Crypto banks need to develop new ways to track suspicious activities, such as money laundering, says James Wester, research director, worldwide blockchain strategies, at IDC, a technology research and analysis provider.
How can crypto banks mitigate the risks of money laundering, synthetic ID fraud and mule accounts? Aaron Lint, CISO at Anchorage Digital Bank, says biometrics and "repeatable cryptography, especially in the form of digital signatures,” can play key roles.
The combination of governmental financial support driven by “high unemployment, business insolvency, and disruptions in global
trade patterns” + increased online and remote banking has led to a spike in
Heightened risks made it harder to comply with requirements to combat financing terrorism...
How could technology now in development potentially help fight against money laundering schemes that leverage the cryptocurrency Monero, which cybercriminals value for its privacy attributes? David Jevans of CipherTrace describes efforts to earn patents on fraud-fighting tech.
Alexander Vinnik, a Russian national who founded the now-defunct BTC-e cryptocurrency exchange, has been found guilty of money laundering in France and has been sentenced to five years in prison, according to media reports. He faces additional charges in the U.S. and Russia.
There's a lot of talk about advancing the anti-money laundering arsenal to the next level, sometimes referred to as next-generation AML, AML 2.0 or AML 3.0. Whatever you call the next wave of AML technology, it's about solutions that draw on such advances as robotics, semantic analysis and artificial intelligence...
The IRS Criminal Investigation Cyber Crimes Unit is waging a battle against the use of cryptocurrency for financing terrorists and other money-laundering activities. Agents Chris Janczewski and Jon Gebhart describe recent cryptocurrency-related takedowns.
The Treasury Department has fined the owner of two bitcoin "mixing" sites $60 million for violating anti-money laundering laws. It's the first time the department's Financial Crimes Enforcement Network has issued a civil monetary penalty against the operator of a cryptocurrency site.
A international law enforcement operation involving 16 countries has resulted in the arrest of 20 individuals suspected of belonging to the QQAAZZ criminal network, which helped launder cash and cryptocurrency for other cybercriminals.
What will be the impact of the leak of investigatory documents from FinCEN - the U.S. Treasury Department's Financial Crimes Enforcement Network? For starters, experts warn that FinCEN reports may reveal sensitive information tied to banks and law enforcement agencies' investigatory tools and tactics.
Cybercriminals still prefer to use "money mules" and drug trafficking to launder money tied to their bank hacking activities rather than cryptocurrency transactions, according to a report from SWIFT, which handles intra-bank financial transactions.
The U.S. Justice Department has filed a civil forfeiture complaint in an effort to recover millions in cryptocurrency from 280 accounts that allegedly was stolen by North Korean hackers. Prosecutors believe much of the money was laundered through Chinese exchanges.