UK grants law enforcement expanded powers over crypto assets
The Paypers
MARCH 4, 2024
The UK Government has decided to implement new measures granting law enforcement agencies increased powers over cryptocurrency assets.
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The Paypers
MARCH 4, 2024
The UK Government has decided to implement new measures granting law enforcement agencies increased powers over cryptocurrency assets.
BioCatch
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It has also become detrimental to the prospects of many economies in several ways such as undermining trust in financial systems, increasing costs for businesses and consumers, and draining government and law enforcement resources.
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The report also highlights measures to deter the misuse of shell companies, including the introduction of stricter registration requirements and the enforcement of nominee director rules. In timely detection, the committee emphasizes better information sharing between government agencies and private sector gatekeepers.
PYMNTS
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A research group revealed that it has discovered “serious shortcomings” in the predictive tools used by law enforcement agencies. The majority of people identified as chronic offenders had few, if any, actual contacts with the police,” it said, according to The Financial Times.
The Payments Association
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Collaboration between regulators, law enforcement, and the counter-fraud community is needed to ensure the effectiveness of the reimbursement scheme and to mitigate emerging fraud risks. Leadership engagement: The Government has a critical role in preventing re-victimisation. What’s next?
Payments Source
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A new tool developed by the federal government may put the brakes on certain counterfeit card scams during the holidays, if law enforcement agencies can replicate the results of an initial test.
Fintech News
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Khoo, with an extensive background in public service, law enforcement, and national security, joins the company to enhance its efforts in combating fraud and financial crime within digital asset spaces. Blockchain intelligence company TRM Labs announced that it has named Boon Hui Khoo as its senior advisor. Esteban Castaño “Mr.
The Fintech Times
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UK law enforcement, in particular, faces challenges in tackling fraudsters based overseas due to geographical and legal constraints. While the UK government has focused on fraud in political pledges, international collaboration remains lacking compared to other forms of economic crime.
PYMNTS
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While law enforcement officials are now probing the matter, County Executive Dan McCoy denies any accusations of payroll fraud or abuse. The analysis found that these spoofed organizations are popping up in the form of fake websites of government procurement service providers in the U.S.,
PYMNTS
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Think of government spending, and the first word to come to mind might decidedly not be this one: efficient. For vendors, there are challenges, too, as they navigate government agency solicitations for products and services, and seek to bid competitively. It is going to be hard,” Landsman concurred.
PYMNTS
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Paytm , the leading digital wallet company in India with more than 230 million customers, has reportedly shared the personal data of users with the Indian government. In response to the report, Paytm said on Friday (May 25) that it did not share user data with law enforcement agencies based on a request.
The Fintech Times
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The fight against fraud requires coordinated action across multiple government departments and business sectors. The next government must prioritise fraud by appointing a fraud minister who can drive the urgent actions needed across government and business to finally turn the tide.
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German law enforcement authorities said they have added money laundering, balance falsification and market manipulation to the charges facing the collapsed firm. .; The company reported it owed creditors nearly $4 billion after it revealed $2.1
Fintech News
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However, a small proportion of recent remittances faced freezes by Chinese law enforcement agencies, with unclear reasons behind these actions. While Singapore has no jurisdiction over the frozen beneficiary bank accounts, the government remains in close contact with the PRC government to facilitate the decision on account unfreezing.
Fintech News
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This report outlines mitigation measures for government agencies, financial institutions, and Designated Non-Financial Businesses and Professionals (DNFBPs) to address these risks. Singapore’s law enforcement and supervisory agencies will remain vigilant and implement appropriate measures to mitigate these risks.
Fintech Finance
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The task force will address different aspects of the fraud and scam lifecycle by sharing intelligence across industry, government, and law enforcement to increase prevention and detection; exposing and prosecuting criminals; and educating consumers on how to spot and report scams.
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Fintech News
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The evolving global terrorism landscape necessitates regular updates to Singapore’s risk assessments and counter-terrorism strategies given its status as a global financial and business hub Singapore employs a comprehensive, government-wide approach to identify, monitor, and mitigate terrorism financing risks.
PYMNTS
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A virus that infected the computer system of the Licking County government offices in Ohio has shut down the entire network, including that of the local police force, and a financial demand was made to restore everything back to normal, according to TechCrunch. It’s a crime against the people of Licking County and its government.”.
Payments Source
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And the best solution may be rooted in technology, not law enforcement. Since July, Visa has noticed an uptick in unemployment insurance fraud with prepaid cards being used as a key disbursement vehicle.
Fintech News
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Moreover, the DPRK has been continually evolving its money laundering tactics to evade international law enforcement. As US sanctions and enforcement actions targeted their previous go-to obfuscation platforms like Tornado Cash and ChipMixer, North Korea pivoted to another mixer, the BTC service Sinbad.
Fintech Finance
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It is critical that anti-fraud measures are tackled in the round, with all parties bearing some responsibility: government, law enforcement, payments providers, retail, the technology sector and consumers.” The expectation for the new government to show strong leadership is higher than ever.
Fintech News
JULY 17, 2024
These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space. The United Arab Emirates has amended Federal Decree-Law No. (20)
PYMNTS
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. $66,800 was swindled from a government entity in New Zealand following a cyberattack at one of its vendors , according to the New Zealand Herald. Reports said the government paid 100,600 New Zealand dollars ($66,800) into that account. Irish law enforcement reportedly arrested two men in connection to the case.
PYMNTS
NOVEMBER 20, 2019
government, according to a report by TechCrunch. . Uber said the increased number of requests was due to not only its company growth but a “rising interest” from governments to look at its customer data. As for Canadian government requests, the company got 161 demands for about 593 accounts. regulators and 1.8
PYMNTS
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Washington State Governor Jay Inslee signed a bill on Tuesday (March 31) establishing specific rules – backed by Microsoft – governing facial recognition software, according to a blog by Bill Smith, president of Microsoft. In our view, this required a legal floor of responsibility, governed by the rule of law,” Smith said.
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. The rationale for the new regulations, as the government laid out in the Federal Register, is that "U.S. Treasury Department proposed sweeping new rules late Friday (Dec.
PYMNTS
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A shocking new report reveals an underworld of corruption in the world’s banks and how governments allow it to thrive, BuzzFeed News reported. government appears unable to stop it. FinCEN, a division of the U.S. told the news outlet. told the news outlet.
VISTA InfoSec
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The Federal Trade Commission (FTC) recommends that companies notify law enforcement as soon as possible by contacting local FBI or U.S. If you need to report another type of cybersecurity incident, you can do so via the National Cyber Security Centre or seek more guidance on the government website. Secret Service offices.
PYMNTS
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Amazon supports a national legislative framework for the use of facial recognition that “protects civil rights and ensures that governments are transparent in their use” of the technology. One was that facial recognition should follow all laws, and that law enforcement remain transparent with the public about its use.
PYMNTS
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China’s peer-to-peer (P2P) lending sector, once 6,000 businesses strong, has been reduced to fewer than three dozen as the government tightened regulations, leaving billions in loans unpaid. Regulators and law enforcement will try their best to recoup the money, he told China Central Television Friday (Aug. 14), per the report.
PYMNTS
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As for why it's using the unusual procurement method, the agency wrote in today's release: "The federal government struggles at times with identifying ways to test, purchase and deploy innovative technology solutions. Even the U.S.
CB Insights
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That means that by the time a person reports being drugged with GHB, it’s often too late for law enforcement officials to prove the victim was given the drug. . The US government classifies GHB as a Schedule 1 substance alongside drugs like heroin and LSD, but it is far harder to detect than most narcotics or hallucinogens.
Innovative Payments Association
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As artificial intelligence worms its way into more aspects of our lives, laws and regulations governing its use will become necessary. We can’t uninvent technology, so the only thing that protects us from the worst aspects of it are the agreements that we make as a society – namely laws and regulations.
PYMNTS
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These initiatives are successful only when central governments already issue traditional identification credentials, however, something that is notably lacking in the U.S. citizens, and they can be used for everything from entering bars to proving one’s identity to law enforcement. Legal Issues Regarding Law Enforcement.
PYMNTS
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The Associated Press , however, quoted his lawyer, Kevin Carroll, as having said Kindambu “looks forward to making the necessary restitution to the government and taxpayers.”. “At Even as the government proceeds with cases such as Kindambu’s, the version of the PPP recently approved by lawmakers remains vulnerable to fraud.
PYMNTS
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Some Amazon shareholders have sent a letter to the company, according to CNBC , demanding that it stop selling its facial recognition software to government agencies. “Sales of Rekognition to government[s] represent considerable risk for the company and investors. That’s why it’s imperative those sales be halted immediately.”.
PYMNTS
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Federal authorities including the Department of Justice and the FBI announced Monday (June 11) that law enforcement arrested 74 people in the U.S. Law enforcement also seized close to $2.4 Local and state law enforcement teamed up with the FBI, as did attorneys general offices, to provide assistance.
PYMNTS
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Criminals seeking to exploit unmet demand for the COVID-19 vaccine are selling doses – many presumably fake – on the "dark web," the portion of the internet dominated by merchants who operate beyond easy reach of law enforcement agencies, the Financial Times reported on Friday (Dec.
PYMNTS
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government requested more data than it had in the six months before, according to a report by TechCrunch. Amazon does not disclose customer information in response to government demands unless we’re required to do so to comply with a legally valid and binding order,” the company said.
PYMNTS
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Federal law enforcement is helping in the investigation. The district staff reported this electronic viral attack to local law enforcement, state officials and the FBI. An investigation involving local, state and federal law enforcement is ongoing at this time.”. As a result, Gov.
The Fintech Times
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Both firms and governments across the globe have a duty to do all they can to intensify the fight against internet crime and looking to do so in Nigeria, Flutterwave , the African paytech, has partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC).
PYMNTS
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Below, PYMNTS explores the numbers behind the latest cases of B2B payments fraud — from attacks targeting government entities to banks’ struggle in managing the fraud threat from real-time payments. million , following a December 2019 cyberattack that has stalled government payments to suppliers.
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