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Will Supervisory Authorities Use AI Tools in Money Laundering Supervision?
Opportunities and challenges: How is SupTech changing the fight against financial crime, and why are FinTech companies increasingly under scrutiny from regulators?
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Crypto Assets and Money Laundering – New Version of the Travel of Crypto Assets Regulation Has Come into Force
The German Federal Ministry of Finance changed the national Travel of Crypto Assets Regulation on May 27, 2023. However, crypto service providers can still benefit from an exemption until the new EU Travel of Funds regulation comes into force.
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AML Prevention in the Crypto Market – Old Regulatory Approach for New Problems?
The European and global Anti Money Laundering regulation works via preventive measures of central market actors. But crypto transactions can also be executed without the services of such service providers. Is the traditional regulatory approach still up to date?
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Good-bye to Virtual Currencies – The New EU Anti-Money-Laundering Regulation will regulate Crypto Assets
In 2018, the first first piece of codified regulation regarding blockchain and DLT units was introduced in the European Union with the creation of the so-called fifth Anti-Money-Laundering Directive. Since then, virtual currencies are defined by the European AML regulation as a digital representation of value that is not issued or guaranteed by a central […]
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Scaling Bitcoin via the Lightning Network – What Must be Considered by Crypto Businesses?
The Lightning Network promises to solve one of Bitcoin´s biggest problems: The Scalability. Due to its decentralized operation mode, the Bitcoin network itself can process and settle between seven and twelve transactions per second. In part this is due to the relatively small block size of just one Megabyte per block in comparison to other […]
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Crypto Custodians and AML – What Applies to Crypto Custodians?
Last week BaFin published its long-awaited article concerning the AML obligations of financial service providers that intend to offer crypto custody services. The subject of crypto custody services therefore stays highly topical even during the corona crisis and BaFin continues its efforts to best inform the market participants with regards to the supervisory obligations of […]
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Crypto Assets and AML – When are Crypto Businesses Subject to the German Money Laundering Act?
As of 2020 the German legislator is going to introduce crypto assets into the German Banking Act (KWG) as a new form of financial instruments and crypto custody services as a new form of financial service which is subject to authorization. Basis for these legal innovations is the amending directive to the fourth European Anti-Money […]
