Former members of the Financial Action Task Force (FATF) have joined the Shyft Network’s advisory team. In a press release shared with Cointelegraph on Oct. 28, public blockchain protocol Shyft Network announced that it was adding the former head of the Canadian delegation to the FATF, Josee Nadeau, and former FATF executive secretary Rick McDonell as members of its board of advisors. The FATF is one of the most important financial regulatory organizations worldwide. While it cannot enforce recommendations, adherence to its guidelines is important for financial inclusion in major economies and markets. In late June, the FATF issued new …

Global monetary watchdog, the Financial Action Task Force (FATF), has added its voice to the growing chorus of concerns over Facebook’s Libra and other stablecoins. Mass adoption of such currencies could hinder efforts to detect and stamp out money laundering and terrorist financing, Reuters reported on Oct. 18. Managing the potential risks of mass adoption Speaking to reporters in Paris, FATF president Xiangmin Liu said that both stablecoins — and the companies behind them — would be subject to global standards on cryptocurrencies and traditional financial assets: “If stablecoins were to become widespread, it could potentially lead to new risks …

Regulators are clamping down on cryptocurrency, and companies around the world are feeling the strain. In late June, one of the most authoritative regulatory organizations worldwide, the Financial Action Task Force (FATF), issued new guidelines on how digital assets should be regulated. While FATF recommendations are not legally binding, the G-20 stated that it uses them to regulate cryptocurrencies for Anti-Money Laundering (AML). For businesses that fail to make the grade, this could mean being shut out of lucrative international markets. No punitive measures have yet been imposed, but companies and crypto exchanges alike are acting fast. What are the …

Major cryptocurrency exchange Binance has partnered with crypto analytics startup Coinfirm to improve its anti-money laundering (AML) compliance. New platform for FATF compliance The integration of Coinfirm’s blockchain-agnostic AML Platform will purportedly streamline Binance’s compliance with the AML rules issued by the Financial Action Task Force (FATF), according to a press release published on Oct. 3. The new measures set up by the FATF require that cryptocurrency operators establish the identity behind crypto funds senders and recipients, conduct proper due diligence to ensure they are not engaging in illicit activity, and develop risk-based programs, among others. Binance will deploy Coinfirm’s …

Switzerland’s Financial Market Supervisory Authority (FINMA) has released guidance on regulatory requirements for payments on the blockchain under FINMA supervision. The new guidance for virtual asset service providers, published on Aug. 26, applies to blockchain service providers including exchanges, wallet providers and trading platforms. In its preface to the guidance, FINMA notes its adherence to the framework for digital asset regulation issued this June by the intergovernmental Financial Action Task Force (FATF). More stringent than the FATF FINMA underscores that blockchain sector businesses cannot be exempted from the country’s existing regulatory standards, such as the Anti Money Laundering (AML) Act. …

About 15 global jurisdictions, including the G7 countries, will reportedly develop a system for tracking crypto transactions to prevent illicit uses of cryptocurrencies. The Financial Action Task Force (FATF) is planning to prepare detailed measures by 2020, according to a report by Tokyo-based newspaper Nikkei on Aug. 9. The new system intends to collect and distribute personal data on individuals who conduct crypto transactions in order to prevent funds from being used for illegal activities such as money laundering and terrorism financing, the report notes. While a number of global jurisdictions have not adopted regulatory frameworks in regard to the …

Four South Korean cryptocurrency exchanges are reportedly facing stricter regulation as they aim to renew their banking accounts. As local industry media TheBchain reports on July 29, the new requirements come after the Financial Action Task Force (FATF) released recommendations on virtual currency regulations. Per the report, South Korean cryptocurrency exchanges Bithumb, Upbit, Coinone and Korbit will have to comply with new, stricter norms to successfully renew their banking partnerships following the FATF guidance released in June. As Cointelegraph reported at the time, the new guidance posits that crypto asset service providers should comply with Anti-Money Laundering and combating the …

The Japanese government is attempting to spearhead the creation of a new, global cryptocurrency payments network that would be similar to SWIFT. Replace SWIFT with a global crypto payments network? Citing an anonymous source, a Reuters report published on July 18 claimed that the country’s push for the network is motivated by a resolve to combat money laundering more effectively. While plans are being kept firmly under wraps, the source alleged that Tokyo hopes to have the network established within the next few years. Plans for the network were reportedly initially proposed by Japan’s Ministry of Finance and its national …

“Travel rule” was a term frequently heard at the V-20 Summit, which took place in parallel with the G-20 meeting in Osaka, Japan from June 28 to 29. Regulators and Virtual Asset Service Providers (VASPs) — such as exchanges from different countries — met in Osaka for two days and discussed how to implement the Financial Action Task Force’s (FATF) latest guidance on how to prevent cryptocurrencies being used for money laundering. The travel rule requires VASPs to collect and transfer customer information during transactions. While its objective is to protect consumers, it is controversial from both technological and philosophical …

G20 leaders reaffirmed their previous stance towards cryptocurrencies in a declaration following the G20 Summit in Osaka on June 29 In the declaration, the G20 leaders state that cryptocurrencies do not currently constitute a threat to monetary stability, and that technological innovation can deliver significant benefit to the economy. The participants also welcome the ongoing work on those assets by the Financial Stability Board and other standard setting bodies, and encourages multilateral responses when needed. The authors of the declaration also reaffirm their determination to comply with the updated Financial Action Task Force anti-money laundering and countering terrorism financing standards …

Today’s Financial Action Task Force’s (FATF) announcement focused on digital currency’s role in money laundering and heightened regulation, as Secretary Steven Mnuchin noted in his closing remarks. The FATF — an intergovernmental organization that focuses its efforts on fighting money laundering — is planning to strengthen control over cryptocurrency exchanges to preclude digital currencies from being used in money laundering and related crimes. U.S. Secretary of the Treasury Steven Mnuchin said that the new measure will require that crypto assets service providers comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) procedures in the same way traditional …

On June 21, the Financial Action Task Force (FATF) will reportedly publish a note clarifying how participant nations should exercise oversight for the digital assets sector, according to FATF spokeswoman Alexandra Wijmenga-Daniel. The news was reported by Bloomberg on June 12. Per Bloomberg, the new rules will apply to a wide gamut of businesses dealing with cryptocurrencies and tokens — including crypto exchanges, custodians and crypto hedge funds. FATF is an intergovernmental organization established on the initiative of the G7 to promote the implementation of legal, regulatory and operational measures to fight money laundering. The FATF has developed a series …