Turkey brings cryptocurrency firms under AML/CFT rules
Cryptocurrency exchanges are now included in Turkey’s anti-money laundering and counter terrorism (AML/CFT) financing regulations.
Man charged in US with operating ‘notorious’ darknet cryptocurrency mixer as laundering service
A dual Russian-Swedish national accused of moving bitcoin worth $335 million through a ‘notorious’ money laundering cryptocurrency mixer has been arrested and charged in the United States.
Two cryptocurrency exchanges shut down amid fraud investigations in Turkey
Two cryptocurrency exchanges have closed in a week and are the subject of fraud investigations in an apparent clampdown in Turkey.
Large crypto exchange Gemini signs agreement with Comply Advantage
Gemini , one of the world’s largest cryptocurrency exchanges, has selected ComplyAdvantage’s hyperscale platform for its AI-powered AML risk management.
FinCEN appoints former Chainalysis executive as new head
The Financial Crimes Enforcement Network (FinCEN) has appointed a former executive of cryptocurrency analytics firm Chainalysis as its new Acting Director.
DeFi Technologies will change banking forever - Decentralised Finance and New Frontiers for Blockchain
In the minds of many, blockchain technology – the use of encrypted blocks of data to create a shared ledger of activity – is synonymous with cryptocurrencies such as Bitcoin.
Cryptocurrencies: Dispelling the Myths
The world of cryptocurrencies can be a disorienting place. Now, we are seeing one of the periodic booms in the value of Bitcoin and its sister currencies, with businesses and some governments exploring the possibility of launching their own versions, while others warn of the financial crime risks that crypto brings.
Block… Change? Blockchain and the transformation of compliance
The financial services industry has spent the last decade warily eying Blockchain technology as a challenger to conventional ways of ‘doing money’ and as a potential risk to pre-existing regulatory norms.
Seven key themes from FinCrime World Forum Day Two
Here are some of the highlights and key topics of debate from the second and final day of FinCrime World Forum.
How powerful a weapon is AI in the fight against financial crime?
FinCrime World Forum speaker Janet Bastiman explains the benefits of using AI in Anti Money Laundering compliance processes
Is there such thing as ‘cryptocurrency crime’?
Nick Furneaux is a world-renowned cryptocurrency forensic expert and a crypto-investigation trainer for law enforcement agencies and major businesses. Ahead of his presentation to FinCrime World Forum next week, he tells us why he doesn’t believe there is such thing as ‘cryptocurrency crime’.
DEA warns of rise in illicit drug money laundering through virtual currency ATMs
Virtual currency ATMs are increasingly being used to launder illicit drug proceeds, a federal agency in the United States has warned.
Cryptocurrency fraudster pleads guilty to money laundering and $16m fraud
Swedish national Roger Nils-Jonas Karlsson is facing up to 20 years in jail in the US after admitting defrauding 3,500-plus people of more than $16m (€13m).
McAfee hits back after being charged with fraud and money laundering conspiracy over cryptocurrency promotion
The anti-virus software pioneer John McAfee has hit out after being charged with fraud and money laundering crimes in the United States.
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.
