Latest news with #Anti-MoneyLaunderingandCounter-TerrorismFinancing
Iraq Business
3 days ago
- Business
- Iraq Business
CBI highlights Iraq's Commitment to AML/CFT Standards
By John Lee. Governor of the Central Bank of Iraq (CBI), Mr. Ali Mohsen Al-Allaq, participated in the opening of the second edition of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) Conference , held in Baghdad. Organised by the Central Bank of Iraq, the Union of Arab Banks, and the Iraqi Private Banks League (IBPL), the conference focused on " Challenges Facing Arab Banks in Complying with International Laws and Regulations and Ways to Meet Correspondent Bank Requirements ." In his remarks, Governor Al-Allaq underscored that money laundering and terrorism financing are not merely financial crimes, but critical threats to financial stability. He affirmed Iraq's engagement with international partners in implementing global AML/CFT standards and called for stronger regional and international cooperation to counter such crimes. He also noted that Iraq has made significant advances in its financial and banking sectors, with the CBI working to integrate artificial intelligence and network analysis tools into regulated financial operations. (Source: Central Bank of Iraq)
Yahoo
31-03-2025
- Business
- Yahoo
Australia Warns Crypto ATM Providers on Missing Anti-Money Laundering Checks
AUSTRAC, Australia's anti-money laundering watchdog, put crypto ATM providers on notice for not complying with required standards. "AUSTRAC's cryptocurrency taskforce has found that some crypto ATM providers may not have the right anti-money laundering and counter-terrorism (AML/CTF) checks in place," the financial intelligence agency said in a release on Monday. Crypto ATM providers need to register with the regulator, monitor transactions and complete know your customer checks to comply with the country's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006. Australia has the highest numbers of crypto ATMs in the Asia Pacific region, and the number is growing. The nation has some 1,600 in use, up from just 23 in 2019, AUSTRAC said. A task force set up in December "identified worrying trends and indicators of suspicious activity, including transactions that may be linked to scams or fraud,' CEO Brendan Thomas said. The watchdog has been following in the footsteps of U.K. regulators in trying to clamp down on illegal crypto ATM activity. In the U.K. only approved crypto ATMS can operate, and none have been. The Financial Conduct Authority last month secured a four year sentence against Olumide Osunkoya, 46, for illegally operating a crypto ATM network. Sign in to access your portfolio
