What is Bank for International Settlements The Bank for International Settlements (BIS) is an international financial institution that acts as a bank for central banks and provides them and other financial supervisory authorities with a platform to exchange information and improve cooperation. What are BIS Responsibilities BIS Publications BIS Virtual asset related reports: BIS Updates
What is the Bank Secrecy Act? The Bank Secrecy Act or ‘BSA‘ is the primary U.S. anti-money laundering regulatory statute (Title 31, U.S. Code Sections 5311- 5355) enacted in 1970 and most notably amended by the USA PATRIOT Act in 2001 in response to the terrorism threat of 9/11. Money laundering (ML) is a big
What is Basel Institute The Basel Institute is an independent non-profit, registered Swiss foundation and an Associated Institute of the University of Basel, dedicated to countering corruption, money laundering and terrorist financing and to improving standards of governance. What Are Basel Institute Responsibilities Basel Institute Publications It provides an annual index on 128 jurisdictions (the
The term beneficial owner has two different definitions depending on the context:· The natural person who ultimately owns or controls an account through which a transaction is being conducted.or· The natural persons who have significant ownership of, as well as those who exercise ultimate effective control over, a legal person or arrangement. By identifying the
Address blacklisting vs. AML The blacklisted addresses anti-money laundering (AML). In practice, it means a list of individuals, companies, or institutions that are considered suspicious or risky for money laundering or terrorist financing. To maintain the integrity and security of the financial system, entities on the so-called blacklist may be subject to intense scrutiny and
Blockchain is a public ledger that records transactions that are performed. This is achieved without any trusted central authority as the maintenance of the blockchain is performed by a network of communicating nodes running the software. Network nodes validate transactions, add them to their copy of the ledger, and then broadcast these ledger additions to
A blockchain address is like a bank account for crypto assets. Bitcoin addresses for example start with either a ‘1’ or a ‘3’ or a ‘bc1’ and is 26-35 alphanumeric characters in length. The address is generated from the private key, which is required to send or receive assets assigned to this address to another