Blockchain researchers use AI to spot Bitcoin money laundering
Finextra
MAY 1, 2024
Researchers from Elliptic, IBM Watson and MIT have used AI to detect money laundering on the Bitcoin blockchain.
Understanding Crypto Money Laundering, and How to Get a Handle on It
Fintech News
JULY 17, 2024
A recent comprehensive report by Chainalysis sheds light on the intricate world of crypto-related money laundering. The Scale of Crypto Money Laundering The magnitude of crypto-related money laundering is staggering. Usage of mixers peaked in 2022, with over US$1.5 billion of value received in April alone.
AMLYZE: Is the Global Anti-Money Laundering (AML) System Broken?
The Fintech Times
APRIL 29, 2024
In the last two decades, anti-money laundering (AML) regulatory framework, processes and mechanisms have not changed much. As a result, fraudsters are capitalising on firms’ inadequacies to spot and deal with money laundering. Is the global anti-money laundering (AML) system broken? What’s the problem?
Bitcoin Daily: Telegram Consents To $18.5M SEC Penalty; ‘AML Bitcoin’ Founder Charged With Money Laundering
PYMNTS
JUNE 26, 2020
In other news, the individual behind the cryptocurrency project that purportedly had anti-money laundering features was brought forward on wire fraud and money laundering charges by the U.S. Department of Justice, Coindesk reported.
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Bitcoin ATMs show gap in EU's money laundering rules, police say
Payments Source
JULY 11, 2019
A Spanish effort to prosecute a gang that used Bitcoin automated cash machines suspected of being a front for illegal-drug payments has exposed a hole in European anti-money-laundering controls, law enforcement authorities in the country said.
ECB's Lagarde: Bitcoin A Money Laundering Tool, Needs More Regulation
PYMNTS
JANUARY 14, 2021
Bitcoin is about to get even more scrutiny by regulators, on a global stage. As reported by Reuters this week, Lagarde said at a conference sponsored by the newswire that bitcoin should be regulated — worldwide. The comments come against a backdrop where bitcoin’s price action has been volatile — to put it mildly.
Young Bitcoin Trader Indicted On Money Laundering Charges
PYMNTS
AUGUST 20, 2018
Charges of money laundering and illegal money transmission have been levied against a 21-year-old bitcoin dealer in California. The charges allege that Burrell sold roughly $750,000 in bitcoin to about 900 individuals throughout the United States over a period that stretched from January 2015 to April 2016.
Bitcoin ATMs used for money laundering, according to DEA
The Paypers
MARCH 8, 2021
During 2020 drug traffickers relied on Bitcoin automated teller machines (ATMs) to carry out illicit money transfers, according to the Drug Enforcement Administration (DEA) of the US Department of Justice.
Cryptocurrency issuers must improve their anti-money laundering game
Payments Source
APRIL 25, 2018
When regulators recognize ICOs as securities offerings, they will likely require issuers to fully comply with standard Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, increasing compliance pressure, according to Ron Teicher, CEO of EverCompliant.
Bitcoin ATM growth may benefit money launderers, report
The Paypers
JUNE 25, 2020
Analytics company CipherTrace has reported that as the number of Bitcoin ATMs increases, they can be used to sidestep anti-money laundering (AML) controls.
Treasury Eyes Cryptocurrencies For Money Laundering
PYMNTS
JANUARY 18, 2018
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, according to a report in Reuters. must comply with the anti-money laundering rules on the books, including the requirement to file reports about suspicious activity.
Bitcoin doesn’t launder money, Mr. Mnuchin. Money launderers do.
Payments Source
MARCH 9, 2020
The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.
Libra To Face Strict Standards To Prevent Money Laundering, Terrorism Financing
PYMNTS
SEPTEMBER 10, 2019
The Paris-based Financial Action Task Force (FATF), an organization which acts as the standard-setter for anti-money laundering (AML) standards around the globe, said it is closely watching the development of Facebook ’s planned cryptocurrency, Libra , according to a report by Reuters. A senior U.S.
Libra To Face Strict Standards To Prevent Money Laundering, Terrorism Financing
PYMNTS
SEPTEMBER 10, 2019
will be required to comply with regulatory standards to prevent money laundering and terrorism financing. Whether it’s bitcoin, Ethereum, Libra, our message is the same to all of these companies: Anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go,” she said.
Bitcoin ATMs could be money laundering vehicles - Bloomberg report
The Paypers
DECEMBER 19, 2018
(The Paypers) Bloomberg has recently released a comprehensive report about how Bitcoin ATMs are being used for money laundering activities.
Bitcoin Daily: OCC Grants Crypto Firm Anchorage Conditional Digital Banking License; Crypto Exchange RG Coins Owner Arrested For Money Laundering
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.
Bitcoin Daily: JPMorgan Trials Ethereum Tech; Japan Sees Rise In Crypto Money Laundering
PYMNTS
MARCH 1, 2019
In other news, there were more than 7,000 cases of suspected crypto-related money laundering reported to police in Japan last year.
Bitcoin Daily: Bitcoin Crests $19,800; Russian Bank To Launch Sbercoin Crypto In 2021
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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Bitcoin Daily: Bitcoin Tops $10K; Malaysia SC To Expand Digital Wallet Regulations
PYMNTS
JULY 26, 2020
Bitcoin surpassed $10,000 on Sunday (July 26) for the first time since June, hitting $10,200, Reuters reported. Bitcoin has been negatively impacted by the pandemic over the past few months, halving for the third time in May and slicing the rewards bitcoin miners earn, per Reuters. ruled that bitcoin is money.
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Fed Chairman Calls For Libra Freeze; Bitcoin Slumps
PYMNTS
JULY 11, 2019
Federal Reserve called for a stop to Libra , Facebook’s proposed cryptocurrency, until the project better demonstrated how it was going to address issues like money laundering and privacy, according to a report by Reuters. Bitcoin was last down 4.5 Jerome Powell testified before the U.S. percent, to $11,164.
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New Zealand Seizes $90M In Bitcoin Fraud Case
PYMNTS
JUNE 22, 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. Gox, the bitcoin exchange based in Japan. In 2017, Vinnik was arrested while on vacation in Greece at the request of U.S. authorities, AP reported.
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Bitcoin Daily: Ethereum Protocol Aave Raises $25M; BOE Head Takes Stance Against Bitcoin
PYMNTS
OCTOBER 12, 2020
Malcolm, according to a press release , boasts a wide background in anti-money laundering and compliance, saying compliance was “non-negotiable, and a prerequisite for exchanges to be embraced by regulators and institutional investors alike.”.
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US Treasury Proposes Sweeping New Disclosure Rules On Bitcoin, Other Cryptos
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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Bitcoin Daily: AML Crypto Regulation Will Be Dictated In June 2019
PYMNTS
OCTOBER 21, 2018
The move aims to stop the use of crypto for money laundering, terrorism financing or other crimes. boosted its regulation of bitcoin and other cryptocurrencies by giving the European Union (EU) expanded anti-money laundering rules that would require traders to say who they are and report any activity that appears to be suspicious.
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Binance, Ripple and Others Respond to SEC Approval of Spot Bitcoin ETFs
The Fintech Times
JANUARY 12, 2024
The US has become the ninth country to approve a spot Bitcoin exchange-traded-fund (ETF) following the Security and Exchange Commission ‘s (SEC) latest announcement. On 10 January 2024, the US regulator approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares. ” Hester M.
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Goldman Takes Bitcoin To Task
PYMNTS
MAY 29, 2020
Bitcoin : not worth much – except what someone else is willing to pay for it. Goldman Sachs’ withering assessment of bitcoin this week may be enough to take some wind out of the sails of those who have been looking for the marquee name in crypto to find its way into mainstream commerce. Meanwhile, money laundering represented $2.8
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Scammers Love Bitcoin, But Consumers Aren’t So Enthusiastic
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 . The Dark Web Likes Bitcoin, Too . For example, the U.S.
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PayPal’s Bitcoin Backing Proves Crypto Is Ready For Prime Time (And Grandma)
PYMNTS
NOVEMBER 30, 2020
When PayPal announced recently that its 350 million users can deposit bitcoin and other cryptocurrencies in their accounts and spend it at 26 million merchants next year, it was characterized as the inevitable advance of digital currency. Bitcoin is like a [crypto] 101 version. Wanted: Big Backers And Government Support.
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Swiss Ski Resort Accepts Bitcoin For Taxes
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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Beyond Bitcoin: Mainstream Acceptance Sparks Push For Everyday Cryptocurrency
PYMNTS
JANUARY 26, 2021
Bitcoin gets all the headlines. But step beyond bitcoin and enter the world of cryptocurrencies approaching mainstream acceptance. At present, he said, a number of factors have inhibited the adoption of bitcoin as a transactional currency, including the fact that it’s expensive and can be very slow.
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Bitcoin Daily: Dutch Parliament Cracks Down On Money Laundering; Busan Considers Launching Its Own Crypto
PYMNTS
JULY 2, 2019
Dutch ministers have revealed plans to regulate cryptocurrencies in order to prevent money laundering in the country. Crime cannot pay.
Bitcoin Daily: Germany’s BaFin Seizes Allegedly Unlicensed Bitcoin ATMs; Police Confiscate $30M In Crypto From Closed Movie Streaming Site In Germany
PYMNTS
AUGUST 7, 2020
The crypto company operates 17 of the 67 bitcoin ATMs in Germany, according to CoinDesk. The police worked with the FBI to trace and identify the Bitcoin involved. He has agreed to hand over the Bitcoin and is reportedly helping authorities find the second operator, who remains elusive. Movie2k.to
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Tales from the Crypto: SBF, the Bitcoin Bottom and Boom, and the Crypto Crime Crash
Finovate
APRIL 3, 2024
On December 13, 2022, Samuel Bankman-Fried, founder and CEO of international cryptocurrency exchange FTX, was charged with two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering. Since then, cryptocurrencies in general and bitcoin in specific, have been on a tear.
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Germany joins French-led moves to regulate bitcoin at G-20 level
Payments Source
DECEMBER 18, 2017
Germany joined European governments pushing for global bitcoin regulation amid mounting alarm that the world’s most popular digital currency is being used by money-launderers, drug traffickers and terrorists.
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Bitcoin Daily: Xapo Stops Credit Payments for Crypto; Former CoinFlux Owner Pleads In Crypto-Laundering Case
PYMNTS
JUNE 14, 2020
Xapo , a crypto wallet and bitcoin custodian, will no longer deal in credit card payments for digital asset purchases, according to an email from the company, as reported by CoinDesk. Xapo will also implement new restrictions on bank transfers, depending on a user’s location.
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Bitcoin Daily: BitBay Will No Longer Support Monero’s XMR; Bitcoin ATMs Coming To More Shopping Malls
PYMNTS
NOVEMBER 26, 2019
The decision was made to block the possibility of money laundering and inflow from external networks,” the firm said, adding that other crypto exchanges have dropped monero over the same concern. “As And Bitstop has announced a partnership with Simon Malls to bring a fleet of Bitcoin ATMs to various shopping destinations.
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Bitcoin Daily: Some Starbucks App Users Can Now Pay In Bakkt Cash; Russia’s Central Bank Says Bill Would Ban Cryptos
PYMNTS
MARCH 16, 2020
Guznov said per reports, “We believe there are big risks of legalizing the operations with the cryptocurrencies, from the standpoint of financial stability, money laundering prevention and consumer protection.”. The company had notified police when it saw surprising activity levels throughout many of its computers.
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97 Bitcoin Tracker: Up, Up And Away?
PYMNTS
FEBRUARY 24, 2017
Is there an alternative, profound French phrase or two that can describe what investors have seen this week with bitcoin? Bitcoin is quickly headed toward fresh three-year highs after jumping up over $100 in value since last week’s tracker. 23) morning, bitcoin had broken $1,150 in value, reaching a high of $1,153.04.
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Is Bitcoin Money? Florida Judge to Decide
Payments Source
JUNE 30, 2016
WASHINGTON — Whether bitcoin is actual currency is at the forefront of a first-of-its-kind money-laundering case in Florida to be decided Friday.
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NY Woman Charged With Laundering Bitcoin … To ISIS
PYMNTS
DECEMBER 15, 2017
A Long Island woman has been indicted on money laundering charges after she allegedly funneled $85,000 through bitcoin and other cryptocurrencies to ISIS. Attorney’s Office in federal court on a number of charges, including bank fraud and three counts of money laundering. .
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Bitcoin Daily: New Data Set To Help Flag Illicit Crypto Transactions; MIT Study Finds Only 2 Pct. Unlawful
PYMNTS
AUGUST 4, 2019
Cryptocurrency compliance company Elliptic has released the Elliptic Data Set, which aims to identify crypto transactions associated with money laundering. The research found that only 2 percent of the 200,000 bitcoin transactions in the data set were illicit, while 21 percent were identified as lawful.
Bitcoin Daily: TV Show Creator Sues Facebook For Bitcoin Ad Scam; Vancouver Cracks Down On Bitcoin ATMs
PYMNTS
JUNE 6, 2019
Dutch billionaire John de Mol, who created the reality TV program “Big Brother,” is suing Facebook for allowing fake ads which used his name and image to commit bitcoin-related fraud that swindled 1.7 In other news, Vancouver’s mayor is suggesting the ban of bitcoin ATMs, as the city’s police called them an “ideal money laundering vehicle.”.
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Bitcoin Is Not Money, Fla. Judge Says, Tossing AML Charges
Payments Source
JULY 26, 2016
Bitcoin is property, not money, a Florida judge ruled Monday in a criminal case against a man accused of money laundering and unlicensed money transmission.
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On The Dark Web, Bitcoin Booms As Usage Up 65 Pct YoY
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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