Rizwan Hussain’s Post

🌐💸 PEPs & Digital Currency: Why It Matters In the world of digital currencies, the pseudonymous, decentralized nature of blockchain tech presents unique challenges for Anti-Money Laundering (AML) efforts. This is especially true when it comes to Politically Exposed Persons (PEPs), who already pose a high risk for illicit activities. 🔍 Key Risks in Crypto: 1️⃣ Pseudonymity: Limited transparency makes it easier for PEPs to obscure illicit fund origins. 2️⃣ Global Reach: Crypto’s fast, borderless transactions enable moving funds across jurisdictions, bypassing traditional controls. 3️⃣ Regulatory Gaps: Inconsistent regulations allow PEPs to exploit jurisdictions with weaker AML rules. 💡 Why It Matters: Crypto exchanges and financial platforms must implement Enhanced Due Diligence (EDD) and PEP screening to trace transactions and verify the source of funds. By using blockchain analytics and ensuring Know Your Customer (KYC) processes, we can reduce the risk of money laundering and protect the integrity of the financial system. Strong compliance = stronger crypto! ⚖️ #AML #CryptoCompliance #PEP #Blockchain #DigitalCurrency

✈️ Brady-Jo Zammit and Alison S. recently returned from Switzerland, where they participated in a round table conference related to Chinese underground banking networks - 'Exploring the intricate web of hidden financial flows and the challenges they pose for AML/CTF.' 💸🕵️♂️ 📈🌐They also attended a #cryptocurrency symposium, 'Staying at the forefront of industry trends and compliance strategies in the evolving blockchain landscape.' They both agreed that the insights gained from this opportunity are invaluable as the Unit continues to strengthen its capabilities in financial intelligence and anti-money laundering efforts, bridging traditional banking and modern crypto finance. #cpd #rewardingcareers #amlcft

🎉 Super stoked to share that Elliptic Ecosystem Monitoring is finally here! Our new solution enables stablecoin and token issuers to thwart high-risk activity from entering their ecosystem and easily understand their cryptoasset’s exposure trends 🔎 In today's fast-paced crypto world, staying ahead of illicit activities and compliance requirements is more crucial than ever. With Ecosystem Monitoring, we’re equipping financial institutions, crypto businesses, and regulators with real-time, actionable insights to maintain trust and transparency in the blockchain. 👑 Why is this a game-changer? 🔔 Real-Time Alerts: Spot and respond to high-risk events as they happen. 🌐 Holistic View: Comprehensive analysis of the entire crypto ecosystem. Holistic screening of all recipient wallets interacting with a stablecoin or token. ✅ Regulatory Confidence: Ensure robust compliance with evolving regulations. 🔥 Configurable risk rules to tune alerting to the most critical risks. 💡 Flexible asset analytics to understand current and historical exposure trends. 👀 📩 DM me to learn how Ecosystem Monitoring is shaping the future of AML and regulatory compliance! 🔗 Read the full blog post here <https://lnkd.in/g-8F8TuQ> #stablecoins #blockchainanalytics #AML #digitalassets #cryptocompliance

Last week, Notabene’s Lana Schwartzman - CAMS, CCFC, CRC, NB-TRFC, Head of Regulatory and Compliance, joined Global Blockchain Business Council (GBBC) Virtual Members Forum to delve into Travel Rule compliance. Key Takeaways: 💡 The Travel Rule emphasizes that VASPs need to manage counterparty risks. When implemented correctly, this regulation is revolutionary 💡 For the first time in crypto history, we can prevent illicit and sanctioned transactions before they are implemented on the blockchain 💡 FATF acknowledged that the ‘sunrise’ issue remained one of the key problems for compliance. In the past 3 years, there has been a steady number of jurisdictions that have passed Travel Rule regulations 💡 Counterparties are restricting withdrawals. It is only a matter of time before they stop transacting with non-compliant counterparties Tune in below to hear more insights on what the Travel Rule is and how to prepare for it 👇  https://lnkd.in/ekUkexDT #TravelRule #compliance #cryptoassets #digitalassets

Money laundering through cryptocurrencies involves a series of transactions designed to obscure the origin of funds. Criminals often use techniques such as mixing services, layering transactions across multiple wallets and exploiting decentralized exchanges. These methods create complex transaction trails that are challenging to follow without the right tools and expertise. Traditional investigative methods often fall short in the digital realm, where transactions can be fragmented and anonymized. This is where advanced blockchain analytics come into play. QLUE™ is designed to simplify the complexity of crypto investigations. With its powerful visualization and analysis tools, you can: - Trace the flow of funds across different blockchains. - Identify and analyze suspicious transactions in real time. - Set real time alerts to monitor any suspicious activities QLUE™ equips you with the insights needed to combat financial crime effectively. Learn more: https://bit.ly/47i0pVF

**Embracing the Future: Crypto Regulation in Modern Banking** In a recent discussion with CNBC in Abu Dhabi, Eric Trump, a prominent businessman and son of President-elect Donald Trump, highlighted the crucial role of cryptocurrency and blockchain technology in modernizing the banking sector. Eric Trump’s advocacy for regulatory advancements aims to pave the way for more secure and efficient financial systems. Eric Trump underscored the importance of structured regulations in crypto as a foundational step for integrating blockchain innovations into mainstream banking. By establishing a clear regulatory framework, he believes financial institutions could greatly enhance transparency, security, and adaptability in the rapidly evolving financial landscape. As global economies continue to digitize, the potential impact of regulated cryptocurrency environments cannot be overstated. Will Eric Trump’s views inspire a broader conversation on crypto regulations as a gateway to the banking industry's future? #CryptoRegulation #BlockchainInnovation #EricTrump #FinancialModernization #CryptoFuture #BankingRevolution

Regulating the use of #DLT / #Blockchain by Quatar Central Bank QCB (22.07.2024) Purpose - Provide requirements for oversight of #DLT applications or systems provision and usage by all Entities regulated by QCB to ensure their usage is safe, secure, and efficient. - Allow an Entity flexibility to achieve its objectives based on principles rather than rules, except where requirements are specified. - Set best practice governing conduct of an Entity who shall make every effort to comply with this guideline as part of their regulatory obligations. - Set requirements on the way that an Entity should manage its DLT activities and specific DLT types. Scope - This guideline covers the interaction with or use of DLT by an Entity in any form. - This guideline is only applicable to an Entity providing or using DLT or an Entity proposing to use DLT. - QCB strongly encourages Entities to inform QCB of all potential DLT applications. Entities should present fully worked out proposals to QCB. - Currently, QCB would not permit Permissionless DLT networks. #FinTech #Blockchain

The Indian regulator could benefit from adopting a similar approach, focusing on principles and best practices to ensure the secure and efficient use of DLT and blockchain technology while allowing for flexibility in achieving regulatory objectives. The Qatar Central Bank's recent guideline on regulating DLT and blockchain is a commendable step towards ensuring secure and efficient usage. By focusing on principles and best practices rather than rigid rules, QCB is fostering a flexible yet responsible approach to DLT applications. #BuildWeb3 #Legal #reduce #cryptotax #bitcoin #crypto #news #innovation #technology #investing

Blockchain transactions, underpinned by decentralized ledgers, pose unique challenges for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) efforts. Unlike traditional financial systems, blockchain's pseudonymity and cross-border nature complicate identification of transaction parties and monitoring of fund flows. Current AML/CFT typologies adapt to these complexities by focusing on patterns like structuring, layering, and integration with fiat currencies. Regulatory frameworks are evolving to enforce stricter KYC (Know Your Customer) and transaction monitoring requirements on crypto exchanges and wallets. Innovations like blockchain analytics and transaction monitoring tools are crucial in detecting suspicious activities amid the decentralized and anonymized nature of blockchain transactions. #Blockchain #Pseudonymity #Crossbordertransaction #AML #CFT #PF #Binance #VARA #innovationhub #DFSA #FSRA #SCA #uaecentralbank #riskmitigation #globalsanctions #globalsanctions #financialcrime

Past few days have been majorly about #Bitcoin halving, #RWA tokenisation and #Token2049 being held at Dubai. One more topic that's been consistently talked about is the need for regulatory #compliance in the #Decentralised World. With governments banning operations to lawsuits and convictions, this has become an urgent matter of concern. Should innovation and progress be stifled due to fear of legal consequences or should it be appreciated in a compliant and trustable environment? Money laundering, Terror financing and proliferation financing etc. can be thwarted if protocols, dApps, stable coin issuers, decentralised wallets and exchanges adhere to regulatory standards. At Yug Network , we have the solution for effective privacy protected Decentralised Compliance.