Tagged: anti money laundering

Blockchain Network Zilliqa to Use Elliptic’s Risk Management Tools to Enhance Platform Infrastructure Security and Compliance

Zilliqa, a blockchain-based platform that aims to deliver high-throughput and high-security, has teamed up with Elliptic, a provider of digital asset risk management software for crypto firms and financial institutions. According to a press release shared with Crowdfund Insider, the partnership between Zilliqa and Elliptic… Read More

$4.4 Billion in Cryptocurrency-related Thefts Scams Recorded in 2019 but Scams Decline During Q3: CipherTrace Report

CipherTrace, an established crypto and blockchain intelligence company, has published its Q3 2019 Cryptocurrency Anti-Money Laundering (AML) report. The report addresses “cryptocurrency regulation, nefarious actors within the ecosystem, impending legislation, international trends and prevailing sentiments,” according to a press release shared with CrowdFund Insider. The… Read More

Regtech Firm Exec Says EU’s 6th Anti-Money Laundering Directive “Clears Path for Holding Responsible Parties Accountable”

The European Union’s sixth anti-money laundering directive (6AMLD) is expected to take effect on December 3, 2020. The new directive recommends several penalties for non-compliance.  EU Member States are required to have 6AMLD incorporated into their national legislation by December of next year and related… Read More

Former US Military Interpreter Sentenced to 30 Years in Federal Prison for Selling Fentanyl, Accepting Crypto Payments

Alaa Mohammed Allawi, a former interpreter for the US military forces, has been sentenced to 30 years in prison for selling fentanyl, which resulted in the death of a US marine. Allawi, who previously worked as an Iraqi US interpreter, will be serving his sentence… Read More

PrimeXBT to Use Bitfury’s Crystal Platform to Advance Anti-Money Laundering/Counter Terrorism Financing Monitoring

Cryptocurrency trading platform PrimeXBT announced on Monday it is planning to use the Crystal platform, which is Bitfury Group’s blockchain analytics and crypto compliance software, Crystal, for advanced anti-money laundering/counter-terrorism financing monitoring and increased client security. According to PrimeXBT, the Crystal adoption will improve the… Read More

Accused of Laundering $234 Billion, Danske Bank Ceases Most Banking in Russia and Baltic Countries

Close on the heels of Danske Bank being ordered out of Estonia this week for its alleged role in laundering funds totaling $234 billion USD for Ukrainian, Azerbaijani and Russian clients, Danske Bank has now announced it will be, “clos(ing) down its banking activities in… Read More

CipherTrace Report: Bad Actors Scammed and Stole $1.7 Billion in Cryptocurrency in 2018 – and the Fraud is Predicted to Get Bigger

CipherTrace is out with a report on cryptocurrency scams and fraud. It is widely known that crypto suffers from rampant acts of theft and cons as these digital assets have become the targets of global criminals seeking an easy payday or simply to launder illicit… Read More

Ireland Pondering New Anti-Money Laundering Bill Encompassing Cryptocurrencies

In order to align itself with the fifth EU money laundering directive and reinforce existing rules, the Irish Cabinet has passed a new bill targeting money laundering, “including the use of cryptocurrencies in funding terrorism,” according to a release from the Irish Department of Justice. The… Read More

Blockchain Perhaps? OCC, Federal Reserve, FDIC, FinCEN & NCUA Encourage Banks to Innovate When it Comes to AML/BSA Compliance

Multiple federal agencies have come together to encourage banks to innovate when it comes to compliance. The statement is part of a governmental working group that has been created to collaborate between some of the financial regulatory entities. The Office of the Comptroller of the Currency… Read More

Revolut Unveils New Tech to Reduce Fraud for its 3M+ Customers

Revolut, fintech unicorn and successful Crowdcube alum, is taking its customer protection to the next level, intending to become a world leader. As part of the platform’s plan, a new fleet of machine learning technology has been unveiled, a fleet that has already reportedly seen… Read More

Intergovernmental Financial Regulator Calls For Urgent Harmonized Action Against Misuse of Cryptocurrencies

The Financial Action Task Force (FATF), a Paris-based inter-governmental body “representing most major financial centres in all parts of the globe” and tasked with establishing anti-money laundering (AML) and anti-terrorist financing (CFT) standards worldwide has stated in an October 19th release: “There is an urgent need for… Read More

Erik Voorhees, CEO of ShapeShift, Defends Against Money Laundering Accusations in WSJ Article

On September 28th, WSJ.com published an article on cryptocurrency entitled “How Dirty Money Disappears into the Black Hole of Cryptocurrency.” Authors Justin Scheck and Shane Shifflett slammed crypto exchange Shapeshift as complicit in illicit trades deemed to be attempts to launder money with with crypto. Yesterday, Erik Voorhees,… Read More

Two Finance Crime Experts Say North Korea Probably Using Crypto to Skirt US Sanctions

Lourdes Miranda, an independent financial intelligence analyst/financial crimes investigator, and Ross Delston, a lawyer specialized in anti-money laundering, have told the Asia Times that they believe North Korea (DPRK) is probably using cryptocurrency channels to skirt US sanctions. “International criminals everywhere prefer crypto-currencies and the… Read More

AML and Sanctions Compliance Issues Facing Cryptocurrency Companies

Over the past few years, continued advancements in the payments industry and financial services technology have significantly expanded the way money financial transactions are processed and managed.  Banks and payment and technology firms are accelerating efforts to innovate and adapt financial services alternatives to meet… Read More

IdentityMind Global Introduces KYC and Anti-Money Laundering Plug-in for ICOs

IdentityMind Global, Digital Identities You Can Trust, an SaaS platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud, announced the immediate availability of its KYC Plug-in for ICOs… Read More

FinTech Australia CEO Issues A Statement on Anti-Money Laundering & Terrorism Financing Laws

Following the Coalition Government’s announcement of its first stage of reforms to strengthen the Anti-Money Laundering and Counter-Terrorism Financing Act, FinTech Australia’s CEO, Danielle Szetho, issued a statement on the situation.  According to a press release issued by the Australian Minister of Justice, the new bill… Read More

SWIFT & Dow Jones Risk & Compliance Publish RegTech Report (Infographic)

A large majority (75%) of anti-money laundering (AML) professionals believe the current geopolitical landscape presents new risks and challenges for preventing financial crime at their organisations, according to a joint survey by SWIFT and Dow Jones Risk & Compliance. To address these risks, more than half… Read More

Complying with AML Laws: Challenges for the Fintech Industry

  “Silicon Valley is coming.  There are hundreds of startups with a lot of brains and money working on various alternatives to traditional banking.” This warning came not from a pundit or Silicon Valley lobbyist, but from Jamie Dimon, the Chairman and Chief Executive Officer… Read More

European Securities & Markets Authority Warns on Crowdfunding & Money Laundering / Terrorist Financing

The European Securities & Markets Authority (ESMA) has published a Q&A addressing the potential for nefarious characters to abuse investment crowdfunding to launder cash or provide financing to terrorist organizations.  This is a subject the traditional banking sector knows rather well as they are subjected… Read More

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