KYB verification is the process of verifying the identity of a business and its owners, directors, and other associated parties.
As a Business Owner, Implementing a KYB process can have several benefits for your business. This helps you maximize profits and minimize risks.
According to FATF, in February 2023, Nigeria made progress in improving its AML/CFT regime, including improving its legislative framework, assessing ML/TF/PF risks, and implementing targeted financial sanctions.
However, The FATF and FATF-style regional bodies (FSRBs) will continue to work with Nigeria and other countries in the FATF Grey-List as they report on the progress achieved in addressing their strategic deficiencies.
Ice phishing is a type of attack that requires a user to ignorantly sign permissions to allow a malicious actor to spend the user’s tokens. This makes it a threat to Web 3 investors because they need to grant permissions to interact with DeFi protocols.
The proposed custody rule aims to modernize the regulatory framework on how investment advisers offer their products and services to their clients. It also proposes complementary refinements to how advisers report custody information on Form ADV.
Pentesting in relation to compliance is in different aspects. It depends on your company’s profile and regulatory requirements. To enhance your company’s security, it’s not only important to identify the vulnerabilities but you need to take quick action to address them
The blockchain bandits are for now seen as individuals or a group that used the ether-combing process to identify and steal from Ethereum addresses operating with weak private keys. To be on the lookout, as a cryptocurrency user, you are advised to adopt best wallet safety practices.
This Regulatory Sandbox offers all the information required to encourage and support innovation in the Nigerian financial sector. In addition The Central Bank of Nigeria ‘s Sandbox is being introduced in collaboration with Emtech, a provider of contemporary central banking infrastructure.
Money muling is a menace in any given society and you can face various consequences if you become a Money Mule . Money mules, unknowingly or knowingly, have been recruited as money laundering intermediaries for criminals and criminal organisations.There are severe consequences for being a money mule. Do Not Be a Mule!
Zero transfer scam is the new tactics bad actors are using to compromise wallets and swindle users. The scammers use the “Transfer From” function to make a transfer of 0 tokens from any user’s wallet. This creates a fake wallet history with 0 transfers. To maintain safety, users should apply caution and confirm addresses before initiating a transaction.
A&D Forensics is recruiting a Mid Level Compliance Officer for her ‘Compliance as a Service’ (Caas) Client, OBIEX.To apply for the compliance officer job role at Obiex, kindly fill out the application form.
Kraken’s settlement agreement with OFAC emphasizes how crucial it is for crypto compliance teams at crypto businesses including Virtual Asset Service Providers (VASPS), to take initiative in addressing sanctions concerns by using a thorough risk management strategy. From Kraken’s case, we observed that while determining the penalty, OFAC also considered Kraken’s proactive and voluntary implementation of compliance controls to close identified holes as a mitigating factor.
As a Compliance Officer of any Financial Institution or Virtual Asset Service Provider, you should ensure that your compliance tool has the updated list of the sanctioned individuals and entities to avoid transacting with them. This would save your organization from being penalized or sanctioned as well.
Given the regulatory uncertainty surrounding cryptocurrencies, it is important that your start-up business in this space understand their Crypto Compliance obligations.
Hence, we have enumerated five best key Crypto Compliance practices that your start-up business is expected to implement.
With the increasing popularity of cryptocurrencies and the rise in cryptocurrency frauds, the ACFE Lagos Chapter has decided to upskill its members with certification trainings in cryptocurrency investigation and compliance.
Ponzi schemes are adopting new ways of enticing their intended victims with captivating and acclaimed profitable investments. As an investor, whether cryptocurrencies or fiat currencies, ensure you carry out Due Diligence before investing your money on any platform or asset.
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