Recently, Jersey started to implement **international anti-money laundering and counter-financing of the terrorism standards**. Due to this, the **Jersey Financial Services Commission** initiated the first stage of the review and assessment process. Risk assessment will be based on collection and analysis of data from the licensees. How are the collection and analysis conducted? First of a...
Path: Blog**Government of the Isle of Man recently announced that Royal Assent was granted to the anti-money laundering and Other Financial Crime Act 2018.** This actually means that it is an official AML/CFT law from now on. This was an expected development in mind of the recent trend of updates in the field of anti-money laundering Law. The Isle of Man is a well-regulated and developed international...
Path: Blog**Switzerland plans to amend its anti-money laundering law** and, once these changes come into force, the financial intermediary will be required to verify information on beneficial owners. The national authorities of Switzerland have been taking various measures in combating the illegitimate funds, amid intense global pressure from various countries and actively discussed the proposed amendment...
Path: BlogIt is September of 2019 but crypto exchanges are still looking for a solution as they need to implement a new set of compliance guidelines issued by the Financial Action Task Force (FATF). Digital asset service providers are required to come up with the solution before January 2020. Earlier this year, the FATF announced a Recommendation 16 which introduced the so-called “travel rule” requ...
Path: Blog**Norway Financial Supervision Authority (FSA) recently announced new requirements for virtual currency exchange providers and businesses that create, store and maintain cryptographic keys.** New money laundering rules shall come into force as of October 15, 2018, and will focus on reporting companies established in Norway, including branches of foreign companies. Also, the new requirements wi...
Path: Blog...andards prescribed in the Principles for Financial Market Infrastructures (PFMI) and, beyond that, PFMI also cover cyber risks management. As any other Swiss payment system, ‘stablecoin’ project must ensure full conformity with international anti-money laundering (AML) standards. For the purposes of prevention of financial crime and money laundering every payment system is subject to the A...
Path: Blog...ountry of being the most popular place to conceal your illegal incomes? We are sure it is not. FBI started an investigation and St. Vincent had to justify itself. It is important to mention that this territory has such authorities as the National anti-money laundering Committee, Finance Intelligence Unit and Financial Services Authority. They issued a joint statement with the official position ...
Path: Blog... South Korea. Besides, South Korea’s government will have to decide whether the crypto gains tax will be implemented in the line with stocks or real estate capital gains. South Korea is currently enhancing the know-your-customer (KYC) and anti-money laundering (AML) requirements and is moving towards the regulated crypto industry. It worth noting that the National Assembly greenligh...
Path: Blog... million user accounts cannot be accessed and users are unable to transfer, deal, withdraw, deposit their funds, or use their ePayments cards. According to ePayments Systems, the operations had been suspended due to weaknesses in the company’s anti-money laundering procedures. It was reported that the FCA (Financial Conduct Authority) detected a loophole in the ePayments system that may be u...
Path: Blog... the simplest license to comply with, and have operated many licenses in Estonia. Recently market has been changed, and, considering favorable conditions for crypto exchange, Estonia has become most affected country by these changes. The EU's 5th anti-money laundering directive (5AMLD) that was supposed to be fully implemented by January 2020 in all EU Member States have taken a very heavy toll...
Path: Blog...gulators with better access to data through centralized bank account registers; - tackle terrorist financing risks linked to anonymous use of virtual currencies and prepaid instruments; - improve the cooperation and exchange of information between anti-money laundering supervisors; - broaden the requirements for identifying high-risk third countries and ensure a high level of protection for mon...
Path: Blog...y (BaFin)**. Crypto derivatives will not fall under these regulations, but remain subject to the ESMA’s current restriction and any future proposals by the BaFin regarding the sale of these instruments to retail investors. Based on the new AML (anti-money laundering) regulations that will come into effect, crypto companies working in Germany will be required to apply BaFin for the license by ...
Path: Blog... financial crimes benefiting from COVID-19 fears skyrocketed in recent months the Cyprus Securities and Exchange Commission (CySEC) has ordered all regulated entities under it to implement the Financial Task Force (FATF)-recommended pandemic-related anti-money laundering (AML) and counter-terror financing (CFT) policies. The official letter from CySEC was issued on July 16 to all CIFs, ASPs, UCITS...
Path: Blog...l assessing whether and how they should regulate the cryptocurrency industry, and the investor protection and preventing money laundering are particular concerns. The proposed legislation covers aspects like custody, know-your-customer requirements, anti-money laundering rules, and market manipulation, some of the key concerns for the crypto industry. Main objective with new regulatory framewo...
Path: BlogMembers of FATF, main global anti-money laundering watchdog in a modern world, have voted to add Republic of Malta to its “grey list”, which could cause devastating effect to country’s economy. The Financial Action Task Force (FATF) plenary on Wednesday, June 23rd, afternoon came up with a decision and although no official announcement about their decision has been done yet, information ...
Path: BlogOn the 21st of October, 2021, right before the closure of FATF (Financial Action Task Force) Plenary, Marcus Pleyer, the President of an intergovernmental policy body that sets global anti-money laundering and combatting terrorism financing (AML/CFT) standards and ensures the effective implementation of such standards in all jurisdictions stated the following: “after completing its action pla...
Path: BlogThe country’s main goal is to stop the use of crypto assets in the illegal money transfer. In the latest Israeli media reports it is stated that cryptocurrency assets will now fail under strict anti-money laundering rules of Israel, which is another country’s step in their policy of tightening the grip around unlawful crypto activities under its jurisdiction. According to the article by ...
Path: Blog**Thailand’s financial regulator is willing to amend local laws in order for those to include cryptocurrency.** Preecha Charoensahayanon, Police Major and secretary-general of the anti-money laundering Office (AMLO), said: *"We believe that, while currently not an issue, cryptocurrency will be a tool of new money laundering. We may not find any clue, but that doesn’t mean the wrongdoin...
Path: Blog... main point of this **legal change**? Business registered in the **Cayman Islands** will now be spared of the long and complicated due diligence while working with chosen countries. Government considers ones in the whitelist as territories that have anti-money laundering policies and counters the financing of terrorism - same as in the Cayman Islands. **Financial business** receives more freedom ...
Path: Blog...s is 30 days and the government fee for the license is 330 euros. Besides this, the above-mentioned report also stated that the Financial Intelligence Unit will obtain the right to invite a potentially responsible person for an interview to check anti-money laundering knowledge of the applicant. It's worth noting that, in accordance with current legislation, such right is already reserved on th...
Path: Blog...g details of beneficial ownerships of companies registered in the jurisdictions**. Both, the BVI and the Cayman Islands, have announced their intention to oppose the Westminster’s planned changes to the legislation, known as the **Sanctions and anti-money laundering Act**, which received Royal Assent at the end of April this year. The altered law would make publicly accessible registers o...
Path: Blog...losure of a lot of companies, most of which are not ‘shell companies’. As noted by Michael Christos, it is an absolute must to terminate shell companies. But Cyprus has now gone to the extreme of being far too devoted to the implementation of anti-money laundering regulations. The risk prevention strategy of Cyprus banks basically is also influencing companies which are operating a legal...
Path: Blog...iness representatives. Breadth of choice in the field of financial instruments makes regulators think of more and more universal types of acts and laws. Many international documents also have requirements for the counter-financing of terrorism and anti-money laundering policies. This puts financial regulators in the position where they should decide whether **digital currencies** are according t...
Path: Blog...tures. As for Malta, during the conference it was declared that the government had performed rigorous work to meet all requirements of the newborn industry. New legal regulations will meet the needs of both, technological companies’ as well as anti-money laundering (AML) and counter financing of terrorism (CFT) requirements. This implies that the technology will be able to live and breathe, ...
Path: Blog...declared income. The government plans to add more criteria to identify undeclared incomes and to decrease it. Worldwide business community challenged Bermuda in various matters. First, Caribbean Financial Action Task Force assessment of Bermuda's anti-money laundering and countering the financing of terrorism regime is an initiative Bermuda is currently working on. Changing legislation for the ...
Path: Blog...lopment, Donville Inniss, stated at the opening of the **Society of Trust and Estate Practitioners (STEP) Caribbean Conference**. He mainly addressed his speech to his counterparts in the British government. As already known, “UK Sanctions and anti-money laundering Bill” was passed by the House of Commons in the beginning of May, which would require the UK's 14 Overseas Territories to intr...
Path: Blog... technologies. In the nearest future, we hope these regulations will become more detailed and profound, but for now, even this is a serious step for the conservative countries like Switzerland. Current edition of the guidelines is mostly aimed at anti-money laundering politics. An every crypto-business looks very risky for the traditional economies and they want to protect what they have. There...
Path: Blog...nuatu’s implementation efforts and implementation strategic action plan. After this visit, the review team suggested that there was enough progress made to change Vanuatu’s situation and all necessary steps were taken in order to ensure that its anti-money laundering and counter terrorism financing framework is strong enough and relevant to current AML/CFT requirements. In relation to these...
Path: Blog...* – is proposed at licensees in the banking and non-banking financial sectors and is aimed to deliver instruction on financial crime-related risk management at the business and client levels. The aforesaid document also helps in implementing of anti-money laundering measures and countering the financing of terrorism (AML/CFT) standards of the Financial Action Task Force (FATF), the global AML...
Path: Blog... not be able to prove this will not be able to perform money transfers to their Cyprus companies. On the other hand, for Cyprus, the above-mentioned changes will be another measure to improve the situation of the country in terms of international anti-money laundering legislation. It should be also noted, that apart from Cyprus, **Russia plans to apply MLI to amend agreements with another 71...
Path: Blog... and related technologies, are able to help organizations and in particular banks to automate their functions with regards to financial reporting. Beta period has been started in December last year and will probably last for a year. Australia’s anti-money laundering and Counter-Terrorism Financing Act (hereinafter – "Act") states that institutions or specific categories of individuals engag...
Path: Blog...ropean Commission will continue to monitor 34 countries remaining in the ‘grey’ list, while 25 countries from the original screening process have now been cleared. The ‘black’ list of offshore companies was created on the basis of the 4th anti-money laundering Directive, AMLD4, which was adopted in 2015. According to this document, the list includes countries whose efforts in the field ...
Path: Blog...ccording to the recent studies, numerous crypto exchange companies still do not have sufficient KYC policies. 69 percent of crypto companies does not have proper know-your-customer (KYC) procedures, and only 26 percent of exchanges had appropriate anti-money laundering (AML) procedures in place. In particular, experienced in AML staff members responsible for transaction monitoring and internal c...
Path: Blog... Additional Due diligence procedures may be prescribed by the FMS: Original documents that proof of source of capital Shareholder – physical person – tax declarations Corporate entity – audited financial statements for 3-5 years anti-money laundering Policy Business Plan In case If a corporate entity is used as a Shareholder: Passport of an Authorized Person of th...
Path: Licensing...V (of each Director and Shareholder) Notarized Criminal Records (of each Director and Shareholder) Tax declaration (if the shareholder is a natural person) Audited financial statements for 3-5 years (if the shareholder is a corporate entity) anti-money laundering Policy Business Plan In case If a corporate entity is used as a Shareholder: Passport of an Authorized Person for t...
Path: Licensing...V (of each Director and Shareholder) Notarized Criminal Records (of each Director and Shareholder) Tax declaration (if the shareholder is a natural person) Audited financial statements for 3-5 years (if the shareholder is a corporate entity) anti-money laundering Policy Business Plan In case If a corporate entity is used as a Shareholder: Passport of an Authorized Person for t...
Path: Licensing...V (of each Director and Shareholder) Notarized Criminal Records (of each Director and Shareholder) Tax declaration (if the shareholder is a natural person) Audited financial statements for 3-5 years (if the shareholder is a corporate entity) anti-money laundering Policy Business Plan In case If a corporate entity is used as a Shareholder: Passport of an Authorized Person for t...
Path: Licensing...e cases may be equated with securities); asset tokens: a token whose function is similar to stocks and bonds (as a rule, they fall under the license for trading activity in the field of securities). Financial intermediary license Under the anti-money laundering Act (AMLA), financial intermediaries who are not members of a self-regulatory organization require a license from FINMA. Before ...
Path: Licensing...games as the initial Type operators but operating on a third-party platform duly licensed by the MGA Some benefits of Malta Gambling license: Stable legal framework offering protection both for licensed operators and online players High anti-money laundering standards Onshore status for Maltese remote gaming companies General information Company structure At least two shar...
Path: Licensing...ny. Moreover, the clients can benefit from this license because it permits the holder to manage the portfolio of investments and to operate with securities (sell and buy) for the client or even on his behalf. The Company should have a responsible anti-money laundering officer, who is registered with the Financial Intelligence Unit in Vanuatu. This AML officer cannot be the director or take any ...
Path: Licensing..., as well as they must have a right to work in Switzerland. Specific trainings are prescribed by law for all members of the company. Training take place after the affiliation to ARIF. All the persons involved into the activities subject to the Swiss anti-money laundering Act must supply a personal file. Benefits Respectful jurisdiction Financial stability Low tax rates which is ...
Path: Licensing...order to obtain a license, the following steps will be carried out: Gathering of personal due diligence documents Preparation of statutory declarations and application forms Submission of the application to the BVI FSC Custom-drafting of anti-money laundering procedures and business plan Preparation of all necessary ad-hoc documents Supervision of the process Opening of a bank ac...
Path: Licensing...will be carried out: Gathering and preparation of all of the documents, including those of due diligence. Belize company registration with paid up capital of $75.000. This requires a specific company with over 50 000 shares. Preparation of anti-money laundering procedures and custom tailored business plan. Submission of the due diligence documents and other related documents to the IFS...
Path: Licensing...ed restrictions. In order to obtain a license, the following steps will be carried out: Alderney company registration Preparation of all necessary documents for Corporate Service Provider (CSP) and submission of the documents Drafting of anti-money laundering procedures and Business Plan for the Company Account opening in a European Bank for operational purposes Obtaining eGamin...
Path: Licensing...nies due to the absence of corporate taxes and relatively cheap company formation services, in recent years the situation has changed due to money laundering scandal. The government of Costa-Rica tries to recover from it and in 2015 it presented new anti-money laundering policy. Some benefits of Online Gambling Company: No public records (anonymity); Highest level of privacy protection;...
Path: Licensing...of the documents, including those of due diligence. Belize company registration with paid up capital of $500.000. This requires a specific company with over 100 000 shares. This is not a standard IBC, hence higher gov. fees apply. Preparation of anti-money laundering procedures and custom tailored business plan. Submission of the due diligence documents and other related documents to the IFS...
Path: Licensing... Director) A cover letter providing an executive summary of the application and highlighting how the minimum licensing criteria for the relevant class or category of digital asset business is satisfied A copy of the applicant's anti-money laundering and anti-terrorism financing policies and procedures Information in respect of: - Corporate sharehol...
Path: Licensing