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Anti-money laundering software company First AML reveals research findings into cryptocurrencys role in money laundering

There is no doubt that cryptocurrency is becoming increasingly popular as a medium of exchange, but unfortunately, its not all sunshine and rainbows.

A recent survey by anti-money laundering technology company First AML has revealed that the growing use of cryptocurrencies is also fuelling an alarming rise in money laundering activities.

The study, which gathered responses from 250 ANZ business leaders and individuals working in compliance, found that 73% of those working in compliance are worried about the increasing threat of money laundering through cryptocurrencies.

To make matters worse, nearly 40% of compliance-related companies in Australia have detected instances of cryptocurrency-related money laundering. And more than half of the survey respondents (51%) feel that current practices only partially address the issue.

One of the most significant challenges in combating cryptocurrency-related money laundering is keeping pace with evolving money laundering techniques. According to the survey, 34% of respondents cited this as the biggest challenge.

Its not just businesses that are struggling though. 80% of business leaders believe their companys Anti-Money Laundering (AML) compliance can be improved.

And for those that dont get their AML act together, there are consequences. Over 40% of businesses surveyed reported that they have experienced fines or penalties due to AML non-compliance.

On top of that, a whopping 93% of those businesses said that these penalties had a negative impact on their operations.

But its not all doom and gloom. The survey also provides important insights for businesses and individuals working in compliance to improve their AML processes.

For example, difficulty in identifying and tracking suspicious actors (23%) and a lack of clear regulatory guidance (19%) were identified as additional challenges that need to be addressed.

First AML chief executive Milan Cooper said the emergence of cryptocurrency-related money laundering presents significant challenges for businesses attempting to combat financial crime.

It is clear that current practices only partially address this threat, and that keeping pace with evolving money laundering techniques presents a significant challenge, said Milan.

Businesses need to find effective ways of staying up to date with regulatory guidance, and continue to develop new processes to stay compliant.

This article was developed in collaboration with First AML, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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Survey reveals 73pc of compliance professionals fear cryptocurrency is enabling money laundering - Stockhead

In a surprising move, Russia has turned to cryptocurrency for cross-border settlements and transactions amidst ongoing sanctions following its invasion of Ukraine. The decision to explore this alternative mode of payment has raised eyebrows in the cryptocurrency world and sparked discussions about its potential impact on global trade. Read on for further details.

During the Banks. Transformation. Economy. 2.0 conference in Moscow, Russias Deputy Finance Minister, Alexey Moiseev, discussed the potential use of crypto assets in certain scenarios, specifically in relation to foreign trade activities that are currently restricted by Western sanctions. Moiseev also highlighted that the State Duma, the lower house of the Russian parliament, is currently considering a draft law to regulate this matter.

As reported by RIA Novosti news agency, Moiseev said, Of course, crypto is generally evil. I believe that people who invest their savings there take a very big risk But there may be individual situations in which crypto can be used.

Alexey Moiseev stated that experiments would be conducted if the bill was adopted. He explained that a committee, consisting of representatives from several ministries, the Bank of Russia, and law enforcement agencies, would be formed to grant permission to specific operators to use cryptocurrencies in foreign trade transactions.

According to Alexey Moiseev, the legislative procedure required to provide the legal foundation for the trials would probably not start until the years end. For a long time, lawmakers and government representatives have been debating various facets of Russias regulatory strategy regarding cryptocurrencies.

As Western sanctions on Russia increased following its invasion of Ukraine, state institutions have recognized the necessity of using cryptocurrency for cross-border settlements. While most decentralized cryptocurrencies are still not legalized for transactions within Russia, they are permitted for international payments under special legal regimes that have yet to be established. This shift in perspective highlights the growing importance of cryptocurrency in the face of geopolitical tensions.

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Russia To Use Evil Cryptocurrency For Foreign Trade; Heres Why. - Coinpedia Fintech News

SAN ANGELO, Texas Dr. Joshua Hendrickson, chair of the Department of Economics at the University of Mississippi, will give a special guest presentation at Angelo State University at 5:30 p.m. Tuesday in Room 100 of the Cavness Science Building, 2460 Dena Dr.

In November 2022, the cryptocurrency exchange known as FTX collapsed. The speed with which it collapsed was shocking, especially given the meteoric rise of the company and the reputation of its founder, Sam Bankman-Fried, as an eccentric financial genius.

According to an ASU press release, his presentation titled "Scam, Bank Run, and Fraud," Hendrickson will explore the cause of the collapse of FTX. Was it a scam? A bank run? Fraud? After answering these questions, he will contrast the recent turmoil in cryptocurrency markets with the original cypherpunk vision for a private, electronic form of cash.

Sponsored by the Texas Tech University Free Market Institute at Angelo State University, Hendrickson's presentation is free and open to the public.

Also an associate professor of economics at Ole Miss, Hendrickson's research interests are at the intersection of monetary economics, public finance, political economy and historical economic development.

Within monetary economics, he studies everything from historical monetary institutions to modern monetary policy to Bitcoin. Within political economy, he has used the tools of economics to understand revolutions, the decision to go to war, and how the national defense motive shapes the state and its policies and institutions.

Hendrickson's work has appeared in the Journal of Money, Credit and Banking, the Journal of Economic Dynamics and Control, Macroeconomic Dynamics, the Journal of Economic Behavior & Organization, Economics & Politics, Economic Inquiry, the Journal of Macroeconomics and the Southern Economic Journal. He received his Ph.D. in economics from Wayne State University and his M.A. and B.A. in economics from the University of Toledo.

The Texas Tech University Free Market Institute at Angelo State University aims to advance research and teaching related to the free enterprise system and the institutional environment necessary for it to function well, and to support the missions of the ASU Norris-Vincent College of Business. The institute also develops and operates student and public programming for the benefit of ASU students and the San Angelo community.

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Angelo State to hold presentation on cryptocurrency collapse - MyFoxZone.com KIDY

Any cryptocurrency that has debuted since Bitcoin is referred to as an altcoin (BTC). Some Designers cloned the open-source code of Bitcoin in its early stages to produce alternative currencies. With differing supply cycles and privacy characteristics, various Bitcoin alternatives started to drift more from its forerunner over time.

A proliferation of Bitcoin-altcoin trading pairings appeared alongside altcoins, spurring a rise in market activity as investors took advantage of the erratic nature of these digital currencies to earn high-risk profits. As a greater variety of use cases for the technology have been feasible, the advent of altcoins and their corresponding blockchain networks heralds a period of exploration and maturation within the cryptocurrency sector.

As he anticipates a year of restoring trust,Pantera CEO Dan Morehead claims that this cycles lows for Bitcoin and other cryptocurrencies are behind us. Some market players continue to believe that fresh macro lows are imminent across all crypto assets, despite BTC price movement having marginally reversed after rising 40% in January.Although there is no universal agreement on when such a situation may occur, it is still unclear how the market would recover.But Morehead believes that the moment has come to switch to a bullish position on cryptocurrencies.He said that theyve gone through 35 years of comparable cycles, and Pantera has been through 10 years of Bitcoin cycles.

By ignoring the controversy about the price connection of cryptocurrencies with risky assets like stocks, that viewpoint departs from the majority. This serves as the foundation for several other predictions for 2023, as Cointelegraph will continue to cover.Despite falling below its previous bull market all-time high after the FTX fiasco in November 2022, Morehead said that the market had been well within the historical context following the drop from Bitcoins most recent all-time highs.The median of the normal cycle was represented by the drop from November 2021 to November 2022. The prior bull market was only partially erased by this down market. Giving back 136% of the prior rally in this instance, he noted with supporting evidence.

While Pantera set itself up for a year of rebuilding confidence in centralized finance (CeFi) first and foremost, similar optimism was aimed toward the decentralized finance field. Given the numerous company failures that occurred last year and contributed to the crypto bear market, Morehead argued that this would be required.

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Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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Mooky coin news: Altcoins are presently dominating the cryptocurrency market | Bitcoinist.com - Bitcoinist

Bitcoin and other cryptocurrencies have been seemingly moving in lockstep with the traditional stocks and bonds over the past year amid a bearish market, but on-chain indicators show that correlation is starting to fade.

Cryptocurrencies have long been seen as digital assets that dont follow traditional markets, making them an ideal option to get uncorrelated exposure. Given the recent divergence in performance between cryptocurrencies and traditional assets, that notion may be returning.

In the meantime, cryptocurrency investors dont appear to be buying and selling at a rapid pace relative to recent years, which can account for reduced volatility in the digital asset market. There was certainly a lot of selling in 2022 during the crypto bear market, but on-chain indicators could be signaling the end of downturn.

Although Bitcoin and digital assets are prone to market volatility, a number of on-chain indicators which represent collective human decisions have remained remarkably consistent, a Medium article said. According to Glassnode, several on-chain indicators are pointing to a potential end (or at least a significant improvement) of bear market conditions.

Bitcoin has been vacillating up and down the $30,000 mark most recently, pushing over a 60% gain year-to-date as it continues to recover from 2022s bearish pressure. The price rally was helped by the recent banking crisis as fear and doubt in the traditional financial system may have pushed investors to alternative assets, including cryptocurrencies, as a hedge.

We observe that many of these coins are being held tightly by buyers, while profits are being taken, and network utilization is improving, the article added. All of these factors support Bitcoins strong market performance so far this year.

While cryptocurrencies still have a way to go in terms of getting a regulatory framework in place, this may detract investors from the space. However, theres another option via exchange traded funds (ETFs), which can track the price movements of bitcoin.

As such, a price rally in bitcoin could offer investors opportunity in ETFs, which fall under a regulatory framework for safer investing. Among the ones to consider are the ProShares Bitcoin Strategy ETF (BITO), theValkyrie Bitcoin Strategy ETF (BTF), theVanEck Bitcoin Strategy ETF (XBTF), and theSimplify Bitcoin Strategy PLUS Income ETF (MAXI).

For more news, information, and analysis, visit theCrypto Channel.

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On-Chain Indicators Pointing to End of Cryptocurrency Bear Market - ETF Trends