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Regulatory Update

8th August 2016

Australia to regulate bitcoin under counter-terrorism finance laws

Australia is moving to become one of the first countries to regulate e-currencies such as bitcoin under its anti-money laundering and counter-terrorism financing laws. Bitcoin – the most prominent digital currency to emerge globally – is backed by a computer code rather than a physical substance such as gold or… Read More

5th August 2016

Australia: TAB workers allowing shonky punters to place bets through middlemen

Employees at TAB gaming outlets are breaching anti-money laundering controls by allowing controversial punters to place bets, collect winnings or shift funds through middlemen and third-party betting accounts. Betting records linked to controversial Sydney gambler Eddie Hayson – who bets alongside Victorian jockey Danny Nikolic, National Rugby League identities and figures with organised… Read More

4th August 2016

Bitfinex ‘Hacker’ Proposes Giveaway Of Stolen Bitcoins

An online giveaway of 1,000 bitcoins (worth $580,000) has prompted speculation that it is part of an elaborate money laundering scheme by hackers who stole $70m worth of the cryptocurrency from an exchange. On Tuesday, August 2, the popular cryptocurrency exchange Bitfinex (BFX) revealed that it had suffered a major… Read More

4th August 2016

E.U. Representatives Clarify the Proposed Anti-Money Laundering Directive

Last month, the European Commission published a draft directive proposing to extend anti-money laundering (AML) regulation to both virtual currency exchange services and custodial wallet providers. The draft suggests that many Bitcoin companies operating within the European Union will need to apply know-your-customer (KYC) types of checks on their users, to… Read More

2nd August 2016

Bangladesh Officials Head to Manila to Seek Recovery of Bank Heist Money

Officials from the Bangladesh central bank are visiting Manila this week to pressure the authorities in the Philippines to find ways to return the $63 million that is still missing out of the funds stolen from its account at the Federal Reserve Bank of New York earlier this year, two… Read More

29th July 2016

Turkey Joins Global Tax Crackdown With ‘Last Exit’ Amnesty

A proposed amnesty will provide Turks with a final tax-free opportunity to repatriate money held overseas ahead of the culmination of a G-20 effort to shut global loopholes, according to Finance Minister Naci Agbal. “All countries are now passing regulations to bring back money held by their own nationals before… Read More

29th July 2016

US: Court report: Western Union successfully protecting wire transfers against money-laundering

A court monitor has found that Western Union has successfully implemented protections recommended by the Arizona Attorney General’s Office to stop the wiring of illicit cash. Read More

28th July 2016

UK payments regulator calls for structural reform

The Payment Systems Regulator (PSR) has called for an overhaul of the UK's payments infrastructure to generate more competition and meet consumers' needs. Read More

28th July 2016

Malaysia Shows An Appetite For Bitcoin Amidst Money Laundering Investigations

Bitcoin trading is going through peaks and lows everywhere in the world at some point in history. Over the past few weeks, however, some countries seem to show an increased interest in this cryptocurrency. Particularly Malaysia stands out, although that is not entirely surprising, given their stance on easing Fintech regulation in general. Read More

27th July 2016

Australian Banks Ask Competition Regulator to Allow Collective Boycott of Apple Pay

In a rather extraordinary move, four of Australia’s largest banks have written to Australia’s competition regulator requesting permission to join together in a collective boycott whilst they negotiate with third-party mobile wallet services including Apple Pay, Android Pay and Samsung Pay. The banks seeking permission include 3 of the ‘Big… Read More

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