REGS – The News Desk

Bitcoin Group: taking steps against money-laundering, terrorist financing

29Nov

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Money

Bitcoin Group: taking steps against money-laundering, terrorist financing

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello/File Photo Acquire Licensing RightsBERLIN, Nov 29 (Reuters) - Germany's Bitcoin Group (ADE.DE) said on Wednesday it was taking measures to improve its internal control system, after the financial regulator Bafin ordered its subsidiary futurum bank to remedy shortcomings on money-laundering."The Bitcoin Group expressly points out that there are currently no indications of violations of money laundering and terrorist financing laws within the Group," the company said in a statement.The company said it had already taken measures in the current financial year to meet regulatory requirements and that it was working with Bafin with the aim "to remedy the identi...

Cryptoverse: Bitcoin miners make money ahead of ‘halving’

14Nov

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Money

Cryptoverse: Bitcoin miners make money ahead of ‘halving’

A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 14 (Reuters) - Bitcoin miners are making hay while the sun shines.The business has been yanked out of the doldrums by the cryptocurrency's recent rally - and now mining companies are racing to lock in profits before bitcoin's "halving", when rewards for producing the tokens are cut in half.The next halving is expected in April 2024, a process designed to slow the release of bitcoin, whose supply is capped at 21 million - of which 19 million have already been mined."You're seeing a lot of urgency to plug rigs in ahead of the halving," said Gregory Lewis, analyst at brokerage BTIG that covers the 13 biggest U.S.-listed bit...

Exclusive: China’s clashing priorities behind rare money market distress

7Nov

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Money

Exclusive: China’s clashing priorities behind rare money market distress

SHANGHAI/SINGAPORE, Nov 6 (Reuters) - China's attempts to keep the yuan from falling contributed to last week's chaos in money markets, sources involved say, pointing to the pressure behind the scenes as Beijing tries to guide its economy and markets through a major slowdown.Routine month-end demand for cash in China's banking system snowballed into a scramble on Oct. 31 that pushed short-term funding rates as high as 50% in some cases, an incident that authorities are now investigating.Six participants in the market say a confluence of factors drove fear and confusion across trading rooms in Shanghai and Beijing by late afternoon on that day.Eventually, the People's Bank of China (PBOC), its affiliated China Foreign Exchange Trade System (CFETS) and bond clearing houses stepped in, direc...

Switzerland drafts tighter rules to combat money laundering

30Aug

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Money

Switzerland drafts tighter rules to combat money laundering

ZURICH, Aug 30 (Reuters) - Switzerland on Wednesday said it had drafted new rules to tighten perceived cracks in its money laundering regulations, holding lawyers and consultants accountable for reporting risks and stepping up oversight of legal entities, such as trusts.The new rules, drafted by the Swiss government, will be presented to parliament in 2024 following consultation.Switzerland, whose banks make it the world's biggest manager of offshore wealth, has long sought to fight its old image as a place for criminals to stash ill-gotten gains. It routinely exchanges bank account information with over 100 countries.But it has faced international pressure to shed more light onto the shadowy world of corporate ownership, where many companies and entities like trusts cloak the identity of...

Dutch lender De Volksbank faces fine over money laundering safeguards

11Aug

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Money

Dutch lender De Volksbank faces fine over money laundering safeguards

AMSTERDAM, Aug 11 (Reuters) - De Volksbank's systems to prevent money laundering have been deemed insufficient by the Dutch central bank (DNB) and it will likely face a fine, the Dutch state-owned bank said on Friday.The bank, which incorporates several smaller Dutch banks such as SNS and ASN, disclosed the findings along with its first-half results."We regret that we were not able to fulfil our gate watcher role with respect to client integrity and that we are at this moment in violation of certain legal obligations with respect to money laundering" laws, Chairman Martijn Gribnau said in a statement.The bank said it was working to make changes required by the DNB before April 1.In its earnings report, the bank said first-half net profit nearly tripled to 248 million euros ($273 million) ...

Fed fines Deutsche $186 mln for slow progress in money laundering curbs

19Jul

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Money

Fed fines Deutsche $186 mln for slow progress in money laundering curbs

WASHINGTON, July 19 (Reuters) - The Federal Reserve said on Wednesday it fined Deutsche Bank and its U.S. affiliates $186 million for failing to sufficiently address money laundering and other shortcomings flagged by the U.S. central bank.Deutsche must prioritize addressing several of those issues or face "additional and escalated" penalties, said the Fed, which imposed additional restrictions and ordered the bank to improve its risk and data management.The Fed identified the previous issues in 2015 and 2017 consent orders, which stemmed from deficient controls in Deutsche's relationship with the Estonian branch of Danske Bank which ended in 2015.In December, Danske Bank pleaded guilty to a bank fraud conspiracy and agreed to forfeit $2 billion to settle a long-running Department of Justi...