PYMNTS

JUNE 26, 2020

The company will also tell the agency about any intentions for any kind of cryptocurrency issuance in the three years to come. In other news, the individual behind the cryptocurrency project that purportedly had anti-money laundering features was brought forward on wire fraud and money laundering charges by the U.S.

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Money Laundering AML Bitcoin Cryptocurrency 103

PYMNTS

DECEMBER 10, 2020

Cryptocurrency is one of the fastest-moving industries in the digital world, with a market that was valued at $1.03 Bitcoin is one of the most famous names in the cryptocurrency space, accounting for $6 billion in daily transactions among 153 million registered user addresses. Cryptocurrency-related crimes totaled $4.3

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AML Cryptocurrency Money Laundering Compliance 88

PYMNTS

OCTOBER 21, 2018

The Financial Action Task Force (FATF) announced that it will get one step closer to creating international standards for cryptocurrency when it launches its first set of rules in June of 2019. Countries have attempted to rein in the market. Last year, the U.K.

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AML Money Laundering Bitcoin Regulations 79

Clearly Payments

MARCH 11, 2024

In recent years, the rise of cryptocurrency has redefined traditional notions of currency and payment systems worldwide. Cryptocurrency, such as Bitcoin, Ethereum, and others, operates on decentralized blockchain networks, enabling secure, peer-to-peer transactions without the need for intermediaries like banks or financial institutions.

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PYMNTS

DECEMBER 9, 2020

There are currently more than 5,500 different cryptocurrencies in circulation, but the biggest name in the business — and often a metonym for the industry itself — is bitcoin. billion bitcoins in circulation, with a market capitalization of $117.81 The year 2020 saw 18.42 regulations.”. Where are the sources of those funds?’”.

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Money Laundering Cryptocurrency AML Bitcoin 66

PYMNTS

JANUARY 29, 2019

Francesco Firano, founder of cryptocurrency exchange BitGrail , has been ordered to repay the $170 million worth of cryptocurrency that allegedly went missing last year. He also deposited 230 bitcoins ($1.8 million) onto another cryptocurrency exchange and tried to withdraw the money through a bitcoin ATM.

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Digital Currency Bitcoin AML Cryptocurrency 67

PYMNTS

JULY 21, 2020

Crypto boosters have spent the better part of the past decade promoting the idea that great fiat-currency disruptions are coming care of blockchain and literally hundreds of thousands of variations of cryptocurrency circulating in the world today. Even bitcoin is accepted by only a relative handful of digital retailers.

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Visa Cryptocurrency Blockchain Bitcoin 127

Payments Source

APRIL 25, 2018

When regulators recognize ICOs as securities offerings, they will likely require issuers to fully comply with standard Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, increasing compliance pressure, according to Ron Teicher, CEO of EverCompliant.

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Money Laundering Issuers Cryptocurrency AML 98

Fintech News

JULY 17, 2024

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. These services blend the cryptocurrencies of many users together, making it difficult to trace the origin of funds. Usage of mixers peaked in 2022, with over US$1.5

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Money Laundering Law Enforcement AML Non-Bank 111

PYMNTS

MAY 6, 2020

Irish bitcoin ATM operator Boinnex found itself facing roadblocks from Allied Irish Banks (AIB), which shut down its account and said it didn’t want to deal with an unregulated form like cryptocurrency, according to CoinDesk. Cryptocurrency still isn’t recognized by the Central Bank of Ireland as a legitimate form of payment.

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Bitcoin Cryptocurrency AML Money Laundering 70

PYMNTS

JUNE 9, 2019

“While crypto assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT),” said the joint statement, according to Coin Telegraph.

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Bitcoin ATM Risk Regulations 72

PYMNTS

APRIL 29, 2020

The volatility of cryptocurrencies and their existence in what’s often a grey area of regulatory compliance make businesses operating in this sector an unattractive target for traditional financial institutions. ius noted, this is often because the heart of the cryptocurrency industry is often at odds with the nuances of regulation.

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Cryptocurrency Cross-Border AML Compliance 113

PYMNTS

OCTOBER 14, 2020

The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. This in the wake of the OCC’s Sept.

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Treasury Cryptocurrency Fincen Stablecoins 129

PYMNTS

JANUARY 26, 2021

Signal is exploring the idea of adding cryptocurrency payments into its messaging app by integrating MobileCoin , a cryptocurrency supported by the Stellar blockchain, Platformer reported. Signal CEO Moxie Marlinspike “played down,” the cryptocurrency developments, telling Platformer it was only some “design explorations.”.

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Wire Transfer Blockchain Wire Wires 97

PYMNTS

DECEMBER 18, 2019

A new form of cryptocurrency, called Saga, launched this week , with an eye toward answering some of the looming questions about the form. Like Libra , which has yet to be launched, Saga attempts to smooth over the issues with bitcoin, such as reducing the wild price swings and anonymity that have plagued the world’s biggest cryptocurrency.

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AML Checks Federal Reserve Cryptocurrency 52

PYMNTS

JUNE 22, 2020

New Zealand police have frozen $90 million they say belongs to alleged bitcoin scammer Alexander Vinnik in what’s being called the country’s largest money seizure ever. Gox, the bitcoin exchange based in Japan. In 2017, Vinnik was arrested while on vacation in Greece at the request of U.S. authorities, AP reported.

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Bitcoin Money Laundering Crime Financial Crimes 72

PYMNTS

FEBRUARY 10, 2020

that serves cryptocurrency businesses, multiple reports indicated on Monday (Feb. Businesses managing cryptocurrencies have had a tough time maintaining relationships with legacy banks because of the perception that bitcoin-type transactions are connected to criminal behavior.

FinTech 82

FinTech Money Laundering Cryptocurrency Fed 82

PYMNTS

JANUARY 1, 2021

Indian FinTech Cashaa and the country's United Multistate Credit Cooperative Society teamed up to launch what they say is the world's first cryptocurrency bank branch through a joint-venture bank called Unicas, according to a release. The operation also will provide traditional banking services, according to the backers.

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Bitcoin Cryptocurrency OFAC Treasury 80

PYMNTS

OCTOBER 18, 2018

The global regulatory framework of cryptocurrencies and blockchain remains either fragmented, vague or simply nonexistent. Late last month, SEBA Crypto, a Swiss startup, raised $103 million to establish a bank that offers cryptocurrency-related financial services, Reuters reported. “Time is pressing,” he said.

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Cryptocurrency Blockchain AML Money Laundering 85

PYMNTS

JULY 12, 2019

Cryptocurrency exchanges in Canada will now only have to report transfers of more than CA$10,000 ($7,663). The Litecoin Foundation has announced that Litecoin has become the “Official Cryptocurrency of the Miami Dolphins.”. As a result, the platforms are now classified as money service businesses (MSBs).

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Bitcoin ATM Rules AML 40

PYMNTS

FEBRUARY 19, 2020

The IRS has invited cryptocurrency groups to meet for a regulatory summit March 3 to discuss how the two can work together going forward, published reports said Tuesday (Feb. The IRS has been trying to combat cryptocurrency tax evasion, and the agency has been working on establishing more concrete guidelines for digital currencies.

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IRS Cryptocurrency Money Laundering Digital Currency 67

PYMNTS

JANUARY 18, 2018

Treasury’s financial crime unit is picking up enforcement of cryptocurrency platforms that don’t have strong internal mechanisms in place to prevent money laundering, according to a report in Reuters. The cryptocurrency platforms in the U.S. government will also urge other countries to implement more regulation of cryptocurrencies.

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PYMNTS

JULY 27, 2018

FitPay , the startup technology platform that adds contactless payment capabilities to wearable and Internet of Things (IoT) devices, is looking to serve consumers who own bitcoin with a new payment device. dollars that are exchanged from the user’s existing cryptocurrency account. Orlando said.

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Bitcoin Contactless Payments Cryptocurrency Money Laundering 44

PYMNTS

JANUARY 19, 2021

Trezor , a cryptocurrency wallet hardware provider, warned users Monday (Jan. According to a survey run by CoinDCX, nearly 60 percent of Indians find cryptocurrency investing “extremely challenging,” the report stated. Lastly, a gang of men stole $448,700 in cash from a cryptocurrency trader in Hong Kong Monday (Jan.

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Bitcoin Cryptocurrency Money Laundering AML 57

PYMNTS

FEBRUARY 28, 2020

To get a sense of the new frontiers in cybercrime, and how cryptocurrency helps fraudsters cover their tracks or finance their schemes … look, perhaps, to Latin America. Regulations, said the report, are “extremely lax” especially when it comes to Know Your Customer (KYC) and anti-money laundering (AML) efforts.

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Money Laundering Crime AML Cryptocurrency 86

PYMNTS

JULY 27, 2018

Users can trade bitcoin, bitcoin cash, Ripple, Litecoin and Ethereum through the service, according to reports. We’ve launched this cryptocurrency trading facility in response to demand from our user base,” said TransferGo Founder and CEO Daumantas Dvilinskas.

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Cryptocurrency Money Laundering Real Time Payments Bitcoin 43

PYMNTS

NOVEMBER 26, 2019

Ramaswamy was most recently the head of enterprise risk management at Capital One, and was also previously the managing director and global head of AML compliance risk management at Bank of America. And Bitstop has announced a partnership with Simon Malls to bring a fleet of Bitcoin ATMs to various shopping destinations.

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PYMNTS

OCTOBER 11, 2018

CipherTrace Chief Executive Officer Dave Jevans told Reuters, “the regulators are still a couple of years behind because there are only a few countries that have really applied strong anti-money laundering [AML] laws. The organization noted that digital currencies are not an effective store of value, unit of account or payment means.

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Digital Currency Bitcoin Money Laundering AML 73

PYMNTS

SEPTEMBER 24, 2019

For bitcoin, and perhaps cryptocurrencies in general, does the future lie in … futures? As reported this week, the first bitcoin futures contracts that in turn settle in that marquee name in crypto started trading Monday (Sept. The move is being heralded as a “new chapter” in bitcoin’s storybook.

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Bitcoin Travel Rule Cryptocurrency Money Laundering 72

PYMNTS

SEPTEMBER 10, 2019

The Paris-based Financial Action Task Force (FATF), an organization which acts as the standard-setter for anti-money laundering (AML) standards around the globe, said it is closely watching the development of Facebook ’s planned cryptocurrency, Libra , according to a report by Reuters.

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Money Laundering Finance Law Enforcement AML 59

PYMNTS

APRIL 18, 2018

And the price of bitcoin plummeted by greater than 2 percent within minutes on Tuesday (April 17), Business Insider reported. Overall, bitcoin has dropped 41 percent since the beginning of 2018. The cryptocurrency was trading at $7,892.97 And Ripple is calling for more cryptocurrency regulation, Business Insider reported.

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Bitcoin Money Laundering Cryptocurrency AML 43

Payments Source

MARCH 9, 2020

The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.

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Money Laundering Bitcoin Treasury Cryptocurrency 71

PYMNTS

MARCH 10, 2017

“What goes up must come down” is, unfortunately, the most appropriate proverb to open this week’s bitcoin tracker. It all started when the price of bitcoin dropped by some $70 on Tuesday (March 7) for no readily apparent reason. Bitcoin would appear to recover, then sink further.

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PYMNTS

JUNE 29, 2018

Following a regulatory crackdown and recent hacks, bitcoin prices have slumped to lows not seen for months. The popular cryptocurrency dipped just below $5,800 as of 8:30 a.m. Bitcoin hasn’t reached that level since the middle of last November. on Friday (June 29), CNBC reported. percent on the day.

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Bitcoin Money Laundering Cryptocurrency AML 41

PYMNTS

DECEMBER 16, 2020

American Express Ventures has invested in cryptocurrency exchange platform FalconX , according to a press release. FalconX offers its institutional clients an integrated platform that services cryptocurrency trading, clearing and credit. In other news, the U.S. customers. “It users to avoid running into potential compliance issues.

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Blockchain Bitcoin Cryptocurrency AML 60

PYMNTS

JANUARY 6, 2019

And while crypto companies are working to strengthen their anti-money laundering (AML) protections, a Cointelegraph report shows that many of the world’s biggest banks still have a lot of work to do. Financial Industry Regulatory Authority (FINRA) doled out a $10 million fine to Morgan Stanley for failing to comply with AML legislation.

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Stablecoins Blockchain Finance AML 64

PYMNTS

SEPTEMBER 10, 2019

Netki announced that it has upgraded its digital identity service so that cryptocurrency firms can meet AML recommendations by the Financial Action Task Force (FATF) for fighting money laundering. It is unknown who will be taking over the COO role in the company.

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AML Compliance Law Enforcement Money Laundering 40