PYMNTS

OCTOBER 7, 2020

With transactions that become irreversible almost instantaneously, bitcoin and other cryptocurrencies are winning new converts — among scammers eager to avoid credit card chargebacks that can eat into their ill-gotten gains. Jack Dorsey Likes Bitcoin, But So Do Crooks . For example, the U.S. A month earlier, the U.S.

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Bitcoin Consumer Cryptocurrency Scams 93

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. Treasury’s Financial Crimes Enforcement Network fined Vinnik $12 million and BTC-e a $88.6 But the U.S.

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Bitcoin Money Laundering Crime Financial Crimes 72

PYMNTS

DECEMBER 1, 2020

Bitcoin saw a new all-time record high on Monday (Nov. Bitcoin’s price has been steadily rising in recent weeks, climbing above $19,000 last week , thanks to the pandemic-driven shift toward digital payments and cryptocurrency adoption by several mainstream companies, including Square and PayPal. Eastern Time.

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Bitcoin Money Laundering NOV Cryptocurrency 80

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 report noted that roughly 100 platforms have registered with the Financial Crimes Enforcement Network.

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Money Laundering Treasury Cryptocurrency Financial Crimes 47

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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Money Laundering Bitcoin Legal Framework Laws 41

PYMNTS

MARCH 1, 2020

Secretary of the Treasury Steven Mnuchin said last month that the government would introduce new rules about crypto at the Financial Crimes Enforcement Network.

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Blockchain Small Business Bitcoin Money Laundering 97

PYMNTS

SEPTEMBER 20, 2016

While various criminals have tried it, the “bitcoin isn’t money, therefore I can not be guilty of a financial crime” defense never really works out. “Bitcoins are funds within the plain meaning of that term,” Nathan wrote. The latest such decision comes care of U.S.

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Bitcoin Money Laundering IRS Financial Crimes 75

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 Cryptocurrency-related crimes totaled $4.3

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AML Cryptocurrency Money Laundering Compliance 88

PYMNTS

JANUARY 30, 2020

Zermatt, a ski resort town of 5,400 residents in Switzerland, has decreed that cryptocurrency bitcoin can now be utilized to pay taxes and other government services, Bloomberg reported. Mayor Romy Biner-Hauser confirmed that her residents can now pay for an array of traditional government services using bitcoin.

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Bitcoin Ransomware Money Laundering Cryptocurrency 61

PYMNTS

JUNE 2, 2020

Crypto intelligence company CipherTrace’s “ Spring 2020 Cryptocurrency Anti-Money Laundering and Crime Report ” revealed the thefts have escalated in the wake of the COVID-19 pandemic and ensuing global economic crisis. bitcoin ATM users sent more funds to high-risk exchanges than low-risk exchanges in 2019.

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Crime Cross-Border Money Laundering ATM 52

Payments Source

JULY 14, 2017

India is considering tracking digital currencies like bitcoin through the central bank and capital markets regulator along with intelligence agencies to monitor money laundering and terrorist financing, people with the knowledge of the matter said.

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Digital Currency Money Laundering Crime Central Bank 60

PYMNTS

JUNE 23, 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. Vinnik has denied the allegations, saying he was merely a consultant to the BTC-e platform and unaware of any illegal activity, according to the AP. 10 of this year.

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Bitcoin Digital Currency Money Laundering Crime 75

PYMNTS

JANUARY 13, 2021

Department of Justice (DOJ) sentenced the owner of Bulgarian crypto exchange RG Coins to 121 months in prison for money laundering, according to a press release. After receiving payments, the conspirators would convert them to cryptocurrency and send that to money launderers abroad, like Iossifov.

Money Laundering 52

Money Laundering Office of the Comptroller of the Currency OCC Online and Mobile Banking 52

PYMNTS

DECEMBER 21, 2020

with money laundering, fraudulent banking and computer fraud, Reuters reported. “It It is not yet clear whether he participated actively in the theft or if he simply decided not to increase security measures after discovering it,” Ivano Gabrielli, director of the national center for cyber crimes (CNAIPIC), told Reuters.

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Blockchain Bitcoin Money Laundering Cryptocurrency 82

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. The tailwinds for cybercrime? IntSights reported that there were 453.7

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Money Laundering Crime AML Cryptocurrency 86

PYMNTS

AUGUST 21, 2020

As a result, Tether has become the de facto fiat stand-in for Chinese cryptocurrency users and primary means of on-ramping to Bitcoin and other standard cryptocurrencies,” the report said. Zhao was released and is assisting police in investigations on anti-fraud and anti-money laundering issues, CoinDesk reported.

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Cryptocurrency Stablecoins Money Laundering Regulatory Compliance 139

PYMNTS

NOVEMBER 26, 2018

Deputy Attorney General Rod Rosenstein, is seeking to gain international support in dealing with crimes tied to digital currencies. “We Also in Europe, the man who blew the whistle on Danske Bank, pointing to money-laundering activities, has said that U.K. The United States, through U.S.

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Crime Money Laundering Law Enforcement Correspondent Bank 58

Finovate

APRIL 3, 2024

On December 13, 2022, Samuel Bankman-Fried, founder and CEO of international cryptocurrency exchange FTX, was charged with two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering. Since then, cryptocurrencies in general and bitcoin in specific, have been on a tear.

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Bitcoin Crime Cryptocurrency Ransomware 52

PYMNTS

JULY 2, 2019

Dutch ministers have revealed plans to regulate cryptocurrencies in order to prevent money laundering in the country. Crime cannot pay. As part of the plan, the ministers propose tightening the regulation of cryptocurrency services and initial coin offerings (ICOs), as well as boosting investments in projects to prevent crimes.

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Money Laundering Bitcoin Cryptocurrency Crime 40

Fintech News

APRIL 1, 2024

The price of bitcoin increased by a staggering 55.56% in Q4 2023, soaring from US$27,000 in October 01, 2023 to US$42,000 in December 31, 2023, data from Coinmarketcap show. Growing focus on the crypto sector comes on the back of increased prices during the last quarter of the year.

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Ransomware Payments Bitcoin Scams 119

PYMNTS

FEBRUARY 26, 2020

Following a five-day trial in the Western District of Washington, Kvashuk was convicted of five counts of wire fraud, six counts of money laundering, two counts of aggravated identity theft, two counts of filing false tax returns, and one count each of mail fraud, access device fraud, and access to a protected computer in furtherance of fraud.

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IRS Identity Theft Crime Digital Currency 82

PYMNTS

MAY 12, 2020

Bitcoin has long been the marquee name — shorthand, if you will — for the cryptocurrency space. And in recent months, the ride has been wild for bitcoin pricing amid the pandemic. On the other hand, bitcoin is also well off of its all-time highs of just under $20,000. bitcoin exchange.). based crypto exchanges.

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Bitcoin FBI Cryptocurrency Scams 60

PYMNTS

MAY 20, 2020

And now the fraudsters, increasingly, seem to be eyeing bitcoin, the marquee name in cryptocurrency, as coin of the realm across the dark web. It should be noted that the value of the activity rose, due in part for the price per bitcoin advancing through the period (thus the total number of transactions decreased).

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Bitcoin Scams FBI Cryptocurrency 55

PYMNTS

AUGUST 12, 2019

The research also showed major shortcomings in certain crypto regulations, with cross-border bitcoin payments from U.S. Furthermore, this will require innovative new ways to cash out, and turn all that tainted virtual money into clean, spendable fiat currencies. trillion, 11.5 percent of the world’s wealth, is hidden offshore.

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Crime Scams Cross-Border Money Laundering 61

PYMNTS

JULY 16, 2019

In a press conference on Monday (July 15), Mnuchin warned that Libra “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.”. They have a lot of work to do,” he said, according to CNBC.

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Treasury Security Money Laundering Cryptocurrency 75

Payments Source

NOVEMBER 20, 2019

Yet that figure is relatively low compared with other digital assets such as bitcoin, according to the fintech Elliptic.

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Crime Bitcoin FinTech Money Laundering 69

PYMNTS

JANUARY 1, 2021

Elsewhere in the cryptocurrency world, some leading industry players are fighting a federal move to expand anti-money-laundering regulations that have applied to banks handling cash since 1970 to exchanges handling cryptocurrency, Cryptonews and other media outlets report. If the U.S.

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Bitcoin Cryptocurrency OFAC Treasury 80

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. billion each year.

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Central Bank AML Money Laundering Regulations 43

PYMNTS

OCTOBER 6, 2017

Russia is alleging that a Greek court’s decision to extradite a suspected Russian money launderer to the United States is a violation of international law. Vinnik is the accused mastermind behind a $4 billion bitcoin laundering ring and is one of seven Russians arrested or indicted on U.S. Officials in the U.S.

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Laws Bitcoin Money Laundering Crime 43

PYMNTS

JANUARY 17, 2020

And when it comes to crypto crimes, the bold get the fortunes — at pretty much everyone’s expense, as ill-gotten gains, in particular cryptos that are tied to funding terrorists, create a ripple effect of risks. billion in bitcoin moved from criminal entities to crypto exchanges. Fortune favors the bold, goes the saying.

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Money Laundering Due Diligence Cryptocurrency AML 57

PYMNTS

JULY 16, 2019

government has developed a plan that aims to fight financial crimes, including “action on crypto-assets.”. The Economic Crime Plan from H.M. Treasury and the Home Office wants to change the way economic crime is handled by boosting cooperation between government, law enforcement and the private sector. “To

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Credit Cards Crime Law Enforcement Blockchain 40

PYMNTS

FEBRUARY 19, 2020

Cryptocurrency-related crimes have skyrocketed in the past year. 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.,

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IRS Cryptocurrency Money Laundering Digital Currency 67

PYMNTS

OCTOBER 13, 2019

financial regulators have warned firms with registered digital assets that they must follow securities laws to prevent money laundering, as well as report any suspicious activity. Both the SEC and CFTC have issued guidance on their positions on certain digital assets, including bitcoin and ether. Earlier this year, U.S.

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Laws Regulations Money Laundering Security 49

PYMNTS

AUGUST 3, 2018

After a federal jury found him guilty of money laundering, Thomas Mario Costanzo has been sentenced to 41 months of imprisonment by U.S. In addition, Snow ruled on the forfeiture of the nearly 81 bitcoins Costanzo provided to an undercover agent in a money laundering transaction then worth $107,000. Murray Snow.

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Bitcoin Money Laundering Law Enforcement Cryptocurrency 40

PYMNTS

SEPTEMBER 22, 2019

Nevertheless, the decision to end trading support for the crypto-asset was also made to block the possibility of money laundering and inflow from external networks. And blockchain forensics firm CipherTrace has launched a new mobile tool that can flag suspicious bitcoin and ethereum tokens, according to CoinDesk.

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Blockchain Bitcoin Money Laundering Financial Crimes 53

Clearly Payments

MARCH 11, 2024

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. The Proceeds of Crime and Terrorist Financing Act (PCMLTFA) also applies to cryptocurrency transactions.

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Cryptocurrency Consumer Protection Financial Inclusion Payments 104

PYMNTS

DECEMBER 6, 2016

Back in January, Reuters reported the European Union plans to spend its resources monitoring digital currencies, like bitcoin, instead of formally regulating them. There’s plenty of virtual currencies in the world (600, according to Reuters’ count in January), and bitcoin accounts for roughly 90 percent of the $7 billion market.

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Money Laundering Bitcoin Regulations Digital Currency 61