Hamas crypto addresses seized by Israel: how to monitor the funds?

Key takeaways: Israel issued a seizure order on 84 addresses linked to the Hamas terrorist group. The wallets hold various cryptocurrencies such as BTC, ETH, LTC, XRP, etc… In July, the Israeli government issued an Administrative Seizure Order to seize 84 cryptocurrency addresses it says belong to the terrorist group »

Crypto Compliance: Monitoring and Mitigating Jurisdiction Related Risks

Key takeaways: FATF updated its list of jurisdictions under increased monitoring with 4 additional jurisdictions that have deficiencies in their AML/CFT regimes. Funds associated with these jurisdictions are thus riskier in terms of ML/TF. The Financial Action Task Force (FATF) decided to place 4 additional jurisdictions on its “greylist” on »

How to monitor DeFi activity and mitigate the related risks?

Key takeaways: DeFi attracts more and more users, bringing AML and fraud risks to the crypto industry though. Regulators might be issuing DeFi regulations soon. The decentralized finance (DeFi) industry has been booming since mid-2020 and gathers more and more users. Indeed DeFi platforms such as decentralized exchanges (DEX), lending, »

Banks and cryptos: How to fulfill AML/CTF requirements?

Key takeaways: Cryptocurrency usage is increasing which leads to a growing demand for crypto services. Financial institutions are moving to crypto services to satisfy this growing need. They should satisfy crypto AML/CTF requirements and mitigate risks from their crypto exposure. With the recent expansion of cryptocurrencies and cryptocurrency usage, more »

South Korea: Latest developments on crypto and regulation

Key takeaways: It could be tricky for Korean exchanges to comply with the newly implemented AML/CTF regulations. South Korea could start its CBDC pilot test later this year. The country is also focusing on preventing crypto from being used for ML purposes. Crypto taxation will be implemented in January 2022. »

Data leaks and crypto hacks: how to mitigate risks?

Key takeaways: Facebook’s recent data breach exposed a lot of users’ information. Such breaches can put crypto funds at risk. Over the last few years, we have witnessed a number of crypto-related hacks. Amongst the most notorious ones, we can take the example of the Kucoin hack in 2020 or »

State of crypto regulation in Turkey

Key takeaways In April, two of the country’s exchanges collapsed. On April 30, Turkey implemented a ban on cryptocurrency payments. On May 1, AML/CTF requirements were imposed on crypto trading platforms. In the last few weeks, Bitcoin and cryptocurrencies have been a heated topic in Turkey as two of the »

Ireland: AML/CFT Law on Virtual Assets

Key takeaways: Ireland transposed the 5AMLD to national law. It extends the Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010 to VASPS. The law will impose AML/CFT standards on VASPs starting April 2021. In September 2020, the Irish government approved the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) »