🚨 FINANCE: US BANKING REGULATORS PROPOSE OVERHAUL OF ANTI-MONEY LAUNDERING RULESThe FDIC, OCC and NCUA jointly proposed new rules Tuesday to modernize AML and counter-terrorism financing requirements for banks and credit unions. The changes align with concurrent proposals from FinCEN and implement the Anti-Money Laundering Act of 2020, the most significant update to the Bank Secrecy Act framework in decades.The proposed rules shift to a risk-based approach, directing institutions to focus more resources on ...

Core Points - Brazil's central bank has released new regulations for trading virtual assets, including cryptocurrencies, aimed at extending existing anti-money laundering and counter-terrorism financing rules to virtual-asset service providers [1][5] - The regulations come in response to the surge in crypto use and concerns over stablecoins being linked to illicit activities [2][3] - The new rules will take effect in February and will cover authorization processes for various financial entities involved in virtual asset transactions [3][4] Regulation Details - Any purchase, sale, or exchange of virtual assets pegged to fiat currency will be classified as a foreign exchange operation, including international payments or transfers [4] - The framework includes governance and security requirements, internal controls, reporting duties, and compliance obligations for virtual-asset service providers [5] - The central bank aims to reduce scams, fraud, and the use of virtual asset markets for money laundering through these new regulations [2][5]