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billion in cryptocurrency stolen in February 2025, has heightened concerns around vulnerabilities in routine transfers, showing how sophisticated attacks can bypass commonplace security measures. The Bybit hack, which saw nearly $1.5
A recent report by blockchain intelligence company TRM Labs reveals a concerning trend of crypto hacks by North Korea, who stole at least US$600 million in cryptocurrency in 2023. Even after Sinbad was sanctioned by OFAC in November 2023, they continued to explore other tools for laundering.
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. Ongoing monitoring of existing accounts is also necessary to ensure that cryptocurrency exchanges like BitGo are continuously compliant with AML regulations.
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.
Justice Department (DOJ) with laundering over $100 million worth of cryptocurrency that was previously hacked by North Korean fraudsters, the DOJ said on Tuesday (March 3). and unsealed on Monday (March 2), Tian Yinyin and Li Jiadong allegedly laundered cryptocurrency stolen by North Korean hackers between December 2017 and April 2019.
As a result, the country has tried to find ways to bypass the sanctions, including the creation of its own cryptocurrency, the Petro. sanctions against Venezuela have largely isolated the troubled nation from the global financial system, while also damaging financing.
Two individuals were accused of being connected to the Lazarus Group cybercrime organization per an update of the “Specially Designated Nationals” (SDN) list from OFAC. Treasury has brought on an additional 20 new bitcoin addresses affiliated with two people to its sanctioned individuals roster, Coindesk reported.
(The Paypers) The US Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned three Chinese nationals and their cryptocurrency addresses.
The second was the rise of cryptocurrency (though during his remarks he tended to refer to it as Convertible Virtual Currency or CVC). When it came to technology, Blanco was specifically interested in – and concerned about – two main areas. The first is the rise of mobile gaming and gambling.
Why should organizations say “yes” to purchase order matching and “no” to cryptocurrencies? That includes anti-money laundering (AML) compliance, know your customer (KYC), fraud mitigation, marketing, privacy, document review, Office of Foreign Assets Control (OFAC) compliance, reporting and more.
Newly regulated areas such as digital assets and cryptocurrency businesses will likely undergo increased scrutiny (as companies transacting in digital assets are not exempt from AML requirements). whether a payment constitutes a potential violation of sanctions (OFAC) laws) and self-report.”.
For most of the public lists (EU, OFAC, UN, HMT, etc.) To measure customer risk, we use multiple levels of customer data, such as initial KYC information and planned transactional behavior as stated during onboarding as well actual behavior. Third-party data sources enrich the data with information on for example beneficial owners.
Treasury is looking at numerous cryptocurrency addresses and people associated with them as part of the Foreign Narcotics Kingpin Designation Act, also known as the Kingpin Act, Cryptovest reported on Thursday (Aug. The drug traffickers face sanctions after coordinated actions from OFAC, FinCen and U.S. law enforcement agencies.
Treasury Department revealed it could add cryptocurrency addresses to its list of sanctions if it’s able to link the cryptocurrency addresses with people who are blacklisted. OFAC’s digital currency address listings are not likely to be exhaustive.
Department of the Treasury announced sanctions against a Moscow-based bank because it helped finance Venezuela’s petro cryptocurrency. Firms that are considered complicit in helping Maduro or the country’s financial sector could be hit with sanctions as well. In fact, earlier this week, the U.S. Mnuchin in a press release.
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