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EBA extends AML guidelines to CASPs, addressing ML/TF risks in crypto transactions. Guidelines provide risk factors and mitigating measures, urging blockchain analytics use. Interconnected financial sector necessitates guidance for institutions dealing with CASPs. In a momentous move to combat financial crimes, the Europe an Banking Authority (EBA) has extended its Guidelines on Money laundering (ML) and terrorist financing (TF) risk factors to encompass crypto -asset service providers (CASPs). The new guidelines, effective from December 30, 2024, aim to harmonize anti- Money laundering (AML) and countering the financing of terrorism (CFT) efforts across the Europe an Union (EU). EBA guidance for crypto-asset service providers The EBA’s latest directive emphasizes the growing risks associated with crypto transactions, underscoring the potential for abuse in terms of money laundering and terrorist financing. CASPs, involved in crypto-asset transfers,...

Deutsche Bank is set to offer customers cryptocurrency custody options through a partnership with cryptocurrency infrastructure platform Taurus. The German bank was one of a handful of company’s to invest in a $65 million, series B fundraising round for Taurus in Feb. 2023. The company offers enterprise-grade infrastructure to issue, manage custody and trade crypto currencies, tokenized assets, nonfungible tokens (NFTs) and other digital assets. According to Taurus co-founder Lamine Brahimi, the partnership underwent a "thorough and very detailed" due diligence process before the German bank decided to use its infrastructure services: "It started, end of 2021 and ended somewhere in 2022. We won the deal a couple of quarters ago." As Cointelegraph previously reported, Deutsche Bank has been brewing plans to offer cryptocurrency custody and trading services to its clients over the past three years. The bank most recently applied for a digital asset custody license ...

The recently revealed list of Tether’s commercial paper holdings has surprised many due to the firm’s significant exposure to Chinese banks. However, what may be more worrying is that Tether has also bought commercial paper from several banks with chequered records. Indeed, one of these banks is apparently a subsidiary of a Qatari bank known to breach AML regulations and service extremist and terrorist groups. Tether bought a total of $49,862,117 worth of commercial paper with an interest rate of 0.2765% from AKCB Falcon Limited, a subsidiary of Masraf Al Rayan. The Islamic bank is headquartered in Qatar and owned by the Qatari state with a branch in the UK. AKCB Falcon Limited was previously a subsidiary of Al Khalij Commercial Bank that merged with Masraf Al Rayan, creating the second-biggest bank in Qatar . Masraf Al Rayan was recently found to be in breach of AML rules by the UK financial regulator, the Financial Conduct Authority (FCA), for accepting up to £23 mill...

The price of Bitcoin has bounced upwards as First Republic Bank deposit slump sparks fresh banking crisis fears in the United States. The price of Bitcoin (BTC) spiked more than 3% in the last 24 hours as fears were sparked of another possible imminent bank failure as First Republic Bank (FRC) shares closed down more than 50% on April 25. According to the Head of Research at Australian crypto education platform Collective Shift, the price of Bitcoin rallied immediately following Fox News Business Reporter Charles Gasperino breaking the news that bankers working with First Republic Bank expect the institution to go into government receivership. # Bitcoin $BTC is up 2.4% in the last 90 minutes after @CGasparino breaks the news that bankers working with First Republic Bank $FRB "expect eventual govt receivership." Price was $27,500 at the time of the tweet and is now $28,150. pic.twitter.com/aSjzFXiip6 — Matt Willemsen (@matt_willemsen) April 25, 2023 Receivership is a t...