An Ohio man has pleaded guilty to operating an illegal bitcoin "mixer" service to launder more than $300 million in cryptocurrency for users of darknet marketplaces, according to the Justice Department. Larry Dean Harmon faces up to a 20-year federal prison sentence.
RBI has amended the master direction of KYC requirements, which requires all reporting entities to conduct money laundering risk assessment procedures. Vikram Babbar from EY talks about leveraging technology.
The COVID-19 pandemic has led to an uptick in financial crimes, a sudden rise in digital banking activities and resources working from home. As a result, the AML landscape has become more challenging for Financial Institutions and other AML regulated entities.
How has the AML regulatory climate shifted most...
Crypto banks need to develop new ways to track suspicious activities, such as money laundering, says James Wester, research director, worldwide blockchain strategies, at IDC, a technology research and analysis provider.
How can crypto banks mitigate the risks of money laundering, synthetic ID fraud and mule accounts? Aaron Lint, CISO at Anchorage Digital Bank, says biometrics and "repeatable cryptography, especially in the form of digital signatures,” can play key roles.
The combination of governmental financial support driven by “high unemployment, business insolvency, and disruptions in global
trade patterns” + increased online and remote banking has led to a spike in
Heightened risks made it harder to comply with requirements to combat financing terrorism...
How could technology now in development potentially help fight against money laundering schemes that leverage the cryptocurrency Monero, which cybercriminals value for its privacy attributes? David Jevans of CipherTrace describes efforts to earn patents on fraud-fighting tech.
Alexander Vinnik, a Russian national who founded the now-defunct BTC-e cryptocurrency exchange, has been found guilty of money laundering in France and has been sentenced to five years in prison, according to media reports. He faces additional charges in the U.S. and Russia.
There's a lot of talk about advancing the anti-money laundering arsenal to the next level, sometimes referred to as next-generation AML, AML 2.0 or AML 3.0. Whatever you call the next wave of AML technology, it's about solutions that draw on such advances as robotics, semantic analysis and artificial intelligence...