A cryptocurrency firm in New York
promised a 900% return in just two weeks, and the regulators in Texas filed a
cease and desist order against the company.

About 15 nations from across the
world are teaming up together to monitor suspicious cryptocurrency transfers.
Australia and Singapore are among the 15 countries who will be involved in data
collection and sharing system in which they will be sharing details about
individuals who will be carrying out cryptocurrency transactions.  The common goal in this attempt is to prevent
users from being able to launder funds to terrorist organizations.

The Financial Action Taskforce
will be designing this system.  The
organization will be focusing on combating money laundering and will be
establishing detailed strategies by 2020. This system will be active a few
years later, and a private sector is operating it.

The OFAC expressed great interest
in regulating cryptocurrency with due enforcement. The OFAC expressed its
interest in cryptocurrency regulation when Venezuela announced its plans to
launch the Petro. 

OFAC then published, “U.S.
persons that deal in the prospective Venezuelan digital currency may be exposed
to U.S. sanctions risk.” Further recommended that parties dealing in
cryptocurrencies “develop a tailored, risk-based compliance program, which
generally should include sanctions list screening and other appropriate
measures” with an additional advise that it would sanction against “criminals
and other malicious actors abusing digital currencies.”

The clear road map of sanctions from the OFAC targets the schemes involving cryptocurrency.  Regulation and enforcement of cryptocurrencies are listed as the major priorities of the Office of Foreign Assets Control. They are actively collecting information from a dozen platforms, and they are creating an SDN’s list – Specially Designed Nationals and Blocked persons.

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The OFAC will also consider the
intersection between these schemes, which involves ransomware threats and
potential cybersecurity issues related to digital currency transactions.

OFAC Guidance requires investors
to ensure that applicable laws, rules, and regulations are complied with.
Investors are warned not to involve in transactions with coins that are issued
by sanctioned countries or with digital addresses which appear on the SDN’s
list. Following this, several cryptocurrency exchanges have blocked U.S.
customers to avoid regulatory issues. 
AML and KYC are the core requirements in any cryptocurrency transaction.

Thailand will be amending its AML
norms to regulate cryptocurrency transactions.

The AMLO official comment read
thus: “We may not find any clue, but that doesn’t mean the wrongdoing does not
occur.”



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