Tagged: money laundering

Banking Circle Shares Report on Big Bank “De-risking” which Threatens to “Undermine” Financial Inclusion Efforts

Balance Risk Trust Danger Table

According to research commissioned by Payments Bank, Banking Circle, big bank de-risking is “significantly hampering the efforts of many financial institutions to deliver services that empower financial inclusion.” The primary cause appears to be “the risk-averse strategies adopted in response to the financial crisis of… Read More

Resistant AI Partners with ComplyAdvantage Amid New International Sanctions

Hands Up Arrest Halt Stop

To properly address the stricter compliance rules resulting from extended sanctions and resulting increase in money laundering activity, ComplyAdvantage, an international data firm providing embedded counter risk intelligence to find, mitigate and stop financial crimes and Resistant AI, an AI and machine learning company providing… Read More

UAE Now Under Increased Monitoring, FATF Confirms in March 2022 Update

UAE Money Currency dirhams

Jurisdictions under increased monitoring are “actively working” with the Financial Action Task Force (FATF) to address “strategic deficiencies” in their regimes in order to counter money laundering, terrorist financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it “means the country… Read More

SlowMist Explains How Peel Chains are Used to Launder Large Amounts of Cryptocurrency

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SlowMist notes that not too long ago, they had released an update in regards to the Bitfinex incident. The report from SlowMist had covered how the stolen funds had allegedly been laundered using a technique known as “peel chain.” The company reveals that they received… Read More

BTC and other Cryptos Not a Safe Haven for Criminals, Officials Claim After Seizing $3.6B in Crypto Stolen in Bitfinex 2016 Hack

Safe Secure Vault West

Stephen Palley. Partner, Anderson Kill. Chair, Technology, Media & Distributed Systems Group, noted that an FBI agent once told (with “false modesty to be sure”) that their biggest breaks often “come not from law enforcement genius but from mistakes by their targets.” Palley further noted… Read More

Blockbuster Year for AML Penalties as Fines Top $2.73 Billion : Report

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Anti-money laundering (AML) fines had a blockbuster year in 2021, according to a report by Kyckr. The data firm recently posted a report on AML occurrences around the globe indicating that while the total amount of fines dipped in 2021 the number of institutions that… Read More

Managers at Germany’s Digital Bank N26 are Reportedly Under Investigation over Fraudulent Accounts

20 Euro Investigation Research

Four managers working at Germany’s digital bank N26 are reportedly being investigated by public prosecutors regarding suspicions about (allegedly) fraudulent client accounts, the Handelsblatt newspaper confirmed on Friday (February 4, 2022). Criminals or bad actors have been suspected of opening a fairly large number of… Read More

FinCEN Is Seeking Comments on Modernization of US AML/CFT Regulations

New and Improved 2

The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury that collects and analyzes information about financial transactions to combat money laundering, terrorist financing, and other financial crimes, is issuing a request for information (RFI) “seeking comments on ways to… Read More

NatWest Fined £264.8M for Failing to Comply with Money Laundering Regulations

Red Card Penalty Fine Infraction

British bank NatWest has reportedly been fined £264.8 million (appr. $354.30 million) on Monday (December 14, 2021) for failing to comply with appropriate money laundering regulations in a case that marked the first time that the United Kingdom’s financial regulators pursued criminal charges for these… Read More

Dave Burns, CRO at Napier AI, Says There’s Huge Potential for What Artificial Intelligence Can Bring to AML

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In the fast-evolving digital economy, money laundering and financial crime have been increasing quite rapidly as regulation and banking processes struggle to address the rise in “criminal innovation.” Because of these developments, financial institutions have to respond quickly and effectively, by utilizing the appropriate tools… Read More

UK’s Digital Bank Monzo Is Facing Potential Money Laundering Charges by FCA, Reports Annual Loss of £130 Million

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UK-based digital bank Monzo is currently facing a civil and criminal money-laundering investigation that is being carried out by the Financial Conduct Authority (FCA). Monzo‘s management disclosed these details in its annual report that was released on Friday (July 30, 2021). For the second straight… Read More

Hong Kong Monetary Authority Executive Director Reveals how They’re Protecting Consumers from Emerging Threats

Danger Warning Alert Electrocution

In a keynote speech that focused on fraud and financial crime at a conference in Asia, Carmen Chu, Executive Director (Enforcement and AML), Hong Kong Monetary Authority, discussed anti-money laundering and financial crime risk issues and the ability of authorities to address these problems. While… Read More

The European Union Tightens its Regulatory Grip on Illicit Transactions but Will Money Laundering Continue to Thrive?

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Yesterday, the European Commission announced an update to the European Union’s anti-money laundering and countering terrorism financing (AML/CFT) rules. Part of the update is a requirement that anonymous crypto asset wallets will be prohibited. Additionally, the Commission is creating a new  EU AML Authority (AMLA)…. Read More

Metropolitan Police Seize Record Amount of Crypto in Money Laundering Case Valued at £180 Million

Metropolitan Police UK Crime

Just weeks after a record amount of crypto seized by authorities in the UK, the Metropolitan Police have topped that amount in taking possession of cryptocurrency said to amount to almost £180 million. According to Scotland Yard, the seizures were made by detective from the… Read More

Crypto Experts Weigh In on Scotland Yard $158M Bitcoin Seizure

Scotland Yard

In late June, Scotland Yard seized more than $158 million in Bitcoin as part of a money-laundering investigation. London’s Metropolitan Police said that total was more than double the amount of cash seized in all of 2020 and is the biggest crypto take in UK… Read More

FinCEN Issues Very First Priorities List for AML/CFT Policy, Includes Use of Crypto for Ransomware Payments, Money Laundering

Handcuffs Bitcoin Crime Theft Criminal Crook Crypto

On June 30, 2021, the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes, issued its first… Read More

After Unprecedented Regulatory Crackdown, Binance Deploys CipherTrace Traveler to Address Money Laundering, Illicit Activity Issues

Money Cyber Crime Hack Ransom Theft

As part of its commitment to compliance, Binance, the world’s largest crypto exchange that has been under investigation by US regulators and other international authorities due to allegations of engaging in recognized markets without authorization (and also contributing to money laundering and other illicit activities),… Read More

Chainalysis Shares Detailed Classification System for Cryptocurrency Services based on Level of Risk, Other Factors

Gambling Roulette Casino Risk

Since Bitcoin’s (BTC) launch back in 2009, virtual currency has managed to drive new markets, while spurring advancements in modern financial infrastructure. It has also led to innovative thinking in how to address the global economic requirements, the Chainalysis team writes in a blog post…. Read More

Fraudio, a Cloud Native, AI enabled Payment Fraud Detection Solution, Secures $3.3M via Seed Round

Holland Netherlands Windmill Green

Fraudio, a startup founded by experts from the Dutch payment ecosystem, has reportedly secured  $3.3 million in capital via a seed round. The Fraudio team claims that they’ve spent two years developing a Cloud native, centralized AI and machine learning payment fraud detection solution for… Read More

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