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Featured Virtual Currency And Blockchain

KYC360 Exclusive: What Cryptocurrency, Drug Lords and Mafia Bosses Don’t Have in Common

Cryptocurrency is an emerging value transfer system with pluses and minuses for users with legal and illicit funds. No doubt it is growing every day, as evidenced by the facts provided on CoinMarketCap.com. But from a money launderer’s perspective, the greatest majority of cryptocurrencies have limitations for those servicing traditional… Read More

Inside the hunt for a cryptocurrency fraudster who vanished without a trace

With flames leaping from the stage, ear-splitting music pumping from loudspeakers and a screaming crowd, the sell-out event at London’s Wembley Arena seemed more like a rock concert than a financial sales conference. But as Alicia Key’s Girl On Fire began to fade, an electrified silence swept across the auditorium… Read More

IRS Says ‘Dozens’ of New Crypto, Cybercriminals Are Identified

The IRS’s criminal division identified “dozens” of potential cryptocurrency tax evaders or cybercriminals after a meeting this week with tax authorities from four other countries. Officials from the U.S., U.K., Australia, Canada and the Netherlands — known as the Joint Chiefs of Global Tax Enforcement — shared data, tools and… Read More

8th November 2019

NCA Cites Record Number of SAR Filings, Far Fewer Investigations

UK financial institutions and other firms filed a record number of suspicious activity reports (SARs) between April 2018 and March of this year, but only a third of the reports citing potential money laundering prompted criminal investigations. In an annual report published Tuesday, the National Crime Agency (NCA) said… Read More

6th November 2019

UN: North Korea Turns Talented Children into Cryptocurrency Hackers

The United Nations (UN) reportedly believes that North Korea is training its most talented young IT talents to become elite cryptocurrency hackers – and thinks Pyongyang is using a fake Hong Kong blockchain company as a front for money laundering schemes. Per South Korean media outlet Chosun, South Korean… Read More

6th November 2019

Regulator moves against Vancouver’s Einstein crypto exchange amid money-laundering concerns

The B.C. Securities Commission (BCSC) says it’s taking action to protect customers of the Vancouver-based Einstein cryptocurrency exchange. The regulator revealed Monday (November 5) it had been fielding complaints from customers claiming they could not access assets on the Einstein Exchange Inc. platform. A shareholder and “another individual associated with… Read More

5th November 2019

OneCoin lawyer on trial for role in ‘crypto-scam’

The trial of a US lawyer accused of laundering some of the proceeds from the OneCoin cryptocurrency “scam” has begun in New York. Mark Scott is accused of routing approximately $400m (£310m) out of the US while trying to conceal the true ownership and source of the funds. Some is… Read More

4th November 2019

European Supervisors Outline Financial Sector’s AML Weak Spots

A recent joint report by the European Banking Authority (EBA), the European Securities & Markets Authority and the European Insurance and Occupational Pensions Authority (the Joint Supervisory Authorities, or JSAs) has highlighted current money laundering and terrorist financing risks to the EU’s financial sector participants. Transaction monitoring and suspicious… Read More

30th October 2019

The Shady Cryptocurrency Boom on the Post-Soviet Frontier

At the edge of a lake on a fault line of the new Cold War stands a building that, depending on how you look at it, is either a relic of a failed revolution or the beating heart of a new one. In Soviet times, the Kuchurgan electricity plant powered… Read More

28th October 2019

EU readies stricter rules against money laundering: document

The European Union is getting ready to tighten rules against money laundering, an EU draft document shows, a year after previous reforms now deemed inadequate to tackle a series of banking scandals. EU regulators were caught off guard last year by revelations of one of the largest ever money-laundering scandals,… Read More

28th October 2019

Crypto Capital Official Nabbed in Money Laundering Probe

An official of the Panamanian payment processing firm Crypto Capital has been arrested as part of a Polish probe for allegedly laundering the proceeds of drug sales for an international crime group. The suspect, in accordance to Polish rules preventing the release of full names, was identified as Ivan M.L. Read More

28th October 2019

‘We Need to Think Long and Hard’ about Better AML Supervision: FATF Exec Secretary

Intergovernmental groups and nations must reconsider how anti-money-laundering (AML) supervision and evaluations are conducted, according to the executive secretary of the Financial Action Task Force (FATF). In a recent interview for KYC360’s AML Talk Show, David Lewis noted that approximately 75 percent of the countries evaluated in recent… Read More

25th October 2019

It’s Time to Reform and Refocus the Financial Action Task Force

The latest gathering of the global anti-financial crime standard-setter, the Financial Action Task Force (FATF) – the first under its Chinese presidency – included a number of eye-catching items reflecting the incoming president’s Objectives statement. The plenary considered long-ignored threats such as money laundering associated with the illegal… Read More

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Inside the hunt for a cryptocurrency fraudster who vanished without a trace