DeFi AML anti money laundering News & KYC Services
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DeFi AMl for crypto-asset analytics and compliance solutions services involving all facets of Know your Customer (KYC) through to Know Your Transaction (KYT).

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The Travel Rule - Compliance

The Travel Rule demands that financial parties such as Cryptocurrency Exchanges in a transaction exchange beneficiary and originator KYC data. It was introduced by Financial Action Task Force (FATF) which is a money laundering and terrorist financing watchdog.

Traditional AML vs DeFi AML

We quote from one interview recently by the with Manfred Wandelt, Senior Manage at Deloitte RegTech Lab..

'The global regtech market is growing exponentially, powered by significant regulatory changes such as MiFID II, PSD2, GDPR, and AML, which all brought with them extensive new obligations for financial services companies. Currently valued at USD 2.3bn, the regtech market is expected to reach USD 7.2bn by 2023, coupled with a predicted 500% increase in investment in the sector by 2020, from USD 10bn in 2017 to more than USD 53bn at the end of the decade.'

Whether you are a financial crime prevention/AML/KYC consultancy designing and implementing strategies and platforms or a direct AML service provider, the market fro Crypto and Decentralised Finance is taking off worldwide. DeFiAML is the international memorable brand.

Traditional models of AML are frequently based on risk assessment of corporate or individual entities, tracking relationships and onboarding clients; it is often based on conventional methods of traceability, financial players records maintenance and centralised activities enhanced with modern data analysis.

What happens with AML of cryptocurrency transactions and decentralized blockchain-based networks?. We need traceability of Block IDs, cross-ownerships and wallets - its a different ballgame.

AML in the news

26 Oct 2021 FATF GAFI Update

The latest update on Crypto & DeFi AML has been published - Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers.

A fundamental note is that it believes most DeFi platforms are in fact NOT decentralized but are under central control.

'virtual asset' (VA) and 'virtual asset service provider' (VASP) appear to have been used for ransomware payments.

The FATF Recommendations require all jurisdictions to impose AML/CFT requirements on VASPs. Essentially there will be regulatory moves to implement DeFiAML

Stablecoins are also addressed and wallets which are often ungoverned.

Governance, risk and compliance (GRC)

GRC is a broad title describing the security elements that business has to consider and implement - AML & KYC are major points within the overall spectrum of GRC activities. DeFi inityially had total resistance to formal GRC but regulators and business customers / investors want more clarity on the source and use of funds.

Oct 11 2021 Biden and Crypto Regulation

In what appears to be an effort to increase regulations on cryptocurrencies, the Biden administration is considering an executive order on the new asset class according to Bloomberg.

Federal agencies would be ordered to study and offer recommendations on relevant areas of crypto, including financial regulation and national security.

Sep 09 2021 - The Economist and DeFi

The Economist wrotes that 'an ecosystem of financial services, known as decentralised finance deserves sober consideration.' Perhaps with mainstream media now highlighting the developmenst of DeGi, mainstream banks and insurance will take note - change is coming quickly.

August 29 2021 - DeFi Fraud and Crime

DeFi-related crimes are inxreasing quarter over quarter, with 2021 bringing new highs in DeFi-related frauds. AML and KYC are obvious weakpoints that regulators are considering. DeFI fund raisers will have to sooner rather than later carry out filtering on their client base.

Among the DeFi names hit areEasyFi, Uranium Finance, Eleven.Finance and Alchemix.

July 20 2021 - DeFi Fraud and Crime

StableMagnet, Bogged Finance and Belt Finance are alos recently lsited as having had DeFi crime attacks.

Mar 22 2021 - South Korea AML Law

A new law obliges VASPS to notify suspicious transactions with the a regulator and all Crypto firms involved in custody or trading must register within 6 months.

To date we know most major economies are in the course of or are already regulating Crypto.

Mar 20 2021 - FATF Guidance on AML & DeFi

The Financial Action Task Force (FATF) update Guidance on risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs) was published in its latest version . If adopted it looks like VASPs and many DeFi and NFT platforms will have to adopt AML type systems.

Mar 17 2021 - Need for AML Compliance in DeFi

As DeFi and its infrastructure grows, so does the need to address and implement compliance systems. Anonymity brings risks of money laundering and terrorist financing which are unacceptable to the general public. Marketed in the correct manner, AML will probably become an integral part of the DeFI and NFT world.

Feb 22 2021 - Vortex DeFi

Vortex DeFi is a web-based platform that works to realise DeFi-related opportunities. The Vortex ecosystem will hopefully offer a suite of applications to enable activities such as NFT asset tracking and a broad range of DeFi opportunities.

Feb 17 2021 - DeFi Trading Volumes

DeFi platforms are booming and the range of products growing day by day, many of which require AML/KYC services . The aggregate value of the 100 largest tokens by market cap currently stands at over $75 trillion, with over $14 trillion in 24-hour trading volume. Despite protestations by many the trading areas are integrating various forms of KYB/KYC as governance demands accountability and risk reduction for all parties.

Jan 27 2021 - Blockchain and ATF

Warnings about more regulatory requirements came in recent months from boithe ther US and FCA in the UK - this increases demand fro AML services

Jan 11 2020 - AML in Cryto Exchanges

One company that analysed 45 million transactions from 20 crypto exchanges maintain that they found $2.5bn laundered due to lax AML regulations. This is a market opportunity for AML service providers.

Dec 29 2020 - EU and recommendations to the Commission on Digital Finance - Effect of Brexit on UK Regulations and EU market access

In October, the European Parliament put forward a legislative proposal for Crypto-Assets and various related matters including a bespoke regulatory system for evolving crypto-assets.

With Brexit the UK has substantially reduced access to the EU financial services sector; access to the related sectors of AML and know your customer services is not yet clear.

Dec 29 2020 - A/B testing in the DeFi AML/KYC world

Whether you are a well known brand that wants to 'try out' or test new products in DeFi compliance before large scale investment or a new outlier challenging the tradition big companies, can be your test-bed and home.

For 2021 the rules are clear - regulators are circling and AML/KYC/KYT is arriving. Is going to be a multi $billion market for the taking.

Dec 28 2020 - STO and ICO - different offerings but same compliance

STO - security token offering and ICO - initial coin offering are two main types of investment into an underlying asset or buying a 'utility token'.

For credibility with the public and regulators, compliance must be at the forefront of STOs and ICOs.

Dec 28 2020 - Investment in DeFi AML

As investment in the various protocols and business/consumer products develops exponentially, so will the demand for DeFi AML and KYC. - your AML/KYC data provider is available to lease or purchase.

Dec 19 2020 - MLRO Reporting Officer

Many countries now require an AMLRO (anti money laundering reporting officer) to manage the compliance requirements and reporting to the regulatory bodies.

Each country has its own methods and reporting system - DeFi AML can reduce the workload substantially by standardising reporting data and deleivering reliability from its roots in blockchain.

Dec 18 2020 - RegTech AML/CFT?

RegTech and specifically the area of AML/ CFT(Combating the Financing of Terrorism) is estimated to be a multi-billion dollar business in the near future. Client on-boarding is the major challenge with DeFi - it will be cross-border as DeFi is international but with many traditional AML methods relying on personal background checks with time delays, new fast AML/KYC controls are the future with movement to KYT (Know Your Transaction) one possible step.

The blockchain has opened up the investment market to micro-investors - how will we check this type of client and will it be too costly using traditional methods?

Dec 15 2020 - DeFi needs to have credibility with AML and KYC

To date there has been little regard to designing or enforcing Anti-Money Laundering laws in the crypto or DeFi world; not many exchanges carry out detailed checks on the customer (KYC) at account sign-up or on each transaction - the credibility of Decentralized Finance and elements such as DeFi Mortgages will be lost if action is not taken soon.

France recently announced intentions to introduce AML/KYC for all transaction and its only a matter of time before the laws stretch across the world.

Dec 11 2020 - Is AML a threat to DeFi?

Some say that the essence of DeFi is its independence from central control - the opposite to traditional banking and finance with its centralized structure. But that is a false comparison - all legitimate systems have 'border control' - we can have DeFi AML at the entrance points - account registration and crypto/fiat transactions (KYT - Know Your Transaction) without damaging the inherent DeFi non-centralized structure.

AML providers in the new blockchain and decentralized finance market have to be hi-tech and fast - DeFI is a game changer and controls will have to be refined.

Dec 08 2020 - Crypto Money laundering

Prevention of criminal activity must be the core of any creditworthy financial system and the crypto world won't be any different - taxes will have to be paid on profits so traceability of transactions and account holders will happen - it does not take away from the new benefits and freedoms of DeFi Apps.

DefI AML will possibly add a layer of costs to transactions but it should be minimal. As many crypto transactions currently happen outside the country of the account holder, controls will be much more based on international ID systems possibly.