PYMNTS

OCTOBER 21, 2018

The move aims to stop the use of crypto for money laundering, terrorism financing or other crimes. Treasury’s financial crime unit is picking up enforcement of cryptocurrency platforms that don’t have strong internal mechanisms in place to prevent money laundering. Last year, the U.K. Last year, the U.K.

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PYMNTS

JUNE 2, 2020

Crypto intelligence company CipherTrace’s “ Spring 2020 Cryptocurrency Anti-Money Laundering and Crime Report ” revealed the thefts have escalated in the wake of the COVID-19 pandemic and ensuing global economic crisis. bitcoin ATM users sent more funds to high-risk exchanges than low-risk exchanges in 2019.

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Crime Cross-Border Money Laundering ATM 52

PYMNTS

JANUARY 13, 2021

Department of Justice (DOJ) sentenced the owner of Bulgarian crypto exchange RG Coins to 121 months in prison for money laundering, according to a press release. After receiving payments, the conspirators would convert them to cryptocurrency and send that to money launderers abroad, like Iossifov.

Money Laundering 52

Money Laundering Office of the Comptroller of the Currency OCC Online and Mobile Banking 52

PYMNTS

DECEMBER 1, 2020

Bitcoin saw a new all-time record high on Monday (Nov. Bitcoin’s price has been steadily rising in recent weeks, climbing above $19,000 last week , thanks to the pandemic-driven shift toward digital payments and cryptocurrency adoption by several mainstream companies, including Square and PayPal. Eastern Time.

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PYMNTS

DECEMBER 18, 2020

18) that the government says would make convertible digital currencies like bitcoin less attractive to criminals engaging in crimes such as ransomware attacks. Bitcoin is a popular example. Treasury Department proposed sweeping new rules late Friday (Dec.

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PYMNTS

OCTOBER 7, 2020

With transactions that become irreversible almost instantaneously, bitcoin and other cryptocurrencies are winning new converts — among scammers eager to avoid credit card chargebacks that can eat into their ill-gotten gains. Jack Dorsey Likes Bitcoin, But So Do Crooks . For example, the U.S. A month earlier, the U.S.

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PYMNTS

JULY 2, 2019

Dutch ministers have revealed plans to regulate cryptocurrencies in order to prevent money laundering in the country. Crime cannot pay. As part of the plan, the ministers propose tightening the regulation of cryptocurrency services and initial coin offerings (ICOs), as well as boosting investments in projects to prevent crimes.

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PYMNTS

JANUARY 30, 2020

Zermatt, a ski resort town of 5,400 residents in Switzerland, has decreed that cryptocurrency bitcoin can now be utilized to pay taxes and other government services, Bloomberg reported. Mayor Romy Biner-Hauser confirmed that her residents can now pay for an array of traditional government services using bitcoin.

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PYMNTS

MARCH 1, 2020

Secretary of the Treasury Steven Mnuchin said last month that the government would introduce new rules about crypto at the Financial Crimes Enforcement Network.

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Blockchain Small Business Bitcoin Money Laundering 97

PYMNTS

JUNE 23, 2020

New Zealand police have frozen $90 million they say belongs to alleged bitcoin scammer Alexander Vinnik in what’s being called the country’s largest money seizure ever. Vinnik has denied the allegations, saying he was merely a consultant to the BTC-e platform and unaware of any illegal activity, according to the AP. 10 of this year.

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Bitcoin Digital Currency Money Laundering Crime 75

PYMNTS

MAY 20, 2020

And now the fraudsters, increasingly, seem to be eyeing bitcoin, the marquee name in cryptocurrency, as coin of the realm across the dark web. It should be noted that the value of the activity rose, due in part for the price per bitcoin advancing through the period (thus the total number of transactions decreased).

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Bitcoin Scams FBI Cryptocurrency 55

Fintech News

APRIL 1, 2024

The price of bitcoin increased by a staggering 55.56% in Q4 2023, soaring from US$27,000 in October 01, 2023 to US$42,000 in December 31, 2023, data from Coinmarketcap show. Growing focus on the crypto sector comes on the back of increased prices during the last quarter of the year.

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Ransomware Payments Scams Bitcoin 105

Payments Source

JULY 14, 2017

India is considering tracking digital currencies like bitcoin through the central bank and capital markets regulator along with intelligence agencies to monitor money laundering and terrorist financing, people with the knowledge of the matter said.

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Digital Currency Money Laundering Crime Central Bank 60

PYMNTS

JULY 16, 2019

government has developed a plan that aims to fight financial crimes, including “action on crypto-assets.”. The Economic Crime Plan from H.M. Treasury and the Home Office wants to change the way economic crime is handled by boosting cooperation between government, law enforcement and the private sector. “To

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Credit Cards Crime Law Enforcement Blockchain 40

PYMNTS

DECEMBER 21, 2020

with money laundering, fraudulent banking and computer fraud, Reuters reported. “It It is not yet clear whether he participated actively in the theft or if he simply decided not to increase security measures after discovering it,” Ivano Gabrielli, director of the national center for cyber crimes (CNAIPIC), told Reuters.

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PYMNTS

MAY 12, 2020

Bitcoin has long been the marquee name — shorthand, if you will — for the cryptocurrency space. And in recent months, the ride has been wild for bitcoin pricing amid the pandemic. On the other hand, bitcoin is also well off of its all-time highs of just under $20,000. bitcoin exchange.). based crypto exchanges.

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Bitcoin FBI Cryptocurrency Scams 60

PYMNTS

NOVEMBER 26, 2018

Deputy Attorney General Rod Rosenstein, is seeking to gain international support in dealing with crimes tied to digital currencies. “We Also in Europe, the man who blew the whistle on Danske Bank, pointing to money-laundering activities, has said that U.K. The United States, through U.S.

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Crime Money Laundering Law Enforcement Correspondent Bank 58

PYMNTS

SEPTEMBER 20, 2016

While various criminals have tried it, the “bitcoin isn’t money, therefore I can not be guilty of a financial crime” defense never really works out. “Bitcoins are funds within the plain meaning of that term,” Nathan wrote. The latest such decision comes care of U.S.

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PYMNTS

FEBRUARY 28, 2020

In a report titled “The Dark Side of Latin America,” IntSights, which monitors cyberthreats, said Latin America is among the top regions for money laundering, done at least in part through cryptocurrency, and that such tactics are favored by organized crime. The tailwinds for cybercrime? IntSights reported that there were 453.7

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Money Laundering Crime AML Cryptocurrency 86

PYMNTS

AUGUST 3, 2018

After a federal jury found him guilty of money laundering, Thomas Mario Costanzo has been sentenced to 41 months of imprisonment by U.S. In addition, Snow ruled on the forfeiture of the nearly 81 bitcoins Costanzo provided to an undercover agent in a money laundering transaction then worth $107,000. Murray Snow.

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Bitcoin Money Laundering Law Enforcement Cryptocurrency 40

PYMNTS

AUGUST 12, 2019

The research also showed major shortcomings in certain crypto regulations, with cross-border bitcoin payments from U.S. Furthermore, this will require innovative new ways to cash out, and turn all that tainted virtual money into clean, spendable fiat currencies. trillion, 11.5 percent of the world’s wealth, is hidden offshore.

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Crime Scams Cross-Border Money Laundering 61

PYMNTS

OCTOBER 13, 2019

financial regulators have warned firms with registered digital assets that they must follow securities laws to prevent money laundering, as well as report any suspicious activity. Both the SEC and CFTC have issued guidance on their positions on certain digital assets, including bitcoin and ether. Earlier this year, U.S.

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Laws Regulations Money Laundering Security 49

PYMNTS

OCTOBER 6, 2017

Russia is alleging that a Greek court’s decision to extradite a suspected Russian money launderer to the United States is a violation of international law. Vinnik is the accused mastermind behind a $4 billion bitcoin laundering ring and is one of seven Russians arrested or indicted on U.S. Officials in the U.S.

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Laws Bitcoin Money Laundering Crime 43

PYMNTS

FEBRUARY 26, 2020

Following a five-day trial in the Western District of Washington, Kvashuk was convicted of five counts of wire fraud, six counts of money laundering, two counts of aggravated identity theft, two counts of filing false tax returns, and one count each of mail fraud, access device fraud, and access to a protected computer in furtherance of fraud.

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IRS Identity Theft Crime Digital Currency 82

PYMNTS

FEBRUARY 14, 2020

12) that the federal government would be rolling out new regulations regarding cryptocurrency at the Financial Crimes Enforcement Network (FCEN). BlockFi caught people’s attention last year when it started providing interest-bearing accounts for offering returns paid out in Bitcoin or Ether.

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Bitcoin Fincen Federal Reserve Cryptocurrency 56

Clearly Payments

MARCH 11, 2024

Cryptocurrency, such as Bitcoin, Ethereum, and others, operates on decentralized blockchain networks, enabling secure, peer-to-peer transactions without the need for intermediaries like banks or financial institutions. The Proceeds of Crime and Terrorist Financing Act (PCMLTFA) also applies to cryptocurrency transactions.

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Payments Source

NOVEMBER 20, 2019

Yet that figure is relatively low compared with other digital assets such as bitcoin, according to the fintech Elliptic.

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Crime Bitcoin FinTech Money Laundering 69

PYMNTS

MAY 25, 2018

And it comes to show that cryptocurrencies aren’t just being used for crimes: They are stolen through criminal activity as well. And Revolut is now allowing users to buy and hold bitcoin cash and Ripple, TechCrunch reported. The figure, which was released on Thursday (May 24), includes both unreported and reported thefts.

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PYMNTS

AUGUST 28, 2019

While our government professes to abhor organized crime and money laundering, it takes a hands-off approach to organized crime firms using cryptocurrency, many of them based in Eastern Europe. The current policy is a non-policy.

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Money Laundering Cryptocurrency Crime Bitcoin 46

PYMNTS

SEPTEMBER 22, 2019

Nevertheless, the decision to end trading support for the crypto-asset was also made to block the possibility of money laundering and inflow from external networks. And blockchain forensics firm CipherTrace has launched a new mobile tool that can flag suspicious bitcoin and ethereum tokens, according to CoinDesk.

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Blockchain Bitcoin Money Laundering Financial Crimes 53

PYMNTS

JULY 16, 2019

In a press conference on Monday (July 15), Mnuchin warned that Libra “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.”. They have a lot of work to do,” he said, according to CNBC.

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Treasury Security Money Laundering Cryptocurrency 75

PYMNTS

FEBRUARY 19, 2020

Cryptocurrency-related crimes have skyrocketed in the past year. In other news, the Financial Conduct Authority’s anti-money-laundering initiatives have led to complications for EPayments Systems, which had one million user accounts frozen on Tuesday. The electronic money institution, authorized by the U.K.,

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IRS Cryptocurrency Digital Currency Money Laundering 67

The Paypers

APRIL 22, 2019

(The Paypers) The Financial Crimes Enforcement Network (FinCEN) has penalised a “peer-to-peer cryptocurrency exchanger” for breaking anti-money laundering (AML) rules.

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Fincen AML Money Laundering Laws 28

CoinRemitter

JULY 9, 2024

The United States Department of the Treasury has also flagged DeFi’s financial crime risks in a 2023 report and sanctioned Tornado Cash for aiding money laundering and sanctions evasion, a decision upheld by courts despite industry protests.

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Stablecoins Financial Crimes Cryptocurrency Money Laundering 40

PYMNTS

OCTOBER 1, 2020

It said that the company was mandated to register the Commodity Futures Trading Commission as well as create and keep an “adequate” anti-money laundering (AML) effort, according to the release. The DOJ said BitMEX long handled and sought business from U.S. Attorney Audrey Strauss said in the release. 1) announcement.

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AML Money Laundering Bitcoin Crime 54

PYMNTS

MARCH 27, 2017

But developers are working to bring the seedier side of bitcoin to a close. Recently, the nation’s cybercrime police unit claimed to have successfully prosecuted drug traffickers based on bitcoin transaction information sourced by a specialized software developed by the Danish National Cyber Crime Center.

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Cryptocurrency Law Enforcement Money Laundering Security 44

PYMNTS

JANUARY 31, 2020

And finally, there’s bitcoin, which has seen its use, transacting, trading and popularity fall off of late — except for among one group: criminals. And, speaking of things that may not be the future of financial services… Bitcoin, The Currency Of Digital Crime . But that future won’t be built by bitcoin.

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