Search
The new anti-money laundering law of the Island of Man
**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: BlogJersey initiates anti-money laundering review
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: BlogSwitzerland is going to amend anti-money laundering law
**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: BlogNew anti-money laundering rules for crypto exchanges in Norway
**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: BlogCompliance deadline of January 2020: Crypto exchanges implement FATF anti-money laundering standards
It 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: BlogNorway Crypto License
...ency businesses, characterized by a regulatory framework aimed at balancing innovation with investor protection. The Financial Supervisory Authority of Norway (Finanstilsynet) oversees crypto-related activities, emphasizing compliance with stringent anti-money laundering (AML) and consumer protection regulations. To operate legally, crypto exchanges and service providers must navigate these regula...
Path: LicensingKazakhstan Crypto License
...ional Financial Centre (AIFC) oversees crypto activities, ensuring compliance with local and international standards. To operate legally, crypto exchanges and related businesses must obtain a license from the AIFC, which requires adherence to strict anti-money laundering (AML) measures and know-your-customer (KYC) procedures. Furthermore, Kazakhstan’s efficient licensing process and strategic...
Path: LicensingDubai’s VARA Fines 7 Crypto Companies and Issues Cease-and-Desist Orders
...tion of the Dubai Virtual Asset Regulation Law in 2022. VARA was established as part of this law, tasked with overseeing the burgeoning virtual assets sector, protecting investors, and ensuring that businesses comply with legal frameworks, including anti-money laundering (AML) rules and know-your-customer (KYC) requirements. While Dubai has embraced blockchain technology and crypto, it is also ...
Path: BlogLabuan FSA Tightens Money Broking Rules Amid Growing Industry
...efining What Money Brokers Can Do**: Labuan FSA has clarified what activities fall under the money broking license, reducing confusion and paving the way for the use of digital technology in fintech innovation. * **Boosting Compliance**: Enhanced anti-money laundering (AML) and counter-terrorism financing measures have been incorporated to align operations with global standards and keep financi...
Path: BlogSingapore Crypto License
... must register and apply for either a standard payment institution license or a major payment institution license, depending on the scale of their operations. The application process involves submitting a comprehensive business plan, robust AML/CFT (anti-money laundering and Countering the Financing of Terrorism) policies, risk management strategies, and detailed information about the company's ke...
Path: LicensingHow to Obtain a Crypto License in Saint Vincent and the Grenadines
...y Requirement: There are no residency requirements for shareholders and directors, providing flexibility for international entrepreneurs. Stage 2: Fulfill Mandatory Requirements (1 Month) AML/KYC Policies: Develop and implement comprehensive anti-money laundering (AML) and Know Your Customer (KYC) policies and procedures. Risk Assessment: Conduct a risk assessment to identify and mitigate...
Path: BlogHow to Get a Crypto License in 2024
...d maintain market integrity. Crypto Trading License A crypto trading license is similar to an exchange license but specifically targets entities engaged in trading cryptocurrencies on behalf of clients. This type of license ensures compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. Crypto Banking License A crypto banking license enables a financial institutio...
Path: BlogGeorgia Crypto License
...ees the regulation of crypto activities, ensuring compliance with local laws and international standards. To operate legally, crypto exchanges and related businesses must obtain a license, which involves meeting stringent requirements such as robust anti-money laundering (AML) measures and thorough know-your-customer (KYC) procedures. Additionally, Georgia’s streamlined application process an...
Path: LicensingFrom now on, Cryptocurrency Transactions are under strict AML regulation in Israel
The 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: BlogMauritius is set to rise as one of the best jurisdictions for global financial services once again
On 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: BlogSaint Vincent and the Grenadines Deals with the False Accusations
...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: BlogHong Kong Securities and Futures Commission changing its previous "opt-in" approach
...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: BlogCySEC Requires to Follow Recently Introduced FATF’s Policies
... 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: BlogImpact of New Legal Framework on Estonian Crypto Market
... 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: BlogAttempts to Unify Cryptocurrency Regulation and Introduction of the Travel Rule
...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: BlogWhat is the reason behind the suspension of ePayments operations?
... 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: BlogSouth Korea to tax capital gains on crypto
... 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: BlogFinancial Business Innovations in The Cayman Islands
... 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: BlogFINMA provides guidelines on "stablecoin"
...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: BlogA unanimous decision regarding Vanuatu delisting from FATF Grey List
...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: BlogVirtual Currencies’ Control in Singapore
...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: BlogBlockchain regulations are on the way to Malta
...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: BlogRepeal of the Bermuda tax reform as the general service tax got denied
...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: BlogFrom now cryptocurrency will be under AML rules in Thailand
**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: BlogSwitzerland puts a hand over supervising ICOs
... 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: BlogPrivate beneficial ownership register in Barbados
...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: BlogTwo more opponents of the UK policy regarding public registers
...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: BlogFATF votes to greylist Malta. Global anti-financial crime watchdog advises enhanced monitoring for Malta
Members 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: BlogBahamas issued guidance related to financial crimes prevention
...* – 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: BlogAustralia is planning to implement blockchain technology in order to automate transaction reporting
... 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: BlogEU Has Amended The List Of Non-Cooperative Tax Jurisdictions
...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: BlogGerman crypto companies will require BaFin license as of next year
...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: BlogAttention! False information about updated Estonian legislation for cryptocurrency companies flooded the internet
...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: BlogCrypto exchange industry is not as compliant as it appears to us
...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: BlogCyprus banks overdid it with risk prevention tactics
...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: BlogGood times are over. Russian owned Cyprus companies will have to prove their real economic activities within the country.
... 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: BlogCzech Republic small Electronic Money Institution License
...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: LicensingNew Zealand Crypto License
...includes thorough background checks and compliance assessments. Key documents required for the application include: Business Plan: Detailed plan outlining the company's operations and compliance measures. AML/CFT Policies: anti-money laundering and counter-terrorism financing procedures. Directors’ and Shareholders’ Information: Proof of identity and residence. F...
Path: LicensingSouth Africa Crypto License
...e reviews to ensure adherence to regulatory standards Key documents required for the application include: Business Plan: Outlining the operational strategy and compliance measures. AML/KYC Policies: Detailed procedures for anti-money laundering and customer verification. Director and Shareholder Information: Background details and proof of identity for all involved par...
Path: LicensingSlovakia Crypto License
...usiness in Slovakia, a local company with a minimum share capital of €5,000 is necessary, though immediate payment is not required. A director with EU or Slovak citizenship must be appointed, and a business plan must be developed and submitted. anti-money laundering (AML) and Know Your Customer (KYC) regulations are enforced, ensuring that all cryptocurrency businesses adhere to rigorous chec...
Path: LicensingBulgaria Crypto License
...s financial instruments or virtual money by the financial regulator. This allows for the establishment of cryptocurrency businesses without direct regulatory oversight. While there is no dedicated crypto regulation, companies must comply with the anti-money laundering (AML) Act, which includes mandatory checks for transactions over €15,000. This minimal regulatory framework provides an advant...
Path: LicensingAustralia Crypto License
...digital currencies must apply for an Australian Financial Services (AFS) license from ASIC, including a comprehensive application detailing financial health, management, and compliance. Compliance with AML/CTF Obligations: Companies must adhere to anti-money laundering and Counter-Terrorism Financing (AML/CTF) requirements, including customer identification, reporting suspicious transactions, an...
Path: LicensingBermuda Digital Asset license
... 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: LicensingCzech Republic small PSP License
...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: LicensingMalta Gambling License
...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: LicensingCzech Republic PSP License
...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: LicensingSwitzerland Crypto License
...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: LicensingCzech Republic Electronic Money License
... 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: LicensingUK Crypto License
... Key documents required for the application include: Directors’ and Shareholders’ Resumes: Confirming experience and qualifications. Business Plan: Detailed plan outlining operations and compliance measures. AML/CFT Policies: anti-money laundering and counter-terrorist financing procedures. Risk Management Policy: Measures to ensure customer fund safety. Marketing Plan:...
Path: LicensingSwitzerland Portfolio Management (ARIF Registration)
..., 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: LicensingBelize Money Transmission License
...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: LicensingAlderney Gambling License
...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: LicensingCosta Rica Gambling License
...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: LicensingBelize Forex License
...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: LicensingVanuatu Dealer's in Securities License
...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: LicensingBritish Virgin Islands Forex License
...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