beFITTERの‌価格FIU

GERMAN authorities conducted a major AML operation today (Tuesday), seizing 13 crypto ATMs used for trading Bitcoin and other cryptocurrencies. Financial services regulator BaFin, supported by police and Bundesbank officials, also confiscated nearly €250,000 in cash. The raids took place at 35 locations across Germany. BaFin stated that the seized ATMs were operating without the necessary authorization and posed significant money laundering risks. The ATM operators now face prosecution and could be sentenced to up to five years in prison. In a statement, BaFin explained that the operation was carried out with the assistance of “police, the Deutsche Bundesbank, and in coordination with the Federal Criminal Police Office (BKA).” “Converting euros into cryptocurrencies and vice versa constitutes commercial proprietary trading or a banking transaction, which under the law (Section 32 of the Banking Act) requires BaFin’s explicit permission,” the regulator noted. “The authorization requirement safeguards the integrity of the financial system and consumer protection. Trading in crypto assets carries significant risks, including the possibility of total loss,” it added. Some crypto ATMs also attract users with criminal intentions. For transactions exceeding €10,000 in cash, the identity of the customer must be verified (“Know Your Customer” or KYC procedure). If there are indications of illegal money origins or connections to terrorist financing, a report must be submitted to the Central Office for Financial Transaction Investigations (FIU). ATMs that fail to comply with these due diligence obligations are prone to money laundering due to their anonymity. “BaFin acts in the public interest, aiming to ensure a functional, stable, and trustworthy financial system in Germany. Customers of banks, insurers, and investment service providers should be able to trust the financial system,” the regulator emphasized. The Financial System Integrity (IF) Division, alongside the Resolution and Money Laundering Prevention Division, is responsible for evaluating authorization requirements and prosecuting unauthorized transactions. It works closely with BaFin’s Money Laundering Prevention Department.

Cryptocurrency mixers or blenders, are infamous for their involvement in money laundering; South Korea is considering regulating them in an effort to curtail illegal financial activity. Concerned about criminal groups’ abuse of crypto mixers, the nation’s Financial Intelligence Unit (FIU) is considering potential solutions. Importantly, this action is being taken in response to rising worldwide concerns over the possible abuse of these technologies. Contemplating Stringent Laws Reportedly, the Financial Intelligence Unit of the Financial Services Commission (FSC) in South Korea is preparing to crack down on crypto mixers that have grown popular among money launderers. One source in the sector claims that the Korean government is considering cracking down on crypto mixers owing to the absence of punitive penalties in the country. At the same time, a FIU official was quoted by Decenter as voicing alarm over the subject. The FIU official voiced his alarm over the fact that crypto mixers pose a significant danger of money laundering and said that authorities “sympathize with the problem” and are aware of the seriousness of the situation. At the same time, the report revealed that the government is contemplating stringent laws for crypto mixers in an effort to limit illegal financial operations. Put simply, what started out as a way for crypto mixers to safeguard user anonymity has now become a means for illicit groups and hackers for laundering money. Because of the crypto mixers’ notoriety for facilitating the splitting and mixing of cryptocurrencies, it is difficult to track funds and keep tabs on illegal activity. The US has introduced anti-money laundering (AML) legislation last year, which is a step in the direction toward regulating crypto mixers. Moreover, it placed sanctions on crypto mixers like Tornado Cash. $FIU

India has seen a surge in crypto-related scams over recent years. In late June, law enforcement in Hyderabad began investigating the Max crypto trading Ponzi, which defrauded at least 50 investors out of $200,000. During the same month, the ED froze $3.83 million in cash and assets related to the Highrich online group, suspected of a similar crypto investment scam. In May, the agency cracked down on the “E-nugget” scam, which swindled over $10 million from victims under the guise of a gaming platform. India’s Financial Intelligence Unit has expressed concerns about the potential misuse of cryptocurrency exchanges for money laundering. Crypto-based service providers in India must register with FIU-India and comply with the PMLA Act.