Bitcoin Money Laundering Risk CryptoCoins Info Club

Swiss FINMA Warns of Bitcoin's Money Laundering Risk

Swiss FINMA Warns of Bitcoin's Money Laundering Risk submitted by MuchBitcoin to MuchBitcoin [link] [comments]

My human translation of the China regulation notice

Disclaimer: I am not a lawyer or a finance advisor. This is not legal or financial advice. Please undertake your own research before carrying out investment activities.
People's Bank of China Ministry of Industry and Information Technology China Banking Regulatory Commission China Securities Regulatory Commission China Insurance Regulatory Commission
Notice on preventing Bitcoin risk
Recently, a so-called Bitcoin calculated using certain computer programs gained widespread worldwide attention, there are also organizations and persons in China taking this opportunity to promote Bitcoin and related products. In order to protect the public's property rights, to protect RMB's official currency status, to prevent money laundering risk and to protect financial stability, according to the People's Bank Act, the Anti-Money Laundering Act, the Commercial Bank Act, Telecommunications Regulations etc, the following notice is made:
1 Correct knowledge of Bitcoin
Bitcoin has four main characteristics: no central issuer, limited quantity, no geographical limits and anonymity. Although it is called currency, it is not issued by a monetary authority, it does not have the status of legal tender and obliged payment status of currency, it is not currency in the true sense. Bitcoin is a specified virtual commodity, it does not have equal legal status with currency, and it cannot and should not be circulated as currency on the market.
2 Financial institutions and payment institutions must not start Bitcoin related business
At this stage, all financial institutions and payment institutions must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly provide other Bitcoin related services, including registering, trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.
3 Strengthening regulation of Bitcoin websites
According to the Telecommunications Act and the Regulation on Internet Information Service, websites that provide Bitcoin services like registration, trading etc should register with the telecommunications regulation authorities.
The telecommunications regulation authorities, following the determinations and punishment opinions of the relevant management authorities, should close down illegal Bitcoin sites according to law.
4 Prevent possible Bitcoin money laundering risk
Branches of the People's Bank should closely monitor the trends and activities Bitcoin and other similar virtual commodities with the characteristics of anonymity and easy cross-border access, seriously consider its money laundering risk, research and implement targeted preventative measures. The branches should include lawfully established organizations that provide Bitcoin registration or exchange services in its area into its anti-money laundering monitoring, and supervise them to strengthen their anti-money laundering monitoring.
Bitcoin websites should earnestly carry out their anti-money laundering duty, confirm the identities of their users, have them register using their real names, and register their name and ID card number. If financial institutions, payment institutions or Bitcoin websites discover suspicious transactions involving Bitcoin or other virtual commodities, they should immediately report it to the China Anti-Money Laundering Monitoring and Analysis Center, and cooperate with the People's Bank's investigation; if they find evidence of fraud, gambling, money laundering using Bitcoins, they should report it to the police.
5 Strengthening public education on money knowledge and investment risk
Departments, financial organizations and payment organizations should in their daily tasks teach the public the correct concept of currency, to emphasize on public education about currency, and to add to public financial knowledge education the contents of correct knowledge of currency, correct views of virtual goods and virtual currency, rational investment, control of investment risk and defending one's financial safety, in order the public have correct views on currency and investing.
Financial monitoring authorities can set implementation details according to this notice
Would the People's Bank branches please distribute this Notice to financial organizations and payment organizations in their area. Any new situations or questions arising from this notice please report promptly to the People's Bank.
Above is the Notice, below is the press release accompanying the Notice
In order to protect the public's property rights, to protect RMB's official currency status, to prevent money laundering risk and to protect financial stability, the People's Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission jointly issued "The People's Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission Notice on preventing Bitcoin risk" (2013 no.289, "Notice" hereinafter)
The Notice clarifies the status of Bitcoin. Bitcoin is not issued by a monetary authority, it does not have the status of legal tender and obliged acceptance status of currency, it is not currency in the true sense. Bitcoin is a specified virtual commodity, it does not have equal legal status with currency, and it cannot and should not be circulated as currency on the market. But, the general public have the freedom to participate in Bitcoin trading as a commodity trading on the internet on the condition they carry their own risk.
The Notice requires, at this stage, all financial institutions and payment institutions must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly provide other Bitcoin related services, including registering, trading, clearing or settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.
The Notice requires, that Bitcoin websites that act as the main trading platform, should follow the Telecommunications Act and the Regulation on Internet Information Service, and register according to law. Also, because Bitcoin has a higher risk of money laundering and being used by criminals, the Notice requires the relevant organizations to follow the requirements of the Anti-Money Laundering Act and fully comply with the legally required anti-money laundering procedures like KYC and suspicious transaction reporting, to prevent Bitocin related money laundering risks.
To prevent virtual goods like Bitcoin using the name of "virtual currency" to over-promote, damaging the public interest and the RMB's position as legal tender, the Notice requires financial organizations and payment organizations in their daily tasks to use the correct concept of currency, to emphasize on public education about currency, and to add to public financial knowledge education the contents of correct knowledge of currency, correct views of virtual goods and virtual currency, rational investment, control of investment risk and defending one's financial safety, in order the public have correct views on currency and investing.
In the future, the People's Bank will do its duty and continue to closely monitor the Bitcoin trend and related risks.
Source
submitted by 123felix to Bitcoin [link] [comments]

What the ACTUAL CHINESE NOTICE (not summary) says: This is legalization for Bitcoin in China to be bought and sold and traded even for goods and services by everyone except banks and money launderers as long as people don't claim it is official Chinese currency. THAT IS WHAT IT SAYS.

People keep analysing the press release summary not the notice and the press release summary is inaccurate.
What the actual Chinese notice (not press release summary written by someone else) says in an ACCURATE SUMMARY IS:
This is legalization for Bitcoin in China to be bought and sold and traded even for goods and services by everyone except banks and money launderers as long as people don't claim it is official Chinese currency. THAT IS WHAT IT SAYS.
see here:
This is the actual translated Chinese notice.
begin quote
" People's Bank of China Ministry of Industry and Information Technology China Banking Regulatory Commission China Securities Regulatory Commission China Insurance Regulatory Commission
Notice on preventing Bitcoin risk
Recently, a so-called Bitcoin calculated using certain computer programs gained widespread worldwide attention, there are also organizations and persons in China taking this opportunity to promote Bitcoin and related products. In order to protect the public's property rights, to protect RMB's official currency status, to prevent money laundering risk and to protect financial stability, according to the People's Bank Act, the Anti-Money Laundering Act, the Commercial Bank Act, Telecommunications Regulations etc, the following notice is made:
1 Correct knowledge of Bitcoin
Bitcoin has four main characteristics: no central issuer, limited quantity, no geographical limits and anonymity. Although it is called currency, it is not issued by a monetary authority, it does not have the status of legal tender and obliged payment status of currency, it is not currency in the true sense. Bitcoin is a specified virtual commodity, it does not have equal legal status with currency, and it cannot and should not be circulated as currency on the market.
(OP reviews: so 1. It doesnt have LEGAL status as an official currency issued by the state becuase it is not and so it shouldn't be CALLED a currency. you can however trade and exchange things for it without restirction as long as you aren't laundering money. That's like saying you can't call a Bitcoin a USD dollar because it isn't. THe government doesn't back it. None the less it is compleletely legal to buy sell or hold or exchang ethings for it. You can exchange stuff for it. it is legal to do that and buy and sell it and hold it. just like you can trade a can of beans for an ounce of gold. you just CAN'T SAY ITS OFFICIAL CHINESE CURRENCY BECAUSE IT ISNT. THAT 'S ALL)
2 Financial institutions and payment institutions must not start Bitcoin related business
At this stage, all financial institutions and payment institutions(only emphasis added - othe rbusinesses can do as they like) must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly provide other Bitcoin related services, including registering, trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.
(OP reviews: so in other words banks stay out of bitcoin and don't manipulate it and play any of your corner the market games with it or charge customers fees for it.)
3 Strengthening regulation of Bitcoin websites
According to the Telecommunications Act and the Regulation on Internet Information Service, websites that provide Bitcoin services like registration, trading etc should register with the telecommunications regulation authorities.
The telecommunications regulation authorities, following the determinations and punishment opinions of the relevant management authorities, should close down illegal Bitcoin sites according to law.
(OP reviews: register your websites - about as minimal a requirement as they could have given)
4 Prevent possible Bitcoin money laundering risk
Branches of the People's Bank should closely monitor the trends and activities Bitcoin and other similar virtual commodities with the characteristics of anonymity and easy cross-border access, seriously consider its money laundering risk, research and implement targeted preventative measures. The branches should include lawfully established organizations that provide Bitcoin registration or exchange services in its area into its anti-money laundering monitoring, and supervise them to strengthen their anti-money laundering monitoring.
Bitcoin websites should earnestly carry out their anti-money laundering duty, confirm the identities of their users, have them register using their real names, and register their name and ID card number. If financial institutions, payment institutions or Bitcoin websites discover suspicious transactions involving Bitcoin or other virtual commodities, they should immediately report it to the China Anti-Money Laundering Monitoring and Analysis Center, and cooperate with the People's Bank's investigation; if they find evidence of fraud, gambling, money laundering using Bitcoins, they should report it to the police.
(OP reviews: don't launder money with Bitcoin. track people and report those who look suspiciously like they ARE laundering money with btcoin. everyone else - you are ok to do as you like with Bitcoin- its official- bitcoin is fully legal.)
5 Strengthening public education on money knowledge and investment risk
Departments, financial organizations and payment organizations should in their daily tasks teach the public the correct concept of currency, to emphasize on public education about currency, and to add to public financial knowledge education the contents of correct knowledge of currency, correct views of virtual goods and virtual currency, rational investment, control of investment risk and defending one's financial safety, in order the public have correct views on currency and investing.
(OP reviews: educate people so they aren't deceived. duh)
Financial monitoring authorities can set implementation details according to this notice
Would the People's Bank branches please distribute this Notice to financial organizations and payment organizations in their area. Any new situations or questions arising from this notice please report promptly to the People's Bank." " END QUOTE
This comes from the link below and is ONLY THE BOTTOM PART. NOT THE TOP PART WHICH IS SOMEONE ELSES PRES RELEASE SUMMARY AND WRONG.
http://www.reddit.com/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/
edit:
additional confirmation of my interpretation from
http://www.scmp.com/business/banking-finance/article/1374052/surge-use-bitcoin-leads-ban-china-trading
"However, the central bank said the public was free to take part in internet transactions provided they take on the risk themselves. Internet companies serving as trading platforms should ask clients to register with information including their name and identity card number, it said.
Bitcoin exchanges may be forced to inform authorities about sizeable or suspicious transactions, Bloomberg reported, citing unnamed sources."
also
"The People's Bank of China (PBOC) said no financial institutions, payment agencies or insurers should price products and services in bitcoin, nor are they allowed to trade or provide bitcoin exchange or settlement services. "
submitted by georedd to Bitcoin [link] [comments]

74% of bitcoin moved in exchange txns pose risk for money laundering

74% of bitcoin moved in exchange txns pose risk for money laundering submitted by akshayks1995 to Crypto_Currency_News [link] [comments]

74% of bitcoin moved in exchange txns pose risk for money laundering

74% of bitcoin moved in exchange txns pose risk for money laundering submitted by Ranzware to BitNewsLive [link] [comments]

74% of bitcoin moved in exchange txns pose risk for money laundering

74% of bitcoin moved in exchange txns pose risk for money laundering submitted by cryptoallbot to cryptoall [link] [comments]

74% of bitcoin moved in exchange txns pose risk for money laundering

Over the past few years, cryptocurrencies have generated a lot of interest from institutional investors. With more regulations surrounding the digital assets market, crypto has gone fairly mainstream. However as most economies work with digital assets, there has also been a push to strengthen regulations so that cryptocurrencies do not become a safe haven for […]
submitted by FuzzyOneAdmin to fuzzyone [link] [comments]

Rabobank Fined $369M for Money Laundering After Calling Bitcoin a Risk for Money Laundering

Rabobank Fined $369M for Money Laundering After Calling Bitcoin a Risk for Money Laundering submitted by Suberg to Bitcoin [link] [comments]

Sjors Provoost is *outraged* that the law could enact the "worrying precedent" of treating laundering of money as money laundering. Also, "this action puts lives at risk" (the lives of money launderers). Even the smart bitcoiners can be amazingly dumb.

Sjors Provoost is *outraged* that the law could enact the submitted by dgerard to Buttcoin [link] [comments]

Rabobank now wants to hold your bitcoins after calling Bitcoin a 'risk for money laundering'

Rabobank now wants to hold your bitcoins after calling Bitcoin a 'risk for money laundering' submitted by Suberg to Bitcoin [link] [comments]

Nordea in Money Laundering Scandal After Calling Bitcoin 'High-Risk' for Money Laundering

Nordea in Money Laundering Scandal After Calling Bitcoin 'High-Risk' for Money Laundering submitted by Suberg to Bitcoin [link] [comments]

Bitcoin lowest risk on UK risk assessment of money laundering and terrorist financing... Bank risk HIGH

Bitcoin lowest risk on UK risk assessment of money laundering and terrorist financing... Bank risk HIGH submitted by finalhedge to Bitcoin [link] [comments]

Nordea in Money Laundering Scandal After Calling Bitcoin 'High-Risk' for Money Laundering

Nordea in Money Laundering Scandal After Calling Bitcoin 'High-Risk' for Money Laundering submitted by cryptoanalyticabot to cryptoall [link] [comments]

Nordea in Money Laundering Scandal After Calling Bitcoin ‘High-Risk’ for Money Laundering

Nordea in Money Laundering Scandal After Calling Bitcoin ‘High-Risk’ for Money Laundering submitted by cryptoallbot1 to cryptoall [link] [comments]

Nordea in Money Laundering Scandal After Calling Bitcoin 'High-Risk' for Money Laundering

Nordea in Money Laundering Scandal After Calling Bitcoin 'High-Risk' for Money Laundering submitted by SEVENCALLS7 to CoinMarketNews [link] [comments]

Nordea in Money Laundering Scandal After Calling Bitcoin ‘High-Risk’ for Money Laundering

Nordea in Money Laundering Scandal After Calling Bitcoin ‘High-Risk’ for Money Laundering submitted by remivee to tribetica [link] [comments]

Nordea in Money Laundering Scandal After Calling Bitcoin ‘High-Risk’ for Money Laundering

Nordea in Money Laundering Scandal After Calling Bitcoin ‘High-Risk’ for Money Laundering submitted by cryptoanalyticabot to blockchainanalytics [link] [comments]

Nordea in Money Laundering Scandal After Calling Bitcoin 'High-Risk' for Money Laundering

Nordea in Money Laundering Scandal After Calling Bitcoin 'High-Risk' for Money Laundering submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Nordea in Money Laundering Scandal After Calling Bitcoin ‘High-Risk’ for Money Laundering

Nordea in Money Laundering Scandal After Calling Bitcoin ‘High-Risk’ for Money Laundering submitted by Ranzware to BitNewsLive [link] [comments]

[uncensored-r/Bitcoin] Rabobank Fined $369M for Money Laundering After Calling Bitcoin a Risk for Money Laundering

The following post by Suberg is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7wfi6b
The original post's content was as follows:
http://bitcoinist.com/rabobank-fined-money-laundering-bitcoin/
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Rabobank Fined $369M for Money Laundering After Calling Bitcoin a Risk for Money Laundering...

Rabobank Fined $369M for Money Laundering After Calling Bitcoin a Risk for Money Laundering... submitted by ChatnNaked to misleadingthumbnails [link] [comments]

HSBC Bank launders money, sees Bitcoin as a "money laundering risk"

HSBC Bank launders money, sees Bitcoin as a submitted by Count_Cristo to Bitcoin [link] [comments]

Money Laundering 101 💰 How Criminals Use Bitcoin To Hide ... $4 Billion 💰 Bitcoin Money Laundering Operation Revealed ... What is Virtual currency / Crypto currency & money laundering  what are the risk of holding Bitcoin Bitcoin used by terrorists to launder money? How To Launder Bitcoin  Silicon Real

Cryptocurrencies and blockchains are set to be a key compliance theme of 2019, with the upcoming Fifth Money Laundering Directive setting out to regulate cryptocurrencies. While the first and most common cryptocurrency is Bitcoin, there are now close to 2,000 in existence, with the number continuing to grow. Bitcoin Low Risk For Money Laundering, High For Cybercrime: UK Treasury Cryptocurrency poses low risk for laundering, high risk for cybercrime per a new UK Treasury report A recent report from the UK Treasury regarding monetary policy in the country has been released, providing a summary of analysis over a number of f Bitcoin, money laundering and compliance risk. Miranda Alexander-Webber; 06 Aug 2013; Tweet . Facebook . LinkedIn . Save this article. Send to . Print this page . Earlier this year, the US attorney's office for the Southern District of New York described digital currency company Liberty Reserve as the "financial hub of the cybercrime world". On May 28, the office brought charges for money ... As the number of bitcoin ATMs soars, one crypto analytics firm suggests they are increasingly being used to sidestep anti-money laundering (AML) controls. Bitcoin ATMs (risky business and growing) CipherTrace research revealed US bitcoin ATM users sent more funds to high-risk exchanges, which are more likely to be used for money laundering, than low-risk exchanges in 2019. This finding, combined with recent enforcement action taken against Kunal Kalra for his BATM money laundering scheme ...

[index] [2600] [37899] [15053] [15249] [23377] [36171] [43221] [16244] [23090] [15736]

Money Laundering 101 💰 How Criminals Use Bitcoin To Hide ...

$4 Billion 💰 Bitcoin Money Laundering Operation Revealed Involving Alexander Vinnik and BTC-E - Duration: 12:41. The Cryptoverse 12,440 views. 12:41. Jim Rogers ... **On today's episode of The Cryptoverse:** We’ll check in on the progress to Segwit lock in. And the MtGox case has been cracked wide open thanks to new repo... In this video we have covered the basic definition i.e. what is virtual currency or crypto currency, types of Virtual Currency e.g. bitcoin & Crypto-currency, parties involved and risk associated ... Money Laundering 101 💰 How Criminals Use Bitcoin To Hide Illegal Money 🔫💎🗡 - Duration: 16:33. David Hay Recommended for you. 16:33. WEBCAST: ... Rick McDonell, Executive Director, Association of Certified Anti-Money Laundering Specialists (ACAMS), Paris. / For the premium version, please visit http://...

#