News & Events

Introduction

On October 28, 2021 the FATF issued its promised updated guidance for virtual assets (VAs) and virtual asset service providers (VASPs). The FATF thoughtfully collected insight from the industry and consulted transaction monitoring firms, including Merkle Science, to better-understand how crypto crime has evolved and how crypto is being used for illicit activity. The updated  guidance addresses many of the most pressing issues in the crypto industry identified from the FATF’s Second 12 Month Review of the Revised FATF Standards on VAs and VASPs. It offers clarifications to standards established in its previous draft guidance, including DeFi, peer-to-peer (P2P) transactions, stablecoins, the Travel Rule, and more.

Singapore — October 28, 2021 — Merkle Science, the leading predictive blockchain monitoring and investigative platform, today announced a landmark partnership with Singapore-based major payment institution, FOMO Pay, that enables digital transformation for financial institutions and enterprises. 

On 6 October 2021, Deputy Attorney General Lisa O. Monaco announced the creation of the United States Department of Justice’s National Cryptocurrency Enforcement Team (NCET). The NCET aims to tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure. The NCET will also assist in tracing and recovery of assets lost to fraud and extortion, including cryptocurrency payments to ransomware groups. Recognizing that crypto has become the preferred means of exchange of value on “dark markets” for illegal drugs, weapons, malware, and other hacking tools, NCET also aims to foster the development of expertise in crypto and blockchain technology across all aspects of the NCET’s work. In an interview, Deputy Attorney General Lisa O. Monaco noted that “if cryptocurrency exchanges want to be the banks of the future, we need to make sure people can have confidence in these systems.” 

Last week, Germany became one of the first European countries to require crypto businesses to comply with the FATF Travel Rule. While the Germany regulator may grant VASPs grace periods for up to one year -  perhaps due to the lack of a viable, working solution — VASPs would need to take steps to ensure risk mitigation, such as the prevention of certain types of transfer. 

Global predictive blockchain analytics firm adds venture investment heavyweight Dean Carlson as a board member to support entrance into U.S. market

On 21 September 2021, the United States Department of the Treasury announced that it will sanction Czech Republic and Russia-based virtual currency exchange SUEX OTC for its part in facilitating financial transactions for ransomware attacks. Further, the Department of Treasury’s Office of Foreign Assets Control (OFAC) also issued the Updated Advisory on potential sanctions risks for facilitating ransomware payments in efforts to counter ransomware.

On 13 September 2021, the Central Bank of the UAE (CBUAE) issued new guidance on transaction monitoring and sanctions screening for its licensed financial institutions (LFIs). As per the official press release, the Guidance aims to promote the understanding and effective implementation by LFIs of their statutory anti-money laundering and combatting the financing of terrorism (AML/CFT) obligations. LFI’s have until mid-October to demonstrate compliance with CBUAE’s new AML guidelines.

Global predictive blockchain analytics firm officially launches in the United States

Merkle Science is proud to announce that we are now ISO/IEC 27001:2013 certified! As of 9 August 2021, Merkle Science received a certificate of registration stating its compliance with the ISO standards for IT security. The scope of the registration includes design, development, and release of ‘Blockchain Monitor’ and ‘Blockchain Investigator’ products, as well as support functions such as HR, IT, and information security.

Merkle Science, a leading provider of blockchain transaction monitoring and intelligence solutions, is now an associate sponsor of Code of Practice, launched by the...