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The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets

Neopay

The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets. This rule will help tackle the abuse of such transfers for money laundering and terrorist financing purposes.

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Sumsub to Showcase Digital Identity Verification Solutions at Seamless Asia

Fintech News

The platform’s capabilities—ranging from ID Verification, Liveness and Face Match, to PoA and Ongoing AML Monitoring—were instrumental in transforming dtcpay’s operational landscape. This flexibility, alongside advanced features and constant AML monitoring has been central to dtcpay’s efforts to streamline its operations.

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Why payment transparency is critical to the future of correspondent banking

The Payments Association

In 2023, the Financial Action Task Force (FATF) reaffirmed its commitment to Recommendation 16, which requires that accurate and complete information on both the originator and beneficiary accompany all cross-border wire transfers. 2) Regulations 2022 updated existing rules, reflecting elements of the EUs 2023 regulation.

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Here’s How 10 APAC Markets Are Approaching Crypto Regulation

Fintech News

2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon.

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Understanding Crypto Money Laundering, and How to Get a Handle on It

Fintech News

In 2023, there were over 1.4 This decrease suggests that the anti-money laundering (AML) programmes of centralised exchanges are becoming more effective at detecting and mitigating laundering activity. Singapore’s Payment Services Act (PSA) brings crypto businesses under regulatory oversight, imposing strict AML/CFT requirements.

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The EBA consults on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes

Neopay

These ‘travel rule’ Guidelines specify the steps that Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and Intermediary CASPs (ICASPs) should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets.

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EBA issues guidance to crypto-asset service providers to effectively manage their exposure to ML/TF risks

Neopay

This risk is increased where credit and financial institutions engage in business relationships with providers of crypto-asset services which are not authorised under Regulation (EU) 2023/1114. The amending Guidelines will apply from 30 December 2024.