PYMNTS

JUNE 19, 2019

The G7 wants to create a working group that will investigate how to make sure that there are proper controls against the threat of money laundering with cryptocurrencies as well. The world’s governments, specifically regulatory and law-enforcement authorities, are essential partners in this endeavor.”.

Money Laundering 77

Money Laundering Law Enforcement Cross-Border Cryptocurrency 77

PYMNTS

MARCH 27, 2017

As far as cryptocurrencies have come in recent years, a number of security and fraud risk elements still remain. Chainalysis collaborates with Europol to link digital identities to digital currency, helping banks and law enforcement investigate suspicious activity. “We

Cryptocurrency 44

Cryptocurrency Law Enforcement Money Laundering Security 44

PYMNTS

DECEMBER 29, 2020

With it, financial institutions need to strengthen their compliance to mitigate the risk of running afoul of the law. One recent example of a response to the proliferation was the inclusion of a long-fought anti-money laundering (AML) provision within the recently passed defense spending bill in the U.S.

AML 108

AML Money Laundering Compliance Law Enforcement 108

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.

Bitcoin 93

Bitcoin Consumer Cryptocurrency Scams 93

PYMNTS

JUNE 19, 2019

The announcement of Facebook’s Libra has buoyed other cryptocurrencies, especially Bitcoin, which gained in the neighborhood of 12 percent this week, to $9,477. The G7 wants to create a working group that will investigate how to make sure that there are proper controls against the threat of money laundering with cryptocurrencies as well.

Bitcoin 72

Bitcoin Law Enforcement Money Laundering Cryptocurrency 72

PYMNTS

MARCH 3, 2020

Justice Department (DOJ) with laundering over $100 million worth of cryptocurrency that was previously hacked by North Korean fraudsters, the DOJ said on Tuesday (March 3). and unsealed on Monday (March 2), Tian Yinyin and Li Jiadong allegedly laundered cryptocurrency stolen by North Korean hackers between December 2017 and April 2019.

Law Enforcement 56

Law Enforcement Money Laundering IRS OFAC 56

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. However, he noted that the move could negatively impact morale at DHS.

Cybersecurity 90

Cybersecurity Money Laundering Treasury FBI 90

Fintech News

FEBRUARY 21, 2024

In the ever-evolving cryptocurrency market landscape, 2023 marked a pivotal year that saw significant shifts in the nature and scope of illicit activities. These tools have enabled law enforcement agencies to trace the flow of funds, unmasking the networks behind criminal operations. billion) threshold for the first time.

Crime 107

Crime Ransomware Scams Stablecoins 107

PYMNTS

MARCH 4, 2020

“FinCEN encourages technological innovations to help fight money laundering, but technology must be used properly.” . Bank $185 million for numerous offenses, including “willfully violating” BSA mandates for having an anti-money laundering (AML) procedure. Department of Justice (DOJ) to penalize U.S.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

FEBRUARY 19, 2020

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. . Topics discussed included cryptocurrency business models, money laundering and terrorist finance risks, illicit typologies and the role of FIUs in tracing virtual assets. . and Israel gave comprehensive presentations.

Fincen 60

Fincen Money Laundering Law Enforcement Financial Crimes 60

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

Compliance 64

Compliance Financial Crimes Crime Money Laundering 64

PYMNTS

JANUARY 13, 2020

European firms handling cryptocurrency will soon face a strict regulatory regime. The Fifth Anti-Money Laundering Directive or AMLD5 is set. The regime gives greater power and reach to financial intelligence units and law enforcement.

Bitcoin 60

Bitcoin Posting Law Enforcement Money Laundering 60

The Payments Association

JANUARY 29, 2025

Focusingon expansion rather than compliance has increased vulnerabilitiesin rapidly growing sectors such as cryptocurrency. Key deficiencies included weak transaction monitoring, poor customer due diligence, and systemic lapses in compliance with anti-money laundering regulations. July 2024: CB Payments Limited (Coinbase UK)3.5

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Fintech News

FEBRUARY 10, 2025

The world witnessed an alarming escalation in cryptocurrency -related crimes in 2024. Cybercrime syndicates leverage the regions high mobile penetration and relatively young, tech-savvy population to execute scams, exploitative trading schemes, and money laundering operations. billion globally.

Crime 83

Crime Ransomware Scams Phishing 83

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.

Fincen 65

Fincen Financial Crimes Crime Suspicious Activity Report (SAR) 65

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. District Judge G.

Bitcoin 40

Bitcoin Money Laundering Law Enforcement Cryptocurrency 40

PYMNTS

NOVEMBER 26, 2018

We must not allow cybercriminals to hide behind cryptocurrencies,” Rosenstein said at the the annual meeting of Interpol, according to CoinDesk. “In Recovery efforts by law enforcement have been able to retrieve a bit less than $2 million of funds. Brexit Deal Awaits Vote. as their home base must have EU subsidiaries in place.

Crime 58

Crime Money Laundering Law Enforcement Correspondent Bank 58

The Fintech Times

MAY 30, 2024

From the moment a cryptocurrency firm is formed, it is already facing an uphill battle. As regulatory and law enforcement agencies across the globe are doggedly seeking to assert jurisdiction over the crypto industry, many companies have come under intense scrutiny in recent years due to many cases of compliance violations.

Compliance 64

Compliance Security Legal Blockchain 64

Global Fintech & Digital Assets

NOVEMBER 2, 2023

Yatter , and Deric Behar On October 19, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that would designate as a “primary money laundering concern” all non-US convertible virtual currency [1] mixing (CVC mixing).

Fincen 52

Fincen Money Laundering Law Enforcement Non-Bank 52

PYMNTS

JULY 12, 2019

Cryptocurrency exchanges in Canada will now only have to report transfers of more than CA$10,000 ($7,663). The move comes after the Canadian government decided to ease up on some of its new anti-money laundering regulations due to feedback from payment service providers and crypto exchanges.

Bitcoin 40

Bitcoin ATM Rules AML 40

PYMNTS

APRIL 18, 2017

With payment laundering, APMs such as P2P payments, money service businesses (MSBs), eWallets, mobile payments, prepaid cards, vouchers, bank debits and credits or linked bank accounts and cryptocurrencies become fertile territory for fraud and crime. Knocking the Payment Hustler.

Law Enforcement 45

Law Enforcement Money Laundering Payments Online and Mobile Banking 45

PYMNTS

OCTOBER 18, 2019

Thus, for criminals, at times bitcoin and other cryptos are a conduit to money laundering, ransomware and, at times, just trying to hide in plain sight. Sometimes the darkest deeds, even done through cryptocurrency means, come to light. Immigration and Customs Enforcement’s Homeland Security Investigations (HSI).

IRS 41

IRS Law Enforcement Bitcoin Money Laundering 41

PYMNTS

SEPTEMBER 10, 2019

Netki announced that it has upgraded its digital identity service so that cryptocurrency firms can meet AML recommendations by the Financial Action Task Force (FATF) for fighting money laundering. In other news, crypto trading platform BitMEX has lost its chief operating officer (COO).

AML 40

AML Compliance Law Enforcement Money Laundering 40

PYMNTS

FEBRUARY 26, 2019

federal law enforcement agencies have recovered $110,000 worth of stolen bitcoin, and returned it to cryptocurrency exchange Bitfinex. Meanwhile, South Korean cryptocurrency exchange Coinbin has declared bankruptcy after losing millions of dollars due to “increased debt” and “government regulation.”

Bitcoin 43

Bitcoin Blockchain Cross-Border Law Enforcement 43

PYMNTS

MARCH 7, 2019

As the crypto market expands, Canadian policymakers and law enforcement officials need to leverage external parties who specialize in blockchain forensic analysis if they intend to build resistance to illicit activity,” said Dina Mainville, CipherTrace sales director for Canada, in a press release. “As

Bitcoin 59

Bitcoin Ransomware Law Enforcement Blockchain 59

PYMNTS

JULY 16, 2019

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 had one of the toughest systems for combating money laundering and terrorist financing of over 60 countries it has assessed to date. It also includes £6.5

Credit Cards 40

Credit Cards Crime Law Enforcement Blockchain 40

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.

Financial Crimes 52

Financial Crimes Ransomware Crime AI 52

PYMNTS

MARCH 13, 2017

G2 Web Services categorizes these alternative payments among eight different types, which include peer-to-peer (P2P) payments, money service businesses (MSBs), eWallets, mobile payments, prepaid cards, vouchers, bank debits and credits or linked bank accounts and cryptocurrencies.

AML 59

AML Credit Cards Payments Law Enforcement 59

PYMNTS

JULY 15, 2019

The rapid growth of cryptocurrency has come with closer scrutiny and a call for tighter anti-money-laundering (AML), know-your-customer (KYC) regulations. The anonymous nature of cryptocurrency, coupled with its irreversible transactions, is especially attractive to scammers and fraudsters.

Cryptocurrency 51

Cryptocurrency Regulations AML Law Enforcement 51

PYMNTS

JANUARY 21, 2021

Janet Yellen, President Joe Biden's nominee for Treasury Secretary, is expected to take a hard stance on cryptocurrencies, calling digital currency a “particular concern” that is used “mainly for illicit financing,” Arstechnica and other news outlets reported on Thursday (Jan. Regulators in the U.S.

Treasury 112

Treasury Law Enforcement Federal Reserve AML 112

PYMNTS

JULY 31, 2020

were seized to promote a cryptocurrency scam. In particular, I want to say to would-be offenders, break the law, and we will find you.”. In addition to Clark, Mason Sheppard, aka “Chaewon,” 19, of the United Kingdom, was charged with conspiracy to commit wire fraud, money laundering and the intentional access of a protected computer.

Law Enforcement 98

Law Enforcement Scams Money Laundering Laws 98

PYMNTS

OCTOBER 31, 2016

Then, wrongdoers, said Guidette, are only sometimes outed by law enforcement or the press, to the dismay of business owners and banks. As for bitcoin, the cryptocurrency is no Holy Grail of security, Webster and Guidette agreed.

Payments 73

Payments Acquirers Underwriting Risk 73

The Fintech Times

JANUARY 2, 2025

Global cryptocurrency exchange Binance can now comply with ongoing regulatory advancements in Brazil more efficiently as it completes the acquisition of the broker-dealer which is authorised to distribute securities and issue electronic money (EMI).

Central Bank 59

Central Bank Compliance Law Enforcement Money Laundering 59

PYMNTS

NOVEMBER 19, 2018

We must not allow cybercriminals to hide behind cryptocurrencies,” Rosenstein said at the event, according to CoinDesk. laws for anti-money laundering (AML) regulate digital currencies, per CoinDesk. million worth of funds were laundered via 46 exchanges. 19), CoinDesk reported. “We As it stands, the U.S.

Money Laundering 59

Money Laundering Regulations Digital Currency Law Enforcement 59

PYMNTS

SEPTEMBER 28, 2018

For years, law enforcement has feared that bitcoin could make money laundering easier. The newspaper claimed it developed computer applications to discover the extent of money laundering through digital currency. million worth of funds were laundered via 46 exchanges.

Consumer Financial Protection Bureau (CFPB) 76

Consumer Financial Protection Bureau (CFPB) Money Laundering Law Enforcement Federal Trade Commission 76