The attacks on DeFi as a money laundering threat don’t stand up
Recent research has described Decentralised Finance (DeFI) as the “next major threat vector for money laundering.” Ben Whitby, ahead of his appearance at the FinCrime World Forum later this month, argues this accusation does not reflect reality.
Former Europol director to kick off two days of debate at FinCrime World Forum
Sir Rob Wainwright will kick off two days of debate, insight and virtual networking at the FinCrime World Forum next month.
DeFi brings risks and opportunities for AML
Cyber fraud and money laundering involving Decentralised Finance (DeFi) is on the rise. Here Marcus Rickard looks at the risks DeFi creates for AML compliance, the consequences of those risks for AML compliance officers, how the risks can be mitigated and the potential benefits DeFi brings
Denmark improves FATF compliance overall but downgraded on efforts to regulate VASPs
Denmark’s efforts to improve its anti-money laundering (AML) legislation have been rewarded with a higher technical compliance rating in five areas, but has been downgraded on its efforts to curb Virtual Asset Service Providers (VASPs)
Financial crime co-operation should continue despite Brexit Trade Agreement changes
The Trade & Cooperation Agreement which came into effect last month marks the start of a new financial crime fighting relationship between the United Kingdom and European Union, writes Francesca Titus
270 service deposit addresses ‘account for 55% of all cryptocurrency money laundering globally’
Law enforcement could signficantly hamper cybercriminals’ ability to convert cryptocurrency into cash by identifying and prosecuting the owners of the “surprisingly small” number of deposit address service providers responsible, according to a report.
Yellen warns of ‘explosion’ in fraud, cybercrime, cryptocurrency misuse and laundering
The new US Treasury Secretary has warned of the need to tackle rising financial crime, cryptocurrency misuse and cyber attacks.
Founder of $90 million cryptocurrency hedge fund admits securities fraud
A 24-year-old Australian national is facing up to 20 years in prison in the United States (US) after defrauding investors in his cryptocurrency hedge fund out of $90m and then attempting to steal from a second fund.
Cryptocurrency crime drops overall but ‘DeFi’ thefts rise, report reveals
Decentralised finance (DeFi) is the “next major threat vector for fraud and money laundering”, accounting for half of crypto thefts in 2020, according to a new report.
French central bank conducts Digital Euro experiment with €2million in simulated transactions
The Bank of France (BoF) has announced that it has carried out a successful experiment of a central bank digital currency for interbank settlement purposes.
More than half of VASPs ‘have weak KYC processes’, report shows
More than half of virtual asset service providers globally have “weak or porous” Know Your Customer processes, according to new research.
A look ahead: the US Anti-Money Laundering Act of 2020
The new Anti-Money Laundering Act in the US has now passed into law. Chris Siddons of LexisNexis Risk Solutions explains why it is set to become the most significant piece of US financial crime legislation for years.
Landmark US AML and corporate transparency bill enacted into law
A landmark piece of legislation that will establish a register of beneficial owners and strengthen anti-money laundering has been enacted into law.
The key FinCrime trends and topics to watch out for in 2021
2020 is a year we would all rather forget, with everybody hoping that in 2021 thoughts of social distancing, bubbles, mask-wearing and furloughing will gradually fade from public consciousness.
FinCEN proposes lowering ‘Travel Rule’ threshold for international transactions to $250
US financial institutions will be required to collect, retain and transmit certain information about international fund transfers worth as little as $250 under a new rule outlined today in a joint notice by the Financial Crimes Enforcement Network (FINCEN) and Federal Reserve Board.
FinCEN fines early Bitcoin mixer operator $60m
The Financial Crimes Enforcement Network (FinCEN) has fined the founder and operator of Helix and Coin Ninja $60m.
US attorney general raises concern about criminal and terrorist exploitation of cryptocurrency
The US attorney general has raised concern about criminal uses of cryptocurrency in a taskforce document outlining the problem.
British MPs write to ministers to demand AML answers as FinCEN Files blame game begins
The chair of a UK parliamentary committee has written to government ministers and watchdog heads after the country’s anti-money laundering controls were put under the spotlight by the FinCEN Files.
FATF publishes ‘red flag’ money laundering indicators for cryptocurrencies
The Financial Action Task Force (FATF) has outlined “red flag indicators” to help financial institutions detect money laundering and terrorism financing linked to virtual assets.
Stablecoins ecosystem: a promise that can be kept
The European Parliament, on 13 September 2019, issued a note wherein it observed that the introduction of a privately governed currency (here, Libra) could fundamentally challenge the current EU financial framework, conflict with EU law and tax requirements, and violate consumer rights.
