Data-driven content on economies, policy, and innovations in cryptocurrencies.
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.
The aim of cyber security awareness month is to enlighten the general public on how to stay safe online or when interacting with a digital device. This article seeks to give an overview of requirement needed to stay protected on internet as highlighted by CISA
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.
October has been #cybersecurity awareness month for the past 19 years since it was declared by the United States president and congress in 2004.
The theme for these years awareness as co-led by CISA as well as National Cyber security Alliance(NCA) is #SeeYourselfInCyber
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.
As the cryptocurrency space continues to capture the attention of countries all over the world, the United States is obviously not shying away from this momentum. One can ascertain this from the release of executive order on the responsible development of digital assets by President Biden
Web3 is a relatively new technology that promises to greatly improve websites and its underlying application security.The boom and increased acceptance of cryptocurrencies and that of NFTs (Non-Fungible Tokens) has also resulted in web3 projects springing up from every angle
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.
Nigeria forbids the practice of money laundering either with Fiat or Virtual Assets as seen in the Nigerian Money Laundering (Prevention and Prohibition) Act, 2022. A&D Forensics is committed to ensuring the prevention of Money Laundering and Terrorist Financing with Virtual Assets.
As start-ups penetrate the African market at large, the need to perform KYC and verify customers identity becomes crucial. Therefore, no matter what the business domain is, every virtual enterprise needs to maintain an effective compliance KYC (Know Your Customer) onboarding process to prevent illicit activity.
Compliance-as-a-Service (CaaS) providers can help ensure your cryptocurrency start-up adhere to AML laws while saving you the time and money often required to maintain compliance in the cryptocurrency sector with strict regulations.
As a Crypto asset user, Virtual Asset Service Provider or a Money Service Business, you are encouraged to have a Compliance and control set up in your financial institution to avoid transacting with the sanctioned addresses.
The SEC has been extremely clear on digital assets qualifying as securities if they pass the Howey test. Hence, Forsage Founders were charged by SEC for issuing securities and not registering with the commission.
As a Virtual Asset Service Provider, Vasp, you are expected to comply with FATF Regulations. This simply keeps you safe and enables you to identify and avoid High-Risk Cryptocurrency Exchanges. The simplest way you can minimise your risk exposure is to have a robust compliance unit with efficient compliance specialists.
This week’s brief covers news on the 3CS Training, IMF Research on Crypto Usage, ETH dev. sentenced to 63 months in jail and lots more…
This week’s brief covers news on the hydra darknet market shutdown, Bet9ja website hack, NBA embracing Blockchain / Cryptocurrency and lots more…
Always confirm the currency you transact with before concluding NFT transactions. This prevents you from being a victim of NFT bidding scams.
As a project builder, audit your smart contracts to avoid giving opportunities for scammers to exploit your project.
Hydra darknet market was shut down by Germany’s Federal Police on Tuesday, April 5, 2022. Shortly after, a Russian resident was indicted by the Department of Justice on conspiracy charges related to the Hydra market.
The Ronin Network Crypto Heist which happens to be the largest crypto heist in history is a wake-up call for Cryptocurrency Exchanges. This implies that with the increase in cybercrimes, cryptocurrency exchange hacks, wallet hacks etc, cryptocurrency businesses firms and exchanges must be more aware of cyber security practices and implement compliance policies to protect its users.
The Dubai World Trade Centre’s board of directors will establish an Act against offenders.The Act will include possible fines to be imposed on offenders. Meanwhile, VARA is permitted to take actions against individuals who do not comply with the UAE Regulatory Law by VARA. The offenders could be fined or have their permit suspended for not more than six months.
Enhanced Due Diligence, or ‘EDD, is necessary to protect Money Service Businesses (MSBs), Virtual Assets Service Providers (VASPs), and Cryptocurrency Exchanges from financial crimes such as money laundering, terrorist financing, and proliferation financing using cryptocurrencies.
Bringing blockchain and cryptocurrency education to all levels of the Nigerian Law Enforcement organizations is critical. It’s the first step towards agencies being able to detect, trace and seize illegally obtained cryptocurrencies.
OFAC through the OFAC guidance wants all companies, exchanges involved in the digital asset industry to adopt an SCP and also document their efforts adequately when creating and implementing SCPs.
According to FATF, many platforms claim to be decentralized, but their daily operations are managed by a person or organization. Hence, regulators are advised not to depend on a platform’s own attestations while interpreting and implementing the FATF Travel Rule widely.
“By partnering with Chainalysis, we’re providing the African cryptocurrency ecosystem with the investigative and compliance technology that it needs to fully understand blockchain activity.” Adedeji Owonibi, Senior Partner at A&D Forensics.
As a Cryptocurrency user, always confirm your transactions before rendering services. Do not assume that a pending transaction is a confirmed transaction!
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