In the Atomic Wallet incident, the hackers’ money-laundering techniques and the tools they used matched telltale North Korean behavior, according to London-based crypto-tracking firm Elliptic.

According to Section 2(1)(l) of Prevention of Money-Laundering Act, 2002, “Financial institution” means a financial institution as defined in clause ( c ) of section 45-I of the Reserve Bank of India Act, 1934 and includes a chit fund company, a housing finance institution, an

Summary Anti-Money Laundering (AML) is a set of policies, procedures, and technologies that prevents money laundering. There are three major steps in money laundering (placement, layering, and integration), and various controls are put in place to monitor suspicious activity that could be involved in money laundering.

Here are a few major crypto money laundering cases: Tornado Cash: Tornado Cash is an Ethereum-based crypto mixer that facilitates funds transfer across DeFi. In 2022, the U. The Ren Bridge: The Ren Bridge is a cross-chain bridge that helps people send their crypto between blockchains. In 2020,..

The MLRO – also known as a “nominated officer” – oversees their company’s anti-money laundering (AML) systems and serves as a point of contact for related inquiries. The role entails significant responsibility: the MLRO must have access to their firm’s financial records in order to provide oversight and must make strategic decisions.

As these regulations bite into the infrastructure of the crypto industry, globally, cryptocurrency exchanges and other industry participants must be AML and KYC compliant. Systems that can help to achieve regulatory compliance include: KYC: Customer onboarding to crypto platforms is a crucial industry compliance area.

Money laundering schemes vary in their complexity and methods, but there are three common phases for successful laundering: Placement, Layering and Integration. Let us look at the individual stages. Placement is the term given to the process of moving dirty cash into the legitimate economy and further away from its illegal source 1.