#money laundering News

U.S. Department of Justice Establishes Cryptocurrency Enforcement Team

October 7, 2021 by Anthonia Isichei at Regulation

The Deputy Attorney General of the United States revealed that the Justice Department created a National Cryptocurrency Enforcement Team (NCET), to combat the illicit use of cryptocurrency for criminal activities. The US Determined to Crackdown on Cybercrime Lisa Monaco announced the initiative while speaking at the Aspen Cyber Summit on...

Denmark's Largest Bank Exercises Caution With Cryptocurrency

Denmark’s Largest Bank Skeptical About Cryptocurrency

June 18, 2021 by Anthonia Isichei at Regulation

Danske Bank, the largest bank in Denmark, has expressed its views about cryptocurrency, stating that while it was taking a cautious approach towards bitcoin and other crypto assets, it would allow customers to carry out cryptocurrency-related transactions. Danish Banking Giant Not Sold on Crypto According to a report published on...

Fiat, not Crypto and Bitcoin, Predominantly Used in Money Laundering

April 8, 2021 by Dalmas Ngetich at Bitcoin

Crypto, including Bitcoin and Monero, have had some bad rap over the years for their alleged use as vehicles proliferating illegal activities like money laundering-- A Big Fat Lie. From the onset--and perhaps because of the misunderstanding of the technology powering Bitcoin and the nature of BTC transactions, bad actors...

FINMA makes an unfavourable prognosis for Bitcoin Suisse AG licensing procedure

Swiss Regulator FINMA Rejects Bitcoin Suisse Application for a Banking License

March 18, 2021 by Wayne Jones at Bitcoin

The Financial Market Supervisory Authority (FINMA) of Switzerland has rejected Bitcoin Suisse's application for a banking license. AML Weaknesses Contributed to the Rejection The move is a significant setback for the eight-year-old crypto broker, which is flush with cash, on track for a double-digit million-dollar profit in 2020. Furthermore, it...

Australia: Minister says bad Actors Still Using Cryptocurrency to fuel Terrorism

U.S. Lawmakers Examining Cryptocurrencies’ Role in Domestic Terrorism Funding

February 25, 2021 by Wayne Jones at Regulation

U.S. lawmakers will discuss whether or not terrorists use cryptocurrencies and decentralized systems to fund attacks on Thursday. Crypto in Terrorism Funding The House Financial Services Committee subcommittee on National Security, International Development and Monetary Policy revealed further details concerning its hearing on domestic terrorism funding late Wednesday, together with...

Bitcoin holders barred from depositing profits in UK banks

Crypto Holders in the UK Cannot Deposit Profits in Banks

January 10, 2021 by Wayne Jones at Bitcoin

For the past few months, Bitcoin has been rallying to all-time highs, but anyone who wants to take profits might struggle to cash into banks. It is because some banks are refusing transfers from bitcoin exchanges. HSBC, one of the world's largest banks, does not process cryptocurrency payments and does...

Singapore Book of Crypto code of conduct lightning blue

Cryptocurrency Providers In Singapore Will Now Face Regulation Under MAS

January 5, 2021 by Wayne Jones at Regulation

The enhanced Payment Services Act passed yesterday requires any entity that facilitates the transmission, exchange, or storage of digital payment tokens (DPT) — otherwise known as cryptocurrencies — to be licensed. Such virtual payment providers will be subject to expanded rules and regulations imposed by the Monetary Authority of Singapore...

U.S. Secret Service to Get $2.4 Billion Funding for Crypto Policing

February 11, 2020 by Osato Avan-Nomayo at Regulation

The U.S. Secret Service could receive up to $2.4 billion in funding to monitor crypto crimes as part of the White House budget proposal for 2021. Secret Service Monitoring Crypto Money Laundering According to the budget proposal document, the Secret Service will be tasked with monitoring the use of cryptos...

Crypto Exchanges Facing Greater Compliance Costs as AMLD5 Comes into Effect

January 13, 2020 by Osato Avan-Nomayo at Bitcoin

With the European Union (EU) member states adopting the Fifth Anti-Money Laundering Directive (AMLD5), crypto exchanges in the region could see their compliance costs rise significantly. Meanwhile, financial regulators in the U.K. have moved to directly oversee AML compliance for cryptocurrency exchange platforms. More Compliance Costs Incoming for Crypto Exchanges...

Japanese Banks turn to JPMorgan’s Network to Fight Money Laundering

December 11, 2019 by Edoardo Vecchio at Blockchain

Japan is considering the option to use JPMorgan Chase & Co.’s blockchain-based information network in order to fight money laundering within the nation. According to the news published by Bloomberg, December 10, there would be more than 80 institutions interested in being part of the network. Japan Leads Interbank Information...

United States: FinCEN says Crypto Exchanges must Share Customer info by June 2020

November 20, 2019 by Ogwu Osaemezu Emmanuel at Regulation

As part of efforts to curb the use of blockchain-based virtual currencies for unlawful activities such as money laundering, the United States Financial Crimes Enforcement Network (FinCEN) has mandated all money services businesses (MSBs) such as Bitcoin (BTC) trading venues to start transmitting certain customer info for transactions up to...

President of Payment Processing Firm Linked to Bitfinex-Tether Fiasco Arrested by Polish Authorities

October 25, 2019 by Aisshwarya Tiwari at Altcoins

Polish news outlet wPolityce reported on October 24, 2019, that Ivan Manuel Molina Lee, the CEO of the controversial Panama-based payments processor Crypto Capital was arrested by the Polish authorities on suspicion of money laundering and involvement with an international drug cartel. More than Meets the Eye? Crypto Capital, a...

Bitcoin ATM Count Grows by 500% in Three Years

Bitcoin ATMs Undermine EU Anti-Money Laundering Efforts, Says Spanish Police

July 12, 2019 by Osato Avan-Nomayo at Bitcoin

Spanish law enforcement says Bitcoin ATMs enable criminals to circumvent anti-money laundering (AML) regulations according to a report by Bloomberg. This statement comes following calls from officials in Canada for crypto cash machines to be banned over money-laundering concerns. Meanwhile, the number of crypto kiosks worldwide has crossed 5,000 and...

Canada Urges Caution as no Cryptocurrency Exchange Guarantees User Security

Vancouver: City Mayor Suggests Banning Bitcoin ATMs

June 5, 2019 by Aisshwarya Tiwari at Bitcoin

According to a report by The Next Web, published on June 5, 2019, the mayor of Vancouver, Canada, has suggested putting a complete ban on bitcoin (BTC) ATMs in the city. Bitcoin ATMs Serve as Money Laundering Vehicles Although an increasing number of countries around the world are steadily warming...

VHS Tapes and Comuter Screen DVD Bitcoins

U.S. Govt. Hammers Down Movie Piracy Racket, Seize Millions in Cryptos

May 14, 2019 by Ogwu Osaemezu Emmanuel at Bitcoin, Crime, News

The United States Government has finally hammered down a movie and TV show piracy racket, seizing millions of dollars in cryptos and cash. The illegal platform run by Talon White, a U.S resident, has allegedly been in operation since 2013, according to a TorrentFreak report on May 14, 2019. The...

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