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New York rejects crypto currency exchange license

Nothing a dramatic lack of AML oversight, the lack of transparency and the possible concealment of beneficial owner information and funds involved in transactions, the New York State Department of Financial Services has rejected the license application.

The risk of transitioning with Iran, North Korea and with fake names was highlighted as well.

 The department, also known as NYDFS, separately questioned the competency of Bittrex’s compliance officer in light of the “severity of the deficiencies.”

Management was noted to have shown very little or no interest to follow compliance recommendations or to put in place effective resources for control and for the prevention of financial crime.

Other areas of the professional obligations of the firm, where noted as simply “non-existent” as users were found to be registered as “doland duck” and “your mum”.

https://www.riskscreen.com/kyc360/news/new-york-rejects-crypto-firms-license-bid-over-aml-concerns/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.

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