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Online games could be the next trend in money laundering, Canadian inquiry hears

A public inquiry into money laundering in British Columbia has heard that cash is still king but cryptocurrencies and other virtual trade could rise as a trend. Criminology professor Stephen Schneider of St. Mary’s University in Halifax says games and other online platforms with many players are creating their own… Read More

‘Evil mastermind of $24 million cyberscam was Ellis Pinsky, 15’

The “evil mastermind” and his crew “struck hard and quickly” to steal $24 million and launder it on currency exchanges. But the alleged ringleader did not look particularly like Tony Soprano. Ellis Pinsky was 15 years old, in high school and living at his mother’s house in a respectable area… Read More

Brazil Regulator Votes to Continue Probe Into Banks’ Rejection of Crypto Firms

Brazil’s biggest private banks are not out of the woods yet. On Wednesday, Brazil’s antitrust watchdog, the Administrative Council for Economic Defense (CADE), voted to continue its investigation of banks who denied financial services to crypto brokers in alleged violation of Brazilian competition law. CADE’s nearly two-year-old inquiry into… Read More

21st May 2020

Malta: Nexia BT gets new licence despite Panama scandal

Panama Papers firm Nexia BT has been given a new licence requiring “high standards of conduct and compliance” to audit the internal IT systems and protocols of high-risk entities like cryptocurrency exchanges. Nexia BT Technology, a Nexia BT offshoot company, was certified as meeting these standards by the Malta Digital… Read More

14th May 2020

Why the EU anti-money laundering list is so short

The EU, last week, told a black-and-white tale of 20 sinful states who posed a money-laundering threat to Europe’s law-abiding single market. But the real story of the EU and money laundering is more complicated. And the EU’s new dirty-money blacklist revealed more by its omissions than by its inclusions. Read More

13th May 2020

Prepaid cards’ dark underbelly hides potential financial sector pain

By Sophia Furber, S&P Global Market Intelligence, 12 May 2020 Read the full article at S&P Global Market Intelligence Photo (cropped and edited): Jcornelius/CC BY-SA 4.0 RiskScreen: Eliminating Financial Crime with Smart Technology… Read More

13th May 2020

JPMorgan Is Now Banking for Bitcoin Exchanges Coinbase, Gemini

JPMorgan Chase & Co. agreed to take on two Bitcoin exchanges as banking clients in a move that shows the company getting more comfortable with an industry its top leader once spurned. The firm added Coinbase Inc. and Gemini Trust Co. as banking customers in its corporate… Read More

11th May 2020

The Art of the SAR

If filing a suspicious activity report is more of an art than a science, it should be remembered that not all art is equal. Like a painting hung in a museum, a good SAR must be the product of focus and intention if it’s to engage its intended audience. For… Read More

8th May 2020

Crypto Firms Establish Messaging Standard to Deal With FATF Travel Rule

A new messaging standard released today is designed to help cryptocurrency firms comply with anti-money laundering regulations from the Financial Action Task Force (FATF). The standard, called IVMS101, defines a uniform model for data that must be exchanged by virtual asset service providers (VASPs) alongside cryptocurrency transactions. The standard will… Read More

7th May 2020

Covid-19 and Illicit Financial Flows: What’s to Come

GFI — Even in normal times, there has been a growing recognition of the threat that illicit financial flows (IFFs) pose to the integrity and stability of the global financial system. But now, with the onslaught of the Covid-19 crisis, concerns are growing that the scale and scope… Read More

6th May 2020

Dutch Central Bank to Crypto Firms: Register in 2 Weeks or Shut Down

Dutch crypto companies must register with the Netherlands’ central bank by May 18 or cease operations immediately, the monetary authority said Monday. De Nederlandsche Bank (DNB) is moving to quickly enforce enhanced Dutch anti-money laundering (AML) laws, which passed the Dutch Parliament last month to comply with the European Union’s… Read More

6th May 2020

FATF Outlines Challenges and Best Practices for COVID-19

The COVID-19 pandemic is diminishing the ability of governments and businesses to fight money laundering and terrorist financing, according to an intergovernmental watchdog. The Financial Action Task Force (FATF) on Monday outlined concerns and challenges linked to the pandemic’s effect on financial crime in a guidance paper summarizing recommendations… Read More

28th April 2020

The Netherlands’ AMLD5 Interpretation Appears to Be Killing Crypto Firms

The Dutch crypto market is seeing the first of most likely many small crypto exchanges get squeezed out following the passage of heavily criticized anti-money laundering (AMLD5) regulations. Announced Friday in a company blog, Bittr founder Ruben Waterman said his bitcoin exchange, launched in 2018, will shut down… Read More

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