The Fintech Times

MAY 18, 2024

Crypto exchange, Binance has played a massive part in solving a major crypto-assisted money laundering case in Taiwan involving nearly NT$200million (approximately US$6million). It allowed our investigation team to further unravel the threads and piece together the full picture of the crime, ultimately bringing the suspects to justice.”

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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. The cryptocurrency platforms in the U.S. isn’t the only country looking to crack down on the cryptocurrency market.

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Money Laundering Treasury Cryptocurrency Financial Crimes 47

Clearly Payments

MARCH 11, 2024

In recent years, the rise of cryptocurrency has redefined traditional notions of currency and payment systems worldwide. 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.

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Cryptocurrency Consumer Protection Financial Inclusion Payments 104

The Payments Association

JANUARY 29, 2025

2024 brought significant regulatory action, highlighting persistent weaknesses in financial crime controls across the industry. As we enter 2025, we look back at five significant cases from 2024 and the lessons they provide for organisations aiming to strengthen their financial crime frameworks. billion settlement with the U.S.

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Financial Crimes Crime Due Diligence Money Laundering 88

Neopay

JULY 18, 2024

Money laundering is a pervasive issue, affecting economies and societies worldwide. This clandestine nature makes it challenging to quantify the exact amount laundered annually. Cryptocurrency: Chainalysis reported that $23.8 billion in cryptocurrency was laundered in 2022, representing a 68% increase over 2021.

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Fintech News

FEBRUARY 10, 2025

The world witnessed an alarming escalation in cryptocurrency -related crimes in 2024. trillion in 2024, up 56% from the previous year, the shadow economy of digital crime has grown increasingly sophisticated. Source: TRM Lab’s 2025 Crypto Crime Report USD $2.2 billion stolen in 2024 alone.

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Crime Ransomware Scams Phishing 83

PYMNTS

OCTOBER 21, 2018

The Financial Action Task Force (FATF) announced that it will get one step closer to creating international standards for cryptocurrency when it launches its first set of rules in June of 2019. The move aims to stop the use of crypto for money laundering, terrorism financing or other crimes. Last year, the U.K.

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AML Money Laundering Bitcoin Regulations 79

PYMNTS

JULY 10, 2020

Stablecoins, the virtual currencies which seek price stability, could be the next target for money laundering and terrorist financing, a report found. If stablecoins were to become widespread, it could potentially lead to new risks regarding money laundering and terrorist financing,” FATF President Xiangmin Liu said at the time. “It

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Money Laundering Stablecoins Cryptocurrency Digital Currency 56

FICO

MARCH 6, 2020

In September 2019, Fico and Visma announced their partnership to Offer SaaS Anti Financial Crime Solutions in Western Europe. I also manage the partner channels and programs for our financial crime compliance solutions. In this excerpt from that article, Jürgen elaborates on the importance of compliance. .

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Financial Crimes Crime Compliance Technology 81

FICO

AUGUST 4, 2021

Now, I’m going to cover what it means for the wider financial crime space. It is well known that dealing in art can be a vehicle for money laundering and terrorist finance. And yet they are exchanging hands for huge sums, making them a great vehicle for money launderers. A single grey pixel sold for ~$1.4

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NFTs Money Laundering AML Fincen 66

Fintech News

MAY 12, 2024

The Financial Intelligence Unit (FIU) of India has granted approval to the cryptocurrency exchanges Binance and Kucoin to operate as Virtual Asset Service Providers (VASPs) in the country, according to the Economic Times. Vivek Aggarwal Vivek Aggarwal, Director of FIU-IND, confirmed the approvals during a press interaction.

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Money Laundering Best Practices Financial Crimes Cryptocurrency 111

PYMNTS

JANUARY 14, 2021

As quoted by Reuters, she termed the cryptocurrency a “highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity.” She pointed to the crypto’s use in criminal activity. She went on to say that “there has to be regulation.

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Money Laundering Bitcoin Regulations Central Bank 61

PYMNTS

NOVEMBER 4, 2020

The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. They told investors the money would be going toward investments in virtual currencies. It involved the defrauding of tens of thousands of Brazilian residents for over $200 million, the release stated.

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Fincen Crime Cryptocurrency Money Laundering 93

Fintech News

DECEMBER 13, 2023

In recent years, the world has witnessed a rapid rise in the popularity and adoption of cryptocurrencies. The key to adhering to these ever-changing mandates is to enable compliance teams to remain agile and have the ability to recalibrate or reconfigure their financial crime compliance processes.

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Financial Crimes Money Laundering Crime Risk 117

FICO

FEBRUARY 27, 2019

Recent Asian money laundering scandals continue to shake up the financial world, and the ripple effect is still keenly felt across the region. Asian Money Laundering Scandals: How To Stop Them. Respondents had a difference of opinion on the most effective way to increase money laundering compliance.

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PYMNTS

FEBRUARY 28, 2020

To get a sense of the new frontiers in cybercrime, and how cryptocurrency helps fraudsters cover their tracks or finance their schemes … look, perhaps, to Latin America. Regulations, said the report, are “extremely lax” especially when it comes to Know Your Customer (KYC) and anti-money laundering (AML) efforts.

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Money Laundering Crime AML Cryptocurrency 86

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. Treasury Department proposed sweeping new rules late Friday (Dec. The rationale for the new regulations, as the government laid out in the Federal Register, is that "U.S.

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PYMNTS

SEPTEMBER 29, 2020

Jumio , known for its suite of artificial intelligence (AI)-powered identity verification and online know your customer (KYC) products, is beefing up its anti-money laundering (AML) powers. The Palo Alto-based firm on Tuesday (Sept. The announcement comes on the heels of Jumio’s Sept. As part of the deal, Beam employees in the U.S.

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Financial Crimes AML Crime Money Laundering 61

PYMNTS

SEPTEMBER 29, 2020

Blanco , director of the Financial Crimes Enforcement Network ( FinCEN ), said banks need to be wary of risks with cryptocurrency, according to remarks planned to be given at the ACAMS AML (anti-money laundering) virtual conference on Tuesday (Sept.

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Fintech News

FEBRUARY 27, 2024

TRM Labs’ Global Crypto Policy Review & Outlook 2023/24 delves into the advancements in regulation as well as the regulatory challenges faced by major APAC markets, shedding light on their unique strategies and key developments in navigating the complex world of cryptocurrency. This transition is currently in progress.

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PYMNTS

JUNE 2, 2020

In the first five months of the year, cryptocurrency thefts, hacks and frauds totaled $1.4 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.

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Crime Cross-Border Money Laundering ATM 52

PYMNTS

APRIL 15, 2019

The marketplace operators sell the data to cybercriminals who use it for identity theft, online fraud and other crimes – and the data is worth anywhere from $5 to $200. Crime and Punishment: Money Laundering. Crime pays, no matter what you’ve been told – until it doesn’t. So, what did we learn this week?

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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.

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

PYMNTS

MARCH 1, 2020

government have been attempting to tackle cryptocurrency issues. Secretary of the Treasury Steven Mnuchin said last month that the government would introduce new rules about crypto at the Financial Crimes Enforcement Network. Other areas of the U.S.

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Blockchain Small Business Bitcoin Money Laundering 97

Fintech Review

OCTOBER 1, 2024

A new focus on digital identity verification As the financial landscape continues to evolve, the importance of Anti-Money Laundering ( AML ) and Know Your Customer (KYC) processes has never been more pronounced. These protocols are integral to combating financial crime and ensure regulatory compliance.

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AML Verification Research Consumer 98

PYMNTS

JULY 16, 2019

Treasury Secretary Steven Mnuchin believes that Facebook’s proposed cryptocurrency could pose as a national security threat. 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.”.

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Treasury Security Money Laundering Cryptocurrency 75

Neopay

NOVEMBER 28, 2023

The digital revolution, spearheaded by digital banking, cryptocurrency, artificial intelligence (AI), and digital payment systems, has significantly contributed to the exponential rise in global financial crime compliance costs. As a result, the cumulative financial crime compliance costs have now exceeded an impressive $206 billion.

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Financial Crimes Crime Compliance Money Laundering 52

PYMNTS

AUGUST 14, 2019

Blanco took to the stage at the 12th Annual Las Vegas Anti-Money Laundering Conference yesterday (August 13). The second was the rise of cryptocurrency (though during his remarks he tended to refer to it as Convertible Virtual Currency or CVC). The first is the rise of mobile gaming and gambling. and around the world.

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Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

PYMNTS

NOVEMBER 26, 2018

Deputy Attorney General Rod Rosenstein, is seeking to gain international support in dealing with crimes tied to digital currencies. “We We must not allow cybercriminals to hide behind cryptocurrencies,” Rosenstein said at the the annual meeting of Interpol, according to CoinDesk. “In The United States, through U.S.

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Crime Money Laundering Law Enforcement Correspondent Bank 58

FICO

DECEMBER 17, 2020

Cryptocurrency exchange rates have skyrocketed in the past month. According to a recent report , the total of cryptocurrency related frauds and thefts stands at a staggering $7.69b. At the same time, all top US banks now have customers transacting in cryptocurrency through virtual asset service providers (VASP’s).

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Cryptocurrency Risk Financial Crimes Crime 52

FICO

DECEMBER 23, 2020

It has also opened new doors for criminals, who have rushed to exploit the uncertainty in a pandemic world and devised new money laundering and terrorist financing schemes by taking advantage of loopholes in the regulations, new ways of working aided by advances in technology, and electronic payment innovations.

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Financial Crimes Ransomware Crime AI 52

PYMNTS

JULY 2, 2019

Dutch ministers have revealed plans to regulate cryptocurrencies in order to prevent money laundering in the country. Crime cannot pay. In other news, Busan, South Korea’s second largest city, might launch its own cryptocurrency with BNK Busan Bank , a subsidiary of BNK Financial Group.

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Money Laundering Bitcoin Cryptocurrency Crime 40

PYMNTS

DECEMBER 1, 2020

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. The bank is working with J.P. Dos Santos, citizen of the U.S.

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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. So, use your credit card to buy cryptocurrency that you give a scammer and you might be stuck.

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Bitcoin Consumer Cryptocurrency Scams 93

PYMNTS

AUGUST 12, 2019

A new report has estimated that losses related to cryptocurrency thefts, scams and fraud could reach $4.3 Cryptocurrency security firm CipherTrace revealed that crypto criminals have already stolen more than $1.2 Ultimately, thieves and scam artists will need to launder the cryptocurrency stolen or scammed in Q1 2019.

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Crime Scams Cross-Border Money Laundering 61

Fintech News

APRIL 1, 2024

In Q4 2023, the payment and cryptocurrency sectors were the most targeted industries by identity fraud attempts, accounting for 47% and 32% of these attacks, respectively, a new report by Israeli identity verification company AU10TIX says. Ransomware payments using cryptocurrencies reached US$1.1

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PYMNTS

MARCH 25, 2019

When it comes to financial crime, it seems, the bad guys are getting away with financial murder. The implication, then, is that financial institutions are not doing what they could or should do to detect and prevent financial crimes. One microcosm of fraud and regulatory scrutiny is cryptocurrencies. Even staggering.

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AML Financial Crimes Money Laundering Crime 78