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Uppsala Security Conducts First Virtual Assets AML Training Program for South Korean Government Agency Compliance Officers

Uppsala Security has reportedly conducted the very first “Virtual Assets AML Training Program” for partners and government agency compliance officers.

Uppsala Security, the provider of tools for Crypto Risk Management and Cybersecurity, revealed on May 4, 2021, that it has begun its Virtual Assets AML Training Program via the Crypto Incident Response Center (CIRC).

As mentioned in the announcement:

“The Training Program was initiated as a consequence of the implementation of more exigent special law revisions in South Korea beginning with March 2021. Government agencies and Virtual Asset Service Providers (VASPs) attended the training program and already obtained certified licenses.”

Uppsala Security also noted that at the end of last month, Park Jung-sup, Senior Researcher at the Center for Virtual Asset Damage Response (CIRC), had carried out a 3-day training program for Compliance Monitoring Officers of government agencies in its Korean branch office.

The training covered the following key areas:

  • Basic understanding of blockchain-based virtual assets suspicious transactions
  • Analysis of the flow of stolen funds and the suspected wallet
  • Improvement of tracking capability and real case practice

As noted in the announcement, the courses are divided into UCCA (Associate), UCCP (Professional) and UCCE (Expert), “depending on the training’s level of depth, and upon the training’s completion, trainees can also obtain an Uppsala Certified Cryptocurrency Incident Analysis certificate and license.”

A representative of the Coin&Coin Exchange, which has signed an AML contract with Uppsala Security and also took part within the CIRC training, stated that this was a good opportunity for them to gain an understanding of why AML solutions “specializing in virtual assets are important in order to comply with the special law revision.”

The representative added:

“We are looking forward to learning how to use Uppsala Security’s complex product suite for the swift tracking of alleged cases and to write STR’s evidence for suspicious transactions in next quarter’s training.”

Patrick Kim, CEO of Uppsala Security, remarked:

“I understand that the Korea Federation of Banks recently distributed a draft of ‘Guidelines for Issuing Real-Name Accounts’ to each bank in South Korea, including information on identifying and evaluating Money Laundering risks. Considering that this is a draft related to the Risk-Based Approach (RBA) recommended by the Financial Action Task Force (FATF), exchanges should eventually conduct continuous monitoring (RBA) on virtual assets separately during the VASPs’ business registration period. This means that Crypto-AML and its monitoring training for law-abiding virtual assets exchanges is also essential. We will continue to provide the best service to customers in order for them to fulfill their obligations and comply with current regulations by preventing Money Laundering through continuous operation of education programs.”

Uppsala Security provides virtual asset AML solutions to Samsung Blockchain Wallet users in 19 different countries. It also offers these solutions to Bithumb, Coin&Coin Exchange, Danal Fintech and Hexlant

Uppsala has also helped with “the identification and arrest of a virtual assets fraud suspect through a swift cooperation with the Bithumb Exchange.” Uppsala Security is based in Singapore and maintains business offices in Seoul, South Korea and Tokyo, Japan.

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Your future at stake: Uni of Wyoming allocates $4M to staking three coins

The University of Wyoming is allocating $4 million to running nodes and staking at least three cryptocurrencies.

The news was shared to Twitter on April 28 by Caitlin Long, a Wyoming Blockchain and Fintech Select Committee appointee and founder of Avanti Bank & Trust — a local bank servicing the digital asset sector.

The documentation posted by Long notes the University appropriated $4 million from the state’s strategic investments and projects fund to establish, operate, and maintain “nodes and staking pools for no less than three publicly tradable cryptocurrencies.”

The revenues generated by the University’s staking pools will first be mobilized to cover operational costs, and then to repay the $4 million to the state’s investment fund. Once the investment has been repaid, profits from the University’s staking will be distributed “to support blockchain programs and activities at the university and community colleges throughout the state.”

The expenditure of profits generated through staking is conditional on the University matching every $1 appropriated from the investment fund with at least $2 in either private donations or from the campus’ reserve accounts.

Chris Rothfuss, the senate minority leader of the Wyoming Legislature and Chairman of the state’s Blockchain and Fintech Select Committee, praised the committee’s “herculean effort” in getting the legislation passed.

Many Twitter users have responded to Long’s post with speculation that Cardano (ADA) may be one of the assets the University is intending to stake.

One commenter shared a link to information on a staking pool identified by CardanoStaking.info as being operated by the University of Wyoming’s Advanced Blockchain Lab. As of this writing, the pool has minted less than 10 blocks, and has pledged roughly $60,000 worth of ADA.

In February 2020, IOHK, the company behind Cardano, donated $500,000 worth of ADA to the university’s blockchain lab to advance its research.

Your future at stake: Uni of Wyoming allocates $4M to staking three coins

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Second Turkish Crpypto Exchange Shuts down, Locks Up Customers’ Funds

Another Turkish cryptocurrency exchange, Vebitcoin, has abruptly shut down its operation, citing financial difficulties.  

Vebitcoin Crypto Exchange Shutdown

Vebitcoin’s shutdown is the second to occur in Turkey following the earlier closure of the Thodex crypto exchange.

Information on the Vebitcoin website reveals that the crypto exchange decided to shut its activities since transactions have become more expensive than expected. 

Although the information remains unclear, customers using the cryptocurrency exchange no longer have access to their digital assets. 

Vebitcoin said it regrets the inconveniences caused, adding that customers will be provided with comprehensive information as soon as possible. 

Last week, Thodex shuttered Wednesday. The exchange tweeted that halting trading activities is inevitable due to outside investment and cyberattacks. 

Vebitcoin is one of the smaller crypto exchanges in Turkey. The exchange’s trading volume was $60 million on the last day of trading, according to CoinMarketCap.

Following Vebitcoin’s sudden closure, the Turkish financial crimes watchdog MASAK has frozen all bank accounts connected with Vebitcoin. And an investigation is currently ongoing. 

Authorities Go Tough On Vebitcoin, Thodex

The abrupt shutdown of the Vebitcoin cryptocurrency exchange has attracted the attention of Turkish authorities, leading to the arrest of no fewer than four people in connection to the crypto platform. 

Reuters report captures Mehmet Nadir Yagci’s statement, a prosecutor in the south-western city of Mugla, that the four people arrested and detained are personnel of the crypto trading platform. 

Last week, it was reported that Turkish authorities had issued an international arrest warrant for Faruk Fatih Ozer, the founder of Thodex, having allegedly fled to Albania with around $2bn belonging to investors.

In the same vein, the authorities have also arrested 62 people known to have connections with the Thodex cryptocurrency exchange. 

Meanwhile, Mr. Ozer tweeted that the allegation leveled against him is baseless, stressing that he was in Albania for some official meetings. 

Last week Wednesday, Thodex informed users of the trading platform that it needed five days to address an undisclosed outside investment before suspending trading activities. 

Recently, the Turkish central bank announced that cryptocurrency holders would be prohibited from using their digital assets for payment starting from April 30. 

While all payment providers are banned from offering fiat-to-crypto onramps for crypto exchanges, the authorities still provide room for crypto traders to deposit Turkish Lira through wire transfers.

Second Turkish Crpypto Exchange Shuts down, Locks Up Customers’ Funds

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Italy: Banca Sella and Workinvoice Partner to Build Fintech Services for Corporates

Said to be one of the first open banking partnerships in Italy, Banca Sella and Workinvoice have announced a partnership to develop end-to-end digital financial services for corporates.

According to a note from the company, Workinvoice will integrate digital products for corporates, like services for working capital and factoring, into Banca Sella’s platform. The collaboration between Banca Sella and Workinvoice will provide the bank’s corporate customers with more convenient solutions f0r accessing capital. Factoring is expected to be the first service offered which will allow companies to gain improved liquidity in their payment cycle.

This will be followed by a “digital reverse factoring service” for supply chain financing and will be available to medium-sized companies (revenue of €50M to €300M).

Workinvoice has developed a system that is entirely APIs based that allows for a constant dialogue with the platform provided by Banca Sella, so as to offer the bank’s customers fast, digital services and a simple, intuitive experience.

Doris Messina, Head of Digital Transformation and Marketing at Banca Sella, commented:

“Banca Sella was the first Italian institution to grasp the value that open banking could generate for customers. Therefore, this partnership with the Fintech company Workinvoice is an important part of our innovation process. Collaborations of this kind will make the difference in the future and will allow us to offer even more rapid and effective solutions, which are based on the customers’ needs and seize the opportunities that are made available by technological innovation.”

Matteo Tarroni, CEO and co-founder of Workinvoice, said the partnership with Banca Sella, is a great development for Workinvoice and for Italian corporates.

“Banca Sella’s history delivering the best services for their customers gives Workinvoice a market leading partner to scale best in class digital financial solutions, and, most importantly, gives corporates another tool to address their evolving needs. It also represents a further step in the development of our strategy in embedded finance, that is the integration of fintech services into the offer of financial institutions or corporates. In fact we have already made available truly digital financial services to the customer base of CRIF Group (the leading business information company in Italy) and EnelX (the innovation division of the major Italian utility).”

Tarroni explained that embedded finance has only recently entered Italy but they strongly believe in these types of services.

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Board of Abu Dhabi Global Market Approves Formation of ADGM Authority, Will be Led by Financial Services Veteran Mark Nicholas Cutis

The Board of Abu Dhabi Global Market (ADGM), the international financial center located in Abu Dhabi, has reportedly approved the formation of the ADGM Authority.

ADGM Authority is expected to be led by Mark Nicholas Cutis, who will be serving as the organization’s Chief Executive. He will be taking on this role in June 2021. The newly-established authority will be playing a key role in supporting ADGM’s ongoing growth by taking advantage of the latest trends emerging across the global financial services industry and the developments related to the the post-COVID world.

The main functions of the ADGM Authority will include supporting the Office of Strategy and Business Development, Corporate Services, the Office of Information Security and Enterprise Risk Management.

His Excellency Ahmed Al Sayegh, Minister of State (UAE) and Chairman of ADGM stated:

“Mark joins us at a crucial juncture in ADGM’s growth as we move to our next phase of development as an innovative global financial center and digital business hub. ADGM will continue to play a key role in attracting strong capital inflows for the country as we promote the diversification of the economy spurred by the ongoing energy transition.”

Mark Cutis, CEO at ADGM Authority, remarked:

“As we emerge from the disruption caused by the global pandemic, Abu Dhabi and the UAE will increasingly be recognized as an international bastion of stability and governance, making it a ‘go to’ destination. I look forward to working closely alongside each of the ADGM Authorities in shaping the future of the international financial landscape in the U.A.E.”

Cutis reportedly has over 4 decades of financial and investment experience while working in various banking and investment management roles. Cutis is well-known for his expertise in business and investment deals. He’s also skilled at developing strategic partnerships in order to support governance objectives.

Before joining ADGM, Cutis served as the Group Chief Financial Officer at ADNOC. He also worked as Chief Adviser of Finance and Investments. Prior to working at ADNOC, Cutis has been focused on helping to manage the sovereign wealth fund, Abu Dhabi Investment Council, which he joined back in March 2008.

Before working in different roles in the UAE, Cutis served in senior management roles at major financial institutions. He was MD at Merrill Lynch and Treasurer at the European Bank for Reconstruction and Development, (both roles based out of London offices). He has also worked as CIO at Shinsei Bank and Chief Executive at Bayerische Vereins Bank (Unicredito), with both roles based in Tokyo.

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