#bitcoinaml

https://cointelegraph.com/news/bitcoin-low-risk-for-money-laundering-high-for-cybercrime-uk-treasury

Their website includes news, articles and insights on Bitcoin related AML regulations including FinCin enforcement of Western Union and the state of current Bitcoin regulations in various states. It also includes resources for potential customers including: “A beginner’s guide to operating your own Bitcoin ATM,” “A sample alert routine” and “A SAR narrative”.

"This 'over-criminalization' of bitcoin, based on common misunderstandings of the technology and its economic nature should be worrisome to the bitcoin and technology communities," he told CoinDesk. The two main advocacy groups in Washington, DC – the Chamber of Digital Commerce and Coin Center – are said to be in contact with the relevant Congressional offices. Though it declined to comment on this story, Coin Center indicated on Twitter that it's reaching out amid the furor. "We are aware of S 1241, are in touch with the relevant folks in Congress, and will post an analysis soon," executive director Jerry Brito wrote on Twitter. Chino – who in an email called the bill a "sham" – spoke to the grassroots effort taking place, and said that he’s still reaching out to people who have posted on Reddit as part of a broader bid to get constituents to contact the senators involved. "One call from a constituent has so much impact," he said. http://www.coindesk.com/forfeit-bitcoin-congressional-bill-draws-fire-border-check-rules/

Considering from the perspectives of national Anti-Money Laundering regulations and risk control, we have established a few suggestions and guidelines for you. These are purely for the purpose of boosting your trading experience and account security. They will not affect your funds and trades. More specifically, the bitcoin exchange informs users that they could be subject to “enhanced due diligence’ once they reach a certain level of account balance. For international users, this stands at $10,000 over a lifetime USD deposit while no specifications are revealed for Chinese users. OKCoin underlines video verification as an example of ‘enhanced due diligence’ methods. ‘Level 2 verification will require a copy of your passport, a copy of your ID /driving license, and additionally, a copy of your proof of residential address (e.g. bank statement, utility bill) issued within 3 months when needed,’ reads an excerpt from the new KYC procedures, asking customers to be prepared with the above-mentioned paperwork in front of a camera. ‘Video verification will require a device that has video recording function and access to the internet (e.g. cellphone, laptop, tablet). You will be required to show your legal documents in front of the camera,’ the notice added. The other notable guideline informs users that single-signature wallet addresses created before today, starting with “1” and “L” for Bitcoin and Litecoin respectively, will stop functioning on April 23, 2017. Multi-signature addresses will not be affected.https://www.cryptocoinsnews.com/bitcoin-exchange-okcoin-publishes-heightened-aml-guidelines/

Today, Europol, INTERPOL, and the Basel Institute on Governance have formalised the establishment of a tripartite partnership for a working group on money laundering with digital currencies. The working group will aim to: • gather, analyse, and exchange non-operational information regarding the use of digital currencies as a means of money laundering, and the investigation and recovery of proceeds of crime stored in the same form; • organise annual workshops and meetings for the representatives of the above mentioned Law Enforcement Agencies and institutions to increase the capacity to successfully investigate crimes in which virtual currencies are involved; • create a network of practitioners and experts in this field, who can collectively establish best practices and provide assistance and recommendations inside and outside the working group; https://www.europol.europa.eu/content/money-laundering-digital-currencies-working-group-established

On the surface, the Coinfirm web page may look like a slightly more fancy Bitcoin block explorer. But do not be fooled by its appearance, as this search engine is quite powerful. With a focus on AML reporting compliance and risk management, the company is trying to analyze Bitcoin transactions to discover anomalies. As one would come to expect from such a service, looking up specific addresses should yield a detailed transaction history. Unfortunately, that is not always the case, as Coinfirm is still in beta. The vast majority of Bitcoin addresses has not been indexed yet, and looking up one’s own address may yield zero results. Users who sign up for this platform will be able to create detailed reports with an in-depth financial overview. Additionally, Coinfirm will also offer AML risk analysis for all of their customers. Compliance is becoming a bigger point of focus in Bitcoin lately, and it is interesting to see new companies explore the options in this market. http://themerkle.com/coinfirm-lets-users-analyze-bitcoin-addresses-for-aml-risks/

Financial services providers are required to put in place strict ‘know your customer’ (KYC) processes in order to prevent criminals from laundering money and easily funding illegal activity. Vast sums are spent on these processes and the required technology, but to little effect as money laundering is far from on the decline. According to Cifas, the UK’s fraud prevention service, the number of bank accounts opened using stolen or fictitious identities actually doubled last year. KYC is a flawed method. A distributed ledger, as provided by blockchain technology, would enable identity to be built up of individual uses of a person’s identity, such as a passport, driving licence and bank account. It would make forging identity far more difficult, while increasing speed and ease of use of services. ‘The blockchain distributed ledger is strengthened any time some kind of identity evidence is presented,’ says Gunnar Nordseth, CEO of electronic identity firm Signicat. ‘Every use of ID is interconnected, which makes it far trickier to defraud. ‘Financial institutions would be sure of who their customers are, and criminal activity more easily traced by seeing where funds are going. If the blockchain is implemented correctly into KYC systems, it has the potential to help make identity fraud a thing of the past, as well as drastically reducing the costs to financial institutions.’ http://www.information-age.com/it-management/strategy-and-innovation/123461780/emerging-bitcoins-shadow-rise-blockchain

Elliptic would bring bank-grade AML controls to bitcoin transactions, making the virtual currency more attractive to those who might want to use it for legitimate transactions LexisNexis, part of multinational analytics firm RELX Group (NASDAQ: REL), helps banks comply with AML regulation, using a database of 2.7 million global entities that could be involved in illicit transactions, such as those on sanctions and other watch-lists. It has shared that database with Elliptic, which monitors bitcoin transactions and can alert its clients - ranging from bitcoin exchanges to U.S. and European intelligence agencies - when money moves from bitcoin addresses that have been identified as bad actors. "This is a step towards making it (bitcoin) more mainstream and more acceptable," said Thomas Brown, of LexisNexis Risk Solutions. http://www.streetinsider.com/dr/news.php?id=11891885