.
I predict that NASDAQ, the NYSE, or OTC Markets Group will launch a token market. If they don’t, they may become obsolete.
Compliance with Anti-Money Laundering (AML) rules and with the economic sanctions administered by the Treasury Department’s Office of Foreign Assets Control (OFAC) can be a daunting task for any business. When it comes to the fast-moving world of token sales and cryptocurrencies in general, much of the legal and regulatory landscape is yet to be settled, but the obligation to comply with AML and OFAC laws is clear. This quick start guide to AML and OFAC compliance aims to provide entrepreneurs and in-house counsel an early roadmap for planning and reaching their compliance goals as they think about kicking off a token sale.
Evident Proof has launched an Ethereum blockchain and token-based service that turns data into immutable proof chains, transforming the way data is stored and providing indelible evidence that can be used to meet compliance, provenance and other data verification requirements. It will enable organisations and individuals to use immutable certificates as proof of events for risk analysis, dispute resolution, legal cases and others.
Coinfirm to help Quanta develop strict anti-money laundering and counter-terrorism financing prevention methods and streamline compliance processes through the Coinfirm AML/CTF Platform.
Quanta has enlisted Coinfirm to help identify and solve problems related to achieving and maintaining compliance and adhering to regulations. Through its API and structured reports, Coinfirm will help Quanta develop strict AML/CTF and fraud prevention methods, streamline the compliance process and give Quanta the ability to safely realize its potential and goals.
Yesterday, we talked about Ante Coin and what this digital currency is trying to do differently, compared to Bitcoin and other currencies. Keeping compliance at the forefront of their thoughts, the National Aten Coin Foundation announced their upcoming event in Warsaw, Poland, which takes place a few days from now.
Aten Coin 2015 Conference
October 27 is an important day to mark in your event calendars, as this is the day during which the first Aten Coin 2015 Conference will take place in Warsaw. According to the information we have received, there will be over 100 influential guests in attendance, representing the Polish financial, business, and banking sectors.