Tag: KYC
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Navigating the Legal Framework: Challenges in Pakistan’s Islamic Banking Sector
Introduction Islamic banking in Pakistan has grown rapidly as lenders seek Sharia-compliant solutions that replace conventional interest-based products with asset-backed and risk-sharing structures. While the sector presents clear benefits—financial inclusion for a broader population, ethical investing, and stable funding models—it also faces a series of legal and regulatory hurdles. Understanding the legal framework and its…
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Iran’s Central Bank Accused of Using Large-Scale Crypto Tied to Farage, Report Claims
Overview of the Allegation A recent report by Elliptic, a crypto analytics firm, alleges that Iran’s central banking system has been moving and storing substantial quantities of cryptocurrency issued by a coin identified as “Teth.” The report, which cites on-chain analysis and tracing techniques, claims that a minimum of $507 million worth of this token…
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Ghana Sets New Rules for International Money Transfer Operators (IMTOs)
Overview of the new IMTO guidelines The Bank of Ghana has unveiled comprehensive regulatory guidelines aimed at International Money Transfer Operators (IMTOs) operating within and into the country. The new framework seeks to formalize registration, strengthen compliance, and improve supervision of international money transfers flowing into Ghana. By establishing clear standards, the central bank intends…
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Alleged Money Laundering: Anya Phan Tied to The Star Case
Overview: Allegations Surround Anya Phan Australian authorities are pursuing a high-profile case involving a self-described fortune-teller, Anya Phan, who is accused of heading a financial crime syndicate. Police say the group defrauded several of the country’s major banks to the tune of hundreds of millions of dollars. In a recently surfaced development, Phan is alleged…
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Illicit Crypto-to-Cash Deals: How Canada’s Loopholes Are Fueling Money Laundering
Canada’s Crypto Landscape: A Growing Risk for Money Laundering Criminals are increasingly turning to crypto-to-cash transactions as a means to move illicit gains through the financial system. In Canada, gaps in registration, registration enforcement, and Know Your Customer (KYC) procedures create opportunities for individuals and organizations to buy or sell digital currencies without proper scrutiny.…
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Illicit crypto-to-cash deals are unlocking new ways to launder money in Canada
Overview: A new avenue for money laundering in Canada Across Canada, concerns are mounting that illicit crypto-to-cash deals are offering new pathways for money laundering. Investigations and undercover reporting have highlighted how some crypto exchange operators and informal platforms appear willing to facilitate large purchases of digital currencies without proper registration, identity checks, or robust…
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Illicit Crypto-to-Cash Deals in Canada: A Growing Challenge for Financial Regulation
Introduction: A new frontier for money laundering in Canada The convergence of cryptocurrency and cash exchanges is creating a troubling loophole for money launderers in Canada. Investigations and industry reports indicate that certain crypto exchange companies have offered to purchase thousands of dollars worth of digital currencies without proper registration or identity verification. While legitimate…