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Some centralbanks and regulators expressed concern that Libra could hurt monetary policy, make it easier for moneylaundering schemes and strip away privacy, according to Reuters. The association declined to comment, Reuters reported. As a result, they threatened to block it, and the project has been on hold.
The ISAA is a joint collaboration between the Armenian government and the centralbank, and our target is to integrate identity and payments into one wallet so citizens can easily complete transactions where they need to pay and prove their identity at the same time. We dont want to stop there either.
The People’s Bank of China, the country’s centralbank, told the FT it is investigating the networks enabling these cross-border transfers. Moneylaundering carries a maximum penalty of 14 years in prison as well as a fine. Alibaba and JD.com, two of China’s largest shopping sites, declined to comment.
On 8 April 2025, the Bank of Lithuania imposed a 3.5 million penalty on Revolut Bank UAB the largest penalty ever for the neobank for the deficiencies in its financial crime prevention system. The post Another Revolut Fine This Time from the CentralBank of Lithuania appeared first on Neopay.
The European CentralBank is gearing up to launch a network of watchdogs that share information on moneylaundering in an effort to increase scrutiny of banks.
James Hurren explores what early CBDC deployments across Asia, the Caribbean, and Europe reveal about usage, adoption, and the future of cross-border digital money. Centralbank digital currencies (CBDCs) have rapidly evolved from theoretical concepts into live pilots and national deployments.
The Bank for International Settlements (BIS) , in concert with seven prominent centralbanks, has embarked on an exploratory project known as Project Agorá aiming to modernise international monetary transactions. Being a member of the IIF is not a requirement to participate.
The Bank Indonesia (BI) and CentralBank of the United Arab Emirates (CBUAE) have signed a Memorandum of Understanding (MOU) to enhance collaboration in various centralbanking sectors, including Islamic finance. It also extends to digital financial innovations and Islamic economic finance.
CentralBank Digital Currencies (CBDCs) have received attention in recent years as centralbanks worldwide explore the potential to evolve the way we conduct financial transactions. With the rise of digital payments, cryptocurrencies, and fintech innovations, CBDCs represent a new frontier in the evolution of money.
The vice president of the European Commission in charge of the euro, Valdis Dombrovskis, said Brussels wants more stringent enforcement of anti-moneylaundering (AML) rules after a series of scandals that rocked the industry, according to the Financial Times. You see those moneylaundering scandals across the EU,” Dombrovskis said. “It
As artificial intelligence (AI) rapidly transitions from a nascent development to a ubiquitous technology accelerating advancements across the financial landscape, far-reaching implications for centralbanks worldwide are quickly emerging.
Denmark has decided to ban 500-euro notes in an attempt to fight moneylaundering in the country. The decision was made despite a request by the European CentralBank ( ECB ) not to ban the note. It is now the subject of several investigations.
In Singapore, the centralbank strengthened in 2024 the Payment Services Act (PSA), introducing more stringent requirements for crypto service providers relating to AML/CFT, user protection and financial stability on service providers.
The tipping point might be nigh for digital dollars and other centralbank-issued currencies done through bits and bytes. A central entity may be a centralbank which regulates a monetary supply,” the company wrote. “A A central entity may implement a monetary policy and issue currency.
Project Agorá, an initiative by the Bank for International Settlements (BIS) alongside major centralbanks and the Institute of International Finance (IIF), is moving forward and inviting private sector involvement. Enhanced financial integrity controls, such as anti-moneylaundering measures, are also a focus.
The UAE CentralBank has penalised 11 banks for violating anti-moneylaundering (AML) regulations, imposing financial sanctions of over USD 124,55 mln (Dh 45.75 million).
Danske Bank ignored warnings from Russia’s CentralBank about moneylaundering and suspicious transactions worth billions through Danske’s Estonian branch, Reuters reported. The resulting document shows the extent of bank supervisors’ failures to catch the moneylaundering or stop it from happening.
Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya said that before they issue their own digital currencies, centralbanks around the world should attempt to get a better understanding of the pros and cons of the process, according to a report by Reuters. They will also confer with colleagues overseas on the topic.
Singapore Tonight, the evening news program of Channel NewsAsia, recently aired a story on moneylaundering in online gaming. It highlights how criminals, attempting to avoid detection by the authorities, may turn to less-regulated channels such as online games to laundermoney. or view it here. appeared first on FICO.
At least it seems so, if recent comments by European CentralBank President Christine Lagarde are any indication. As quoted by Reuters, she termed the cryptocurrency a “highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible moneylaundering activity.”
Iran’s centralbank prohibited domestic financial institutions from handling virtual currencies, citing money-laundering concerns, as it seeks to ramp up control over the nation’s currency markets.
5) agreed on strategy for anti-moneylaundering (AML) reforms and countering the financing of terrorism, Reuters reported. The EU also backed plans for “greater powers” to fight moneylaundering following disclosures that there were several incidences of dirty money passing through European banks.
Stablecoins, the virtual currencies which seek price stability, could be the next target for moneylaundering and terrorist financing, a report found. If stablecoins were to become widespread, it could potentially lead to new risks regarding moneylaundering and terrorist financing,” FATF President Xiangmin Liu said at the time. “It
Christine Lagarde , European CentralBank (ECB) president, said the ECB could make its own digital currency within a few years, which could change up the eurozone financial sector drastically, Bloomberg reported. China, meanwhile, is also advancing plans for a centralbank digital currency (CBDC), Bloomberg reported.
The centralbank of Kenya is putting forward new legislation to govern interest rates charged for digital lenders’ loans. Online lenders will need the green light from the centralbank to roll out new offerings or hike lending rates if the legislation is put into law, Quartz Africa reported.
A Russian bank with ties to a former U.S. congressman has lost its license amid money-laundering violations. Bloomberg reported Friday (April 5) that Commercial Bank of Ivanovo, which is 80 percent owned by former North Carolina Republican Rep. Taylor had denied knowing about the loans.
According to the Bank of England, RTGS settles approximately £500 billion between banks each day—around a quarter of the UK’s annual GDP—in sterling centralbankmoney. RT2 also fundamentally transforms international payments by establishing harmonised messaging standards with major global settlement systems.
Artificial intelligence (AI) is transforming industries across the globe, and centralbanks are no exception. According to a new report by the Bank for International Settlements (BIS) , centralbanks must embrace AI to harness its full potential and anticipate its far-reaching impacts on the economy and financial systems.
The head of Germany’s centralbank warned about stablecoins, which are cryptocurrencies tied to traditional currencies, according to a report by Reuters. Jens Weidmann said that if the new currency becomes widely used, it could undermine banks.
Notably, the rise of cryptocurrencies, stablecoins, and CentralBank Digital Currencies (CBDCs) are transforming the digital payments landscape. These innovations offer businesses and consumers a way to move money faster, cheaper, and more securely.
Allied Irish Banks was hit with a $2.2 million fine by the CentralBank of Ireland due to compliance failures with anti-moneylaundering and terrorist financing rules. The bank “fully co-operated with the CentralBank at all stages of this investigation, which has now concluded,” it added.
In an effort to clamp down on cross-border moneylaundering, the People’s Bank of China (PBOC) plans to bolster cooperation with other nations such as countries in Europe. However, the PBOC said, “The Chinese government has spared no effort to crack down on all kinds of criminal activities, including moneylaundering.”
The Deputy Governor of the Bank of England (BoE), Jon Cunliffe, said on Friday (Feb. 28) that digital currencies could potentially dry up lending for banks and affect the economy as a whole, according to a report by Reuters. The CentralBank of China is not a part of the group, although it is releasing a digital currency of its own.
Alexey Guznov, the Bank of Russia’s head of legal office, said in an interview with a news agency in the country that the institution didn’t think the trading and issuance of digital currency should be legal in its borders.
The People’s Bank of China has announced new anti-moneylaundering (AML) and counter-terrorism financing regulations for online financial institutions (FIs). The country’s centralbank added that it would improve its own supervision process for fighting moneylaundering and terrorism financing.
Meanwhile, European CentralBank (ECB) board member Yves Mersch said at a recent virtual conference that about 80 percent of 66 centralbanks queried by the Bank of International Settlements were already working on centralbank digital currencies (CBDC).
The CentralBank of the UAE (CBUAE) has issued new guidance on anti-moneylaundering and combating the financing of terrorism (AML/CFT) for licensed exchange houses (LEH).
The centralbanks of Japan and Hong Kong are interconnecting their systems to support faster cross-border payments and trade between the two markets, according to Reuters reports on Tuesday (April 10). The Bank of Japan announced the plans that reports said may be the first of their kind by any centralbank.
We will take firm action if we find evidence of criminal behavior or serious lapses in anti-moneylaundering controls,” the MAS said. Shortly before news of the missing money broke, the MAS said it had asked Wirecard’s domestic divisions to protect customer funds, Reuters reported. and the Bank of the Philippine Islands.
The CentralBank of the UAE has issued new guidelines meant to assist licensed financial institutions (LFIs) in combating moneylaundering and terrorism financing.
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