AMLBot Blog (Page 2)

Client Case Study: Securing VASP Registration with Central Bank of Ireland

Investigations & Case Studies

Client Case Study: Securing VASP Registration with Central Bank of Ireland

By incorporating AMLBot’s compliance tools, including our Know Your Transaction (KYT) software, Fortuna was able to meet the regulatory requirements and obtain the VASP registration with Central Bank of Ireland.

Crypto Compliance Guide: Best Practices for Customer Due Diligence (CDD)

Crypto Compliance Guide: Best Practices for Customer Due Diligence (CDD)

Eliminating every risk is impossible, especially in an industry like cryptocurrency, but developing a robust customer due diligence (CDD) process is the best way to protect your company's interests. In many countries, CDD isn't a matter of choice. It's a requirement that cryptocurrency exchanges,

Crypto Crime Typology: Deciphering Pig Butchering Scams

Investigations & Case Studies

Crypto Crime Typology: Deciphering Pig Butchering Scams

Welcome to AMLBot Stream Podcast Episode 2! Today’s topic is the Pig Butchering Crypto Scam, Graeme Hampton, (Anti Money Laundering Advisor at AMLbot and Co-Chair with the International Association for Trusted Blockchain Applications) podcast host, speaks on this rising deception scam targeting unsuspecting victims. You can listen or subscribe

The Art of Operational High Risk Management in Crypto: How to Mitigate Risk and Keep Safe

The Art of Operational High Risk Management in Crypto: How to Mitigate Risk and Keep Safe

Welcome to AMLBot Stream Podcast Episode 1! One of the most asked questions we receive from our clients at AMLBot is, "What are the best ways to mitigate high-risk to keep us safe?" Today, Graeme Hampton, (Anti Money Laundering Advisor at AMLbot and Co-Chair with the International Association

Introducing AMLBot Pro: Powerful Blockchain Analytics Tool (Updated)

Product Updates

Introducing AMLBot Pro: Powerful Blockchain Analytics Tool (Updated)

What Is AMLBot Pro? We are pleased to introduce AMLBot Pro, a comprehensive blockchain analytics tool designed for professionals in compliance and blockchain investigation. It offers valuable insights into cryptocurrency transactions, supporting crucial Anti-Money Laundering (AML) and Know-Your-Customer (KYC) processes. With AMLBot Pro, users can efficiently monitor transactions, trace the

The Crypto Investor's Guide: Assessing AML Compliance in Crypto Projects

The Crypto Investor's Guide: Assessing AML Compliance in Crypto Projects

Anti-money laundering (AML) compliance should be a top concern if you're a crypto investor. However, many crypto users know very little — if anything — about what an AML governance regulation is and what it means in the industry. Experts project that the number of crypto investors will reach nearly

Stablecoin Report: USDT and USDC Illicit Activity Study

Stablecoin Report: USDT and USDC Illicit Activity Study

The report is focused on comparing the two most popular stablecoins by market share - USDT issued by Tether and USDC issued by Circle - in terms of the magnitude of illicit activity associated with both stablecoins. USDT, known for its wide usage across various blockchain platforms, particularly the Tron

Reducing Crypto Fraud: Automated KYC Best Practices

Reducing Crypto Fraud: Automated KYC Best Practices

Automated KYC is one of today's biggest crypto security trends, and for good reason. By switching from manual to automatic know-your-customer (KYC) checks, companies in the cryptocurrency space can achieve better customer outcomes. They can also avoid expensive penalties for violating anti-money laundering (AML) regulations. If the concept

Frozen Assets on CEX : Sanctions Exposure Case

Investigations & Case Studies

Frozen Assets on CEX : Sanctions Exposure Case

In 2023, the AMLBot investigation team detected that individuals failed to comprehend the potential consequences of disregarding basic safety guidelines. Unexpected sanctions exposure challenges can arise, as was the case when a client approached us with concerns about a frozen account linked to suspected sanctions. The Case A client contacted

Guide to AML Compliance for Peer-to-Peer (P2P) Cryptocurrency Platforms

Guide to AML Compliance for Peer-to-Peer (P2P) Cryptocurrency Platforms

Cryptocurrency regulations can be difficult to decipher, and AML compliance for peer-to-peer (P2P) exchanges is especially tricky. Regulatory agencies across the globe have implemented different standards for P2P platforms, and you might be tempted to ignore them and hope for the best. Unfortunately, giving in to that temptation could be

Report: Crypto Regulation Around the World

Report: Crypto Regulation Around the World

Over the 2023 outgoing year, the crypto asset sector experienced remarkable peaks, accompanied by significant troughs, such as the collapse of crypto firms, fraud, scams, and mishandling of customer funds. Although these issues are not inherent to the underlying crypto assets or blockchain technology, they underscore the importance of establishing

Essential Steps to Take When You Discover Your Crypto Assets Are Lost or Stolen

Essential Steps to Take When You Discover Your Crypto Assets Are Lost or Stolen

Realizing that your digital assets have vanished is a nightmare, but crypto asset recovery could put an end to your bad dream. If bad actors have taken your cryptocurrency, you're not alone. Hackers have stolen $901 million in crypto from exchanges, bridges, and DeFi protocols in the second

AMLBot's Enhanced Risk Assessment Algorithm: Elevating Your Financial Security

Product Updates

AMLBot's Enhanced Risk Assessment Algorithm: Elevating Your Financial Security

AMLBot is launching a new enhanced risk assessment algorithm to elevate financial security. In the swiftly changing financial tech world, AMLBot is trying to find more ways to spotlight the financial well-being of its clients. In this term, AMLBot is significantly jumping up in the financial defense game. We'

aml policy development for a crypto startup

Step-by-Step Guide to Creating Effective AML Policies for Your Crypto Startup

Creating effective AML policies for crypto startups may not be the most exciting part of opening a new business, but it's critical to your company's success. People often criticize crypto firms for operating outside of regulations. However, most legitimate crypto companies face similar requirements as other

Updated FATF Standards for Virtual Assets and Virtual Asset Service Providers

Updated FATF Standards for Virtual Assets and Virtual Asset Service Providers

Skeptics of cryptocurrency often cite concerns about crime as the reason they don't trust digital funds. Although it's true that cryptocurrency is not regulated in the same way as fiat currencies, there are strict standards in place that help prevent illicit activity. The Financial Action Task

AML Training for Crypto Business - Burden or Necessity

AML Training for Crypto Business - Burden or Necessity

In the fast-paced world of cryptocurrencies, where anonymity and cross-border transactions are prevalent, regulatory authorities have imposed stringent AML regulations to combat money laundering, terrorist financing, and other financial crimes. Licensed crypto businesses must undergo AML training at least once a year to ensure they understand and adhere to these

How to open a corporate account at OKX

How to open a corporate account at OKX

From multinational corporations to small startups, businesses across various industries are recognizing the potential of digital currencies. This paradigm shift has created a surge in demand for corporate accounts on cryptocurrency exchanges. Financial institutions, including crypto businesses, must adhere to stringent AML regulations to ensure the integrity of their operations.

Guide: How to Prepare for a Crypto Compliance Audit

Guide: How to Prepare for a Crypto Compliance Audit

Many business owners dread audits, and the unfamiliar territory of crypto compliance audits can seem even more intimidating. In many ways, crypto audits aren't all that different from traditional varieties. In simple terms, an outside party examines an organization's records to determine whether they meet regulatory

AMLBot Contributes To A Joint Response On French DeFi Regulations

AMLBot Contributes To A Joint Response On French DeFi Regulations

Introduction At AMLBot, we are proud of our continuous commitment to shaping a secure and compliant digital asset industry. As an active participant in industry developments through our official membership in INATBA, we recently contributed to a significant collaborative effort in response to a discussion paper initiated by the French

How to Open a Financial Institution Account at Binance

How to Open a Financial Institution Account at Binance

How to Open a Financial Institution Account at Binance If You Are a Crypto Business In the world of cryptocurrency and blockchain, ensuring compliance with Anti-Money Laundering (AML) regulations is crucial for businesses to maintain trust and transparency. Recently, our client, a company offering exchange and broker services that covers

AMLBot Becomes An Official Member Of INATBA

Partnerships Featured

AMLBot Becomes An Official Member Of INATBA

Introduction In the ever-changing landscape of the blockchain and cryptocurrency space, staying ahead of the curve requires forging strong alliances and seeking opportunities for collaboration. Recognizing this, AMLBot is constantly striving to enhance its comprehensive compliance offerings aimed at protecting businesses and end users from potential risks and malicious elements.

AMLBot Partners With LetsExchange

AMLBot Partners With LetsExchange

Introduction At AMLBot, we are committed to building a transparent and secure crypto environment. Our services, ranging from Anti-Money Laundering (AML) checks for consumers, AML and Know Your Customer (KYC) for businesses, to assistance with recovering stolen crypto, are designed to enhance crypto compliance and protect against illicit activities. Since

AMLBot Team Attends EU Crypto Regulation Round Table

AMLBot Team Attends EU Crypto Regulation Round Table

Introduction With the application of the Markets in Crypto Assets (MiCA) on the horizon, the atmosphere within the crypto industry is rife with anticipation. This significant development has spurred far-reaching discussions among law firms, blockchain entities, and regulators, all eager to fully grasp the implications of this new legislation. At

AMLBot Team Attends The  Web3 Euro Summit 2023

AMLBot Team Attends The  Web3 Euro Summit 2023

At AMLBot, we constantly strive to connect with projects and policymakers in our industry, and we believe in helping to shape regulations that benefit all stakeholders in the crypto market. In this spirit, we were thrilled to participate in the Web3 Euro Summit 2023 - an invite-only two-day event dedicated

How AML Regulations Are Changing in 2023

How AML Regulations Are Changing in 2023

Organized crime's motivation is the money perpetrators stand to make out of it. By cutting their access to financial systems, crime rates can witness a steep decline. Regulators around the globe are constantly working on designing relevant legislation to prevent the flow of crime-related funds within their financial