Tagged: money laundering

Eventus Introduces Validus AML (VAML), an Anti-Money Laundering Solution to Combat Financial Crime

Eventus, a global provider of multi-asset class trade surveillance and market risk solutions,  announced the broad introduction of Validus AML (VAML), a new end-to-end anti-money laundering (AML) platform aimed at “helping firms in both the traditional finance and digital asset space combat financial crime.” The… Read More

Crypto Money Laundering Report: Four Exchange Deposit Addresses Received $1B+ in Illicit Funds Last Year

Money laundering is “crucial” to all financially motivated crime because it’s what enables criminals “to access the funds they generate from their activities,” the team at Chainalysis explains. Otherwise, why commit the crimes in the first place? The same is true in cryptocurrency. The goal… Read More

Venture-Based Money Laundering in Web3 Becoming a Serious Threat: Report

Criminals have always found efficient ways “to launder the proceeds of their crimes and avoid increasingly stringent anti-money laundering regulations,” according to an update from CertiK. One such technique, uncovered by CertiK, poses “a direct threat to Web3 projects.” Criminal organizations are using this scheme… Read More

Nexo’s Offices Raided in Bulgaria, Four Individuals Charged in Allegations of Money Laundering

It has not been that long since Nexo decided to exit the US market, but in recent days the offices of Nexo have been raided in Bulgaria according to multiple reports. While based in London, Nexo is affiliated with a former member of the Bulgarian… Read More

Arion Bank, Lucinity to Combat Money Laundering

Arion Bank has announced it will implement Lucinity’s technology “to help strengthen its defenses against money laundering and contribute to a safer financial system.” Lucinity’s software solution “uses the latest artificial intelligence technology to detect money laundering and make it easier for financial companies to… Read More

India: Directorate of Enforcement Freezes Crypto-Assets, as Part of Investigation Involving Gaming App

Directorate of Enforcement (ED) in India has reportedly frozen the cryptocurrencies WRX (utility token of WazirX) and USDT (Tether, an Ethereum token that is pegged to the value of a U.S. dollar) equivalent to Rs 47.64 Lakhs (appr. $58,000) “under the provisions ofthe Prevention of… Read More

Elliptic: $540 Million Laundered by Cross Chain Bridge RenBridge

Elliptic, a crypto intelligence firm, has published an interesting blog post on the use, or abuse of, cross-chain bridges to launder funds. A cross-chain bridge allows value to hop to different blockchains. While utilized by legitimate platforms, cross-chain bridges have also caught the attention of… Read More

Canadian Banks Team Up with CanDeal to Provide Comprehensive KYC Solution

CanDeal Group, an operator of Canadian market and infrastructure services, has teamed up with five of Canada’s biggest local banks “to deliver a comprehensive, centralized Know Your Client (KYC) solution to the Capital Markets Industry.” The collaboration mutualizes many of the costs and efforts of… Read More

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

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

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

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

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

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

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

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

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

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

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

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