In the UK, the Financial Conduct Authority (FCA) assumed oversight of the cryptocurrency's anti-money laundering (AML) and counter-terrorism financing (CTF) activities.
The insurance industry all over the world faces money laundering risks. Due to large fund flows through the insurance industry, insurance companies have to comply with AML regulations.
5AMLD seeks to harmonize 4 AMLDs with modern trends and technologies and to strengthen existing rules on transparency and cooperation between financial authorities.
In this Digital Age, online areas operate quite a lot within the scope of financial transactions. Money laundering activities are increasing so AML transaction monitoring analytics is in higher demand than ever.
Regulations regarding cryptocurrencies are increasing year by year such as AML regulations.
5AMLD of 2018 has promoted the possibilities to develop technologies that can be used to ensure the electronic remote verification of identity.
FATCA is a federal law in the US that demands all American citizens report to the IRS details of any financial accounts if they have any accounts outside the US.