PYMNTS

DECEMBER 10, 2020

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. The currency is well-known for its massive value fluctuations, as a single bitcoin cost just 9 cents in 2010, $313.92 How Money Launderers Exploit Cryptocurrency.

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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 billion and an individual coin valued at $19,463 as of December.

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Money Laundering Cryptocurrency AML Bitcoin 66

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. A senior U.S.

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Money Laundering Finance Law Enforcement AML 59

Payments Source

JULY 26, 2016

Bitcoin is property, not money, a Florida judge ruled Monday in a criminal case against a man accused of money laundering and unlicensed money transmission.

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Bitcoin Money Laundering AML Rules 63

Fintech Review

APRIL 17, 2025

Nashville, Tennessee, April 17th, 2025, FinanceWire Magnolia Financial , the Bitcoin-native financial services company focused on simplifying onramp and custody for Bitcoin businesses, today announced its partnership with Amboss Technologies. It was the clear choice.”

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Compliance Technology Bitcoin Money Laundering 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

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

AUGUST 20, 2018

Charges of money laundering and illegal money transmission have been levied against a 21-year-old bitcoin dealer in California. The charges allege that Burrell sold roughly $750,000 in bitcoin to about 900 individuals throughout the United States over a period that stretched from January 2015 to April 2016.

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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. must comply with the anti-money laundering rules on the books, including the requirement to file reports about suspicious activity.

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PYMNTS

JANUARY 29, 2019

He also deposited 230 bitcoins ($1.8 million) onto another cryptocurrency exchange and tried to withdraw the money through a bitcoin ATM. In other news, bitcoin prices fell again on Monday (Jan. 28) to $3,443, its lowest level since mid-December.

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Digital Currency Bitcoin AML Cryptocurrency 67

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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PYMNTS

SEPTEMBER 10, 2019

will be required to comply with regulatory standards to prevent money laundering and terrorism financing. Whether it’s bitcoin, Ethereum, Libra, our message is the same to all of these companies: Anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go,” she said.

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PYMNTS

OCTOBER 11, 2018

The People’s Bank of China has announced new anti-money laundering (AML) and counter-terrorism financing regulations for online financial institutions (FIs). The country’s central bank added that it would improve its own supervision process for fighting money laundering and terrorism financing.

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Central Bank AML Money Laundering Regulations 43

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. Tierney said his experiences with Irish banking have jaded him to those sentiments.

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Bitcoin Cryptocurrency AML Money Laundering 70

PYMNTS

FEBRUARY 28, 2020

In a report titled “The Dark Side of Latin America,” IntSights, which monitors cyberthreats, said Latin America is among the top regions for money laundering, done at least in part through cryptocurrency, and that such tactics are favored by organized crime.

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Money Laundering Crime AML Cryptocurrency 86

PYMNTS

NOVEMBER 26, 2019

The decision was made to block the possibility of money laundering and inflow from external networks,” the firm said, adding that other crypto exchanges have dropped monero over the same concern. “As 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

JANUARY 26, 2021

The guidelines expand to include virtual asset transfers and exchanges, as well as virtual asset storage and management in BSP’s licensing requirements and regulations, including its anti-money laundering (AML) and countering the financing of terrorism rules.

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Wire Transfer Blockchain Wires Wire 97

The Paypers

JUNE 25, 2020

Analytics company CipherTrace has reported that as the number of Bitcoin ATMs increases, they can be used to sidestep anti-money laundering (AML) controls.

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Money Laundering ATM Bitcoin AML 28

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. million euro fine on BlueOrange Bank for AML noncompliance, and FINRA fined Swiss bank UBS $5 million for similar violations.

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Stablecoins Blockchain Finance AML 64

PYMNTS

JULY 21, 2020

Crypto enthusiasts proclaim that you can front the best-known players like bitcoin or the most obscure blockchain-backed currencies circulating the world and tap into the future of money. Even bitcoin is accepted by only a relative handful of digital retailers. Dhamodharan said that’s impossible to say from the outset.

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Visa Cryptocurrency Blockchain Bitcoin 127

PYMNTS

AUGUST 4, 2019

Cryptocurrency compliance company Elliptic has released the Elliptic Data Set, which aims to identify crypto transactions associated with money laundering. The research found that only 2 percent of the 200,000 bitcoin transactions in the data set were illicit, while 21 percent were identified as lawful.

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Money Laundering Bitcoin Transactions AML 46

PYMNTS

FEBRUARY 10, 2020

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. The FCA has expanded oversight of the crypto industry due to anti-money laundering (AML) and counter-terror financing (CTF) procedures.

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FinTech Money Laundering Cryptocurrency Fed 82

PYMNTS

JULY 10, 2018

Although new rules to combat money laundering in the European Union took effect this week, there are already calls for more reforms after a series of banking scandals in Latvia, Estonia and Malta. The European Parliament has asked the ECB to boost its current AML checks before new reforms can be adopted.

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PYMNTS

JULY 12, 2019

The move comes after the Canadian government decided to ease up on some of its new anti-money laundering regulations due to feedback from payment service providers and crypto exchanges. As a result, the platforms are now classified as money service businesses (MSBs).

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Bitcoin ATM Rules AML 40

PYMNTS

DECEMBER 18, 2019

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. However, unlike Libra, Saga started from scratch, without the 5.4

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AML Checks Federal Reserve Cryptocurrency 52

PYMNTS

OCTOBER 14, 2020

As much as Bitcoin and other cryptocurrencies have attracted scrutiny from the Department of Justice and still lack mainstream acceptance, Voyager’s portfolio of so-called “stablecoins” (which are linked to an underlying currency such as the U.S.

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Treasury Cryptocurrency Stablecoins Fincen 129

PYMNTS

JUNE 6, 2019

Dutch billionaire John de Mol, who created the reality TV program “Big Brother,” is suing Facebook for allowing fake ads which used his name and image to commit bitcoin-related fraud that swindled 1.7 In other news, Vancouver’s mayor is suggesting the ban of bitcoin ATMs, as the city’s police called them an “ideal money laundering vehicle.”.

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Bitcoin ATM Money Laundering Scams 54

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

JANUARY 17, 2020

billion in bitcoin moved from criminal entities to crypto exchanges. The wily ways in which the bad guys use tech to cloak their funding efforts comes against a backdrop where KYC and anti-money laundering (AML) efforts are ramping up across the globe, and aiming at exchange operators. A week ago, on Jan.

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Money Laundering Due Diligence Cryptocurrency AML 57

PYMNTS

FEBRUARY 19, 2020

In other news, the Financial Conduct Authority’s anti-money-laundering initiatives have led to complications for EPayments Systems, which had one million user accounts frozen on Tuesday. The electronic money institution, authorized by the U.K., The electronic money institution, authorized by the U.K.,

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IRS Cryptocurrency Digital Currency Money Laundering 67

PYMNTS

NOVEMBER 2, 2020

31, focuses on anti-money laundering (AML) practices and countering financing terrorism (CFT). The ministry’s AML and CFT policies incorporate the suggested policies set by the Financial Action Task Force (FATF) and will be monitored by the Caribbean Financial Action Task Force (CFATF).

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CBDC Distributed Ledger Technology (DLT) Visa AML 64

FICO

APRIL 23, 2019

In between coloring eggs, if you picked up a paper or scrolled through a news site, you probably would have seen the news that $130 million cash was found at the house of the ousted president of Sudan and how the US government foiled a money laundering operation by drug traffickers using bitcoins. So, here’s the key problem.

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AML AI Money Laundering APACS 40

PYMNTS

JANUARY 19, 2021

CoinDCX Go users will be able to trade small amounts of 14 of the largest digital coins, including bitcoin, ether and binance coin, according to CoinDesk. Crypto custodian BitGo will ensure users’ funds, and the app will be protected by anti-money laundering (AML), artificial intelligence (AI) algorithms, CoinDesk reported.

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Bitcoin Cryptocurrency Money Laundering AML 57

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.

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Digital Currency Bitcoin Money Laundering AML 73

PYMNTS

APRIL 29, 2020

” He pointed to anti-money laundering (AML) regulations as another example of how the nature of compliance can sometimes conflict with the crypto world. Bitcoin was created as a way to bypass the middleman of financial transactions — which, traditionally, is the bank itself.

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Cryptocurrency Cross-Border Compliance AML 113

PYMNTS

JANUARY 15, 2019

At the same time, it was said that those who engage in digital asset dealing will have to follow rules for anti-money laundering (AML), among other regulations. million between 2015 and 2017 through the Finnish bitcoin exchange. dollars, The Telegraph reported.

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Bitcoin Regulations Digital Currency Money Laundering 43

PYMNTS

DECEMBER 20, 2018

Billions of dollars in fines have been and are accruing, as legacy anti-money laundering (AML) systems failed to do what they were designed to do. They’re discussed here, of course, bitcoin and cryptos among them. GDPR and PSD2 are helping to shape data sharing. New ways to pay — as in alternative payments?

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