{"id":2110922,"date":"2023-11-29T12:41:01","date_gmt":"2023-11-29T17:41:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bitcoin-group-taking-steps-against-money-laundering-terrorist-financing\/"},"modified":"2023-11-29T12:45:45","modified_gmt":"2023-11-29T17:45:45","slug":"bitcoin-group-taking-steps-against-money-laundering-terrorist-financing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bitcoin-group-taking-steps-against-money-laundering-terrorist-financing\/","title":{"rendered":"Bitcoin Group: combating money-laundering, terrorist financing"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbitcoin-group-taking-steps-against-money-laundering-terrorist-financing%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2110922&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Bitcoin\u2064 Group \u2062Takes Action to Improve Internal Control System<\/h2>\n<p>November\u2063 29, 2023 \u2013 10:58 AM UTC<\/p>\n<p>BERLIN \u200c(Reuters) \u2013 \u2062Germany\u2019s Bitcoin Group\u2063 (ADE.DE) announced on\u2064 Wednesday that it is implementing measures to enhance its internal\u2063 control system. This comes after the financial\u2064 regulator BaFin ordered its subsidiary futurum\u2063 bank to address deficiencies related\u2063 to money laundering and terrorist financing.<\/p>\n<blockquote>\n<p>&#8220;The Bitcoin Group expressly points out that there are currently\u200b no\u200c indications of \u2063violations of money laundering and terrorist financing laws \u200bwithin the Group,&#8221; the \u2064company stated.<\/p>\n<\/blockquote>\n<p>The company has already taken steps in the \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/japans-olympus-to-sell-microscope-unit-to-bain-for-3-billion\/\" title=\"Japan\u2019s Olympus to sell microscope unit to Bain for  billion\">current financial year<\/a>\u200c to comply with regulatory \u2064requirements and is committed to \u200bresolving the identified issues promptly.<\/p>\n<p>On Tuesday, BaFin identified significant shortcomings at\u200c futurum bank, including internal security measures, fulfillment of\u200b due\u200b diligence obligations, and the system \u200bfor reporting suspicious activity.<\/p>\n<p>&#8220;We are actively collaborating\u2064 with BaFin to swiftly address the criticized weaknesses in our internal processes,\u2062 which have not kept pace with the company&#8217;s growth in recent years,&#8221; said Bitcoin Group Chief Executive Marco \u200cBodewein.<\/p>\n<h3>Additional News:<\/h3>\n<ul>\n<li>Independent Journalists Matt Taibbi, Michael Shellenberger, and Alex Gutentag shed light on the Censorship \u200cIndustrial \u200dComplex.<\/li>\n<li>Rep. George Santos faces another expulsion vote, Hunter Biden\u200c will testify\u200b before Congress, and Warren \u200cBuffet bids farewell \u200bto Charlie Munger.<\/li>\n<li>The\u2062 Senate \u2062Judiciary Committee holds a \u200dhearing on \u2062Americans&#8217; Second \u200dAmendment Rights and their right to safety.\u2063 One America&#8217;s Chloe Hauxwell provides insights.<\/li>\n<li>Missouri Congressman Eric Burlison\u2063 accuses Hunter Biden of trying to avoid\u200d difficult questions in the Biden Impeachment Inquiry.<\/li>\n<li>Electric vehicles continue to struggle with\u2063 reliability issues\u200b related to charging and batteries, despite\u200b high consumer demand.<\/li>\n<li>Amazon aims to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/portland-teachers-reach-tentative-deal-to-end-strike\/\" title=\"Portland teachers have reached a tentative agreement to end their strike\">attract big corporate customers<\/a> to its AWS cloud computing service with\u2064 a new chatbot for businesses.<\/li>\n<li>Some cryptocurrency ETF pioneers plan to stay out of\u2063 the fierce\u200b industry battle for market\u2063 share.<\/li>\n<\/ul>\n<p><sub>Writing by Rachel MoreEditing by\u2062 Madeline Chambers and \u200cMiranda Murray<\/sub><\/p>\n<\/div>\n<p> <\/p>\n<h2> How is the Bitcoin Group working \u200bwith BaFin to improve \u200dits internal\u200d control \u200dsystem?<\/h2>\n<p><span>  \u2063Terrorism financing.<\/p>\n<p>The Bitcoin \u200cGroup\u2063, which operates as a\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jpmorgan-ceo-apologizes-after-mild-joke-about-chinese-communist-party\/\" title=\"JPMorgan CEO Apologizes After Mild Joke About Chinese Communist Party\">financial service provider<\/a> in the cryptocurrency sector, has been \u200bworking\u2062 closely with BaFin to identify and rectify any \u2062shortcomings in its \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-china-sends-regulators-to-hong-kong-to-assist-u-s-audit-inspection-sources\/\" title=\"Exclusive-China sends regulators to Hong Kong to assist U.S. audit inspection-sources\">internal control system<\/a>. \u200dThe regulator&#8217;s order \u200cto futurum\u2063 bank specifically highlighted the need for better measures to detect and prevent money laundering and terrorism\u2063 financing activities.<\/p>\n<p>In\u200b response, \u200cthe Bitcoin Group\u2063 has taken several immediate actions to address these concerns. \u2064It has appointed a dedicated team of compliance officers who will oversee the company&#8217;s adherence to regulatory requirements and ensure the \u200beffectiveness of its internal control system. These officers will work closely with BaFin to continuously assess and improve the company&#8217;s anti-money laundering and counter-terrorism financing measures.<\/p>\n<p>Furthermore, the Bitcoin Group\u2063 has invested in advanced technology and software solutions to bolster \u200bits ability\u200c to monitor and analyze financial transactions. \u200dThe aim is to detect any\u2064 suspicious\u2064 activities and promptly report them \u200bto the relevant authorities. This includes implementing robust\u2063 customer identity verification processes and transaction monitoring systems to ensure compliance with know-your-customer (KYC) and anti-money laundering (AML) regulations.<\/p>\n<p>Additionally, the Bitcoin Group\u2063 is enhancing its \u200bstaff\u200d training programs to \u2063raise awareness and understanding of the risks associated with money laundering \u2062and terrorism\u2062 financing. All employees will receive updated training \u2062on relevant laws, regulations, and reporting obligations in order to strengthen the \u200dcompany&#8217;s overall compliance culture.<\/p>\n<p>These measures demonstrate the Bitcoin Group\u2063&#8217;s commitment to maintaining a strong and effective internal control system. By taking proactive\u2063 steps to address the concerns raised by \u2064BaFin, the company \u2064aims to ensure the highest levels of transparency, \u200dintegrity, and compliance with the applicable regulations.<\/p>\n<p>In a\u2063 statement, the CEO of the Bitcoin Group\u2063 emphasized the importance of a robust internal control system in the cryptocurrency industry. He stated, &#8220;As a leading\u2062 player in the cryptocurrency\u2062 sector, we recognize the need for stringent measures to prevent illicit activities.\u2063 By\u2062 actively working \u2064with \u2063regulators and implementing enhanced controls, we are committed to upholding the highest standards of integrity and safeguarding the reputation of our company.&#8221;<\/p>\n<p>The Bitcoin Group\u2063&#8217;s actions are commendable\u200c and\u200d reflect a responsible approach towards regulatory compliance in the rapidly \u2063evolving world of cryptocurrency. \u2063As the industry continues \u200cto \u200bgain mainstream acceptance and recognition, it \u200bis imperative for companies operating in this space to prioritize \u200band continuously improve their \u200dinternal control systems.<\/p>\n<p>By strengthening its capability to combat money laundering and \u2063terrorism financing, the \u200bBitcoin \u2064Group\u2063 sets an example\u2064 for other players \u2063in \u2062the sector. It demonstrates \u2063the industry&#8217;s readiness to collaborate with regulators\u200d and actively contribute \u2064to global efforts in combating \u2062financial crimes.<\/p>\n<p>It is hoped that the measures \u2063taken by the Bitcoin \u200cGroup\u2063 will serve as a benchmark\u2064 for others, further enhancing the reputation of\u200d the cryptocurrency sector as a legitimate \u200cand trustworthy financial\u2062 industry.<\/p>\n<p>Disclaimer: This article is for informational purposes only.\u2062 The content does not constitute investment\u200b advice or\u2064 an endorsement\u200c of any particular investment. \u200dPlease do your own research before investing\u2063 in any digital assets\u2062 or cryptocurrencies.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>November 29, 2023 \u2013 10:58 AM UTC BERLIN (Reuters) \u2013 Germany&#8217;s Bitcoin Group (ADE.DE) is enhancing its internal control system following BaFin&#8217;s directive to address money-laundering and terrorist financing issues at its subsidiary, futurum bank. The Bitcoin Group emphasizes the need for improvements in this regard<\/p>\n","protected":false},"author":1911,"featured_media":2110923,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2110922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2110922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1911"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2110922"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2110922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2110923"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2110922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2110922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2110922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}