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). ” Combatting crime This case highlights the importance of public-private collaboration in combating new types of financial crime.

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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. Sigal Mandelker, the U.S. He noted that the U.S.

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Money Laundering Treasury Cryptocurrency Financial Crimes 47

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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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 financial terms of Jumio ’s acquisition of Beam’s AML platform were not disclosed. The Palo Alto-based firm on Tuesday (Sept.

Financial Crimes 61

Financial Crimes AML Crime Money Laundering 61

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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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

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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Fintech News

DECEMBER 13, 2023

In recent years, the world has witnessed a rapid rise in the popularity and adoption of cryptocurrencies. As this digital revolution continues to reshape the financial landscape, it is crucial to examine the future of the monetary system and address the challenges the crypto industry faces.

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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. EMEA’s overall financial crime compliance costs are nearly 39.8%

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FICO

DECEMBER 23, 2020

The global pandemic has driven a dramatic change in consumer behavior, not least an exponential rise in the use of digital and mobile channels for banking and financial services, increased competition from fintechs, and the rise of open banking. Here is how we predict banks will endeavor to enhance their financial crimes controls in 2021: 1.

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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

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

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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PYMNTS

NOVEMBER 4, 2020

The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. Cryptocurrency has become something of a go-to method for scammers , according to DOJ, as exchanges are often lightly regulated and there are no easy ways to follow the money.

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Fincen Crime Cryptocurrency Money Laundering 93

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

FICO

JUNE 23, 2022

The Role of Data in Managing Fraud and Financial Crime Today. In case you missed it, FICO World 2022 was a very welcome return to in-person learning and networking for the global fraud detection and financial crime-fighting community. We agreed that the rise of cryptocurrencies is accelerating integration. “If

Financial Crimes 52

Financial Crimes Crime AML Fraud Detection 52

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

AUGUST 12, 2021

They provide added services to customers ranging from personal budgeting and spending alerts to personal funds transfers and cryptocurrency wallets. Open Banking includes new, known AML/CTF threats like money laundering conducted through cryptocurrency exchanges. What is Open Banking? Increased exposure to crypto threats.

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Financial Crimes Compliance Crime Risk 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

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

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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Bitcoin Money Laundering NOV Cryptocurrency 80

The Fintech Times

NOVEMBER 26, 2024

With over 240 million customers across the globe, global blockchain ecosystem and cryptocurrency exchange, Binance is seeking top compliance and investigation talent to ensure it can keep pace with the industry and company’s rapid maturation and growth. “We Morgan where she led the financial crime-related reviews for APAC regions.

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Compliance Financial Crimes Crime Money Laundering 64

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.

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AML Financial Crimes Money Laundering Crime 78

Stax

NOVEMBER 27, 2023

That’s a lot of money being exchanged—and also provides a huge amount of possibility for financial crime. Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks.

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PYMNTS

AUGUST 20, 2018

Charges of money laundering and illegal money transmission have been levied against a 21-year-old bitcoin dealer in California. He had allegedly done so through his bitcoin exchange, but had not registered that same exchange as a licensed money transmitter and did not have appropriate anti-money laundering measures in place.

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Money Laundering Bitcoin Legal Framework Laws 41

PYMNTS

OCTOBER 13, 2020

And, while terrorist use of cryptocurrency is still evolving, certain terrorist groups have solicited cryptocurrency donations running into the millions of dollars via online social media campaigns.”. billion of cryptocurrency reportedly was lost to theft or fraud – double that of the previous year.

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AML Fincen Cryptocurrency BSA 82

PYMNTS

APRIL 15, 2019

Crime and Punishment: Money Laundering. If there’s an upside to the crime-heavy news week, it’s that at least some of the headlines were about people actually getting busted for their illegal activities. 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

NOVEMBER 30, 2020

(CSI) is collaborating with Featurespace to advance a new cybercrime offering to fight money laundering, while the loan payment relief mandated by the federal CARES Act has brought about mixed outcomes. CSI, Featurespace Team up to Fight Money Laundering. Computer Services, Inc.

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AML Money Laundering Non-Bank Liquidity Management 59

PYMNTS

JUNE 22, 2020

Prosecutors allege Vinnik operated BTC-e without anti-money laundering (AML) controls and policies, which resulted in criminals laundering proceeds derived from illegal activities. Treasury’s Financial Crimes Enforcement Network fined Vinnik $12 million and BTC-e a $88.6 for violations of the Bank Secrecy Act.

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Bitcoin Money Laundering Crime Financial Crimes 72

The Fintech Times

AUGUST 19, 2024

Looking to do so, and in turn, advance the development of cryptocurrencies in the country, Bybit , the crypto exchange, has expanded into Argentina. Recently, the Argentine General Inspectorate of Justice (IGJ) approved a company using cryptocurrencies as registered capital.

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Legal Framework Cryptocurrency Money Laundering Card Issuer 64

Finovate

DECEMBER 2, 2024

Mitsubishi UFJ Financial Group (MUFG) agrees to acquire Japanese robo-advisory firm WealthNavi for $664 million. Cryptocurrencies Taiwan expedites implementation of its new Anti-Money Laundering (AML) regulations for cryptocurrency companies. Mortgagetech U.K. ’s retail banking brands.

FinTech 59

FinTech AML Money Laundering Crime 59

PYMNTS

JUNE 16, 2020

But Kellerman and other security experts advocated at the hearing for legislative measures, such as modernizing anti-money laundering (AML) and forfeiture rules and moving the Secret Service to the Treasury Department, to help combat the threat. ” A memo included with the subcommittee’s documents also pointed to the U.S.

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The Fintech Times

NOVEMBER 27, 2024

The partnership will be especially effective as blockchain-related crime is a growing concern. Money laundering and fraud are on the rise and according to Sumsub’s Fraud Report 2024 , the crypto industry was in the top five industries with the highest fraud rates in 2024.

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Transactions Financial Crimes Crime Blockchain 59

The Fintech Times

JANUARY 13, 2024

Fenergo has released their annual financial fines analysis, showcasing that penalties for failing to comply with anti-money laundering (AML), KYC, environmental, social, and governance (ESG), sanctions and customer due diligence (CDD) regulations totalled $6.6billion in 2023, up considerably from $4.2billion in 2022 and $5.4billion in 2021.

Financial Crimes 59

Financial Crimes Due Diligence Compliance AML 59

PYMNTS

JULY 15, 2019

The Financial Action Task Force (FATF) recently released guidelines intended to increase the transparency of digital asset transactions, as regulators push for greater cryptocurrency oversight. 51 percent: Portion of global businesses that plan to invest more in detecting and preventing financial crime.

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PYMNTS

MARCH 4, 2020

The Financial Crimes Enforcement Network (FinCEN) has fined Michael LaFontaine, former chief operational risk officer at U.S. FinCEN encourages technological innovations to help fight money laundering, but technology must be used properly.” . 10, with new regulations for cryptocurrencies, wallets and exchanges.

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AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

FEBRUARY 19, 2020

Financial Intelligence Units (FIUs) from the 39-country Financial Action Task Force (FATF) and the Egmont Group Secretariat gathered in Paris to talk about the global repercussions of virtual assets, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. .

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Fincen Money Laundering Law Enforcement Financial Crimes 60