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The European Banking Authority (EBA) issued new Guidelines on the so-called ‘travelrule’, 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.
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.
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.
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.
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.
These ‘travelrule’ 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.
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.
Further highlighting Singapore’s changing stance towards crypto businesses, several new rules have been introduced this year, which forbid DPT service providers to promote their services to the general public and require crypto service providers in the city-state that only do business overseas to be licensed regardless.
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