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Money Laundering

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CryptoCurrency

Singaporean Woman Sentenced in £3 Billion Bitcoin Fraud Case

  • Wen Jian will spend six years and eight months in prison for money laundering.
  • She was accused of converting BTC into cash and property to conceal the proceeds of a $6.4B scheme.
Saturday, 25/05/2024 | 11:12 GMT by Damian Chmiel
CryptoCurrency

Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents

  • The judge postponed the trial to May 17 to give Binance's lawyers time to review the 300-page document.
  • Binance and its executives also face tax evasion allegations brought by Nigeria's EFCC.
Thursday, 02/05/2024 | 16:48 GMT by Tareq Sikder
FinTech

The AI Effect: Transforming Fintech Operations for Better Customer Engagement

  • Banks invest billions in AI, with $85+ billion projected for generative AI by 2030 in payments.
  • Investors utilize AI applications for portfolio management, with AUM reaching $2.2-3.7 trillion in 2020.
Wednesday, 03/04/2024 | 07:38 GMT by Pierre Raymond
Retail FX

MAS Introduces COSMIC to Tackle Money Laundering and Terrorism Financing

  • The platform has been developed with six major commercial banks in Singapore.
  • It allows FIs to share information based on identified red flags for suspicious behavior or profiles.
Monday, 01/04/2024 | 09:02 GMT by Tareq Sikder
Retail FX

The $229 Million Money-Laundering Scheme That Brought Down Prospero Markets

  • ASIC targets Prospero Markets for legal action due to money-laundering claims.
  • The court hearing for Prospero's liquidation is set for March 2024 after ASIC's move.
Friday, 01/03/2024 | 06:54 GMT by Damian Chmiel
CryptoCurrency

US Charges Belarusian-Cypriot National for Operating Unlicensed Crypto Exchange

  • BTC-e allegedly facilitated global criminal activities through Bitcoin transactions.
  • The platform's servers in the US were reportedly central to the cybercrime operation.
Thursday, 01/02/2024 | 20:13 GMT by Jared Kirui
CryptoCurrency

OneCoin’s Lawyer Gets a Decade in Jail for Laundering $400 Million

  • Mark Scott was convicted in 2019 for bank fraud and money laundering.
  • He used a labyrinth of offshore companies to launder the ill-gotten proceeds.
Friday, 26/01/2024 | 07:00 GMT by Arnab Shome
CryptoCurrency

Europe Sets New Rules for Crypto Assets to Combat Money Laundering

  • EBA addresses risks in the growing sector.
  • New guidelines require crypto companies to implement AML/CTF measures by the end of 2024.
Wednesday, 17/01/2024 | 08:26 GMT by Damian Chmiel
CryptoCurrency

Brazil Police Arrested Suspect for Using Crypto to Launder $2.6 Billion

  • The proceeds originated from drug trafficking and other criminal activities.
  • The arrest was part of a larger investigation started in 2021.
Monday, 15/01/2024 | 09:58 GMT by Arnab Shome
Retail FX

CySEC-Regulated TCR in €220 Million Money Laundering Storm

  • The Cypriot firm TCR faces a French probe for suspicious transactions, according to Le Monde.
  • Also, local authorities are investigating TCR International's potential money laundering links.
Thursday, 28/12/2023 | 18:02 GMT by Damian Chmiel
CryptoCurrency

"Pig Butchering" Crypto Scams: 4 Americans Charged for Laundering $80M

  • Scammers in such scams gain victims' trust before pitching fraudulent investment schemes.
  • Two of the defendants have now been arrested and are facing up to 20 years in jail.
Friday, 15/12/2023 | 05:40 GMT by Arnab Shome
Trending

UBS – Another Tax Fraud Trial on the Horizon

  • France's top court brings UBS back into the dock.
  • UBS was found guilty of offering illegal banking services and money laundering in 2019.
  • The court upheld the guilty verdict but struck down penalties, ordering a new trial.
Wednesday, 22/11/2023 | 08:57 GMT by Louis Parks
FinTech

30 Swiss Banks Flunk FINMA's Money Laundering Risk Analysis Review

  • The Swiss financial watchdog found "a lack of various structural elements."
  • On Thursday, the supervisory authority published guidance on the topic.
Thursday, 24/08/2023 | 22:17 GMT by Solomon Oladipupo
CryptoCurrency

Breaking: New York Resident Admits to $4.5B Bitfinex Hack

  • Lichtenstein took a plea in Washington, D.C., today (Thursday).
  • Lichtenstein and his wife face charges of conspiracy to defraud the U.S.
Thursday, 03/08/2023 | 19:46 GMT by Jared Kirui
Regulation

‘A Lighter Regulatory Touch’? FCA’s Enforcement Cases Plummet in FY 22/23

  • The number of cases that the FCA opened dropped from 190 to 100 in FY22/23.
  • The British watchdog said its enforcement approach remains 'unchanged'.
Monday, 10/07/2023 | 18:11 GMT by Solomon Oladipupo
CryptoCurrency

Binance France under Probe over ‘Illegal’ Crypto Service, Money Laundering: Report

  • The investigation has been ongoing since February 2022, Le Monde reported.
  • Binance dismissed the report as "not news," says inspection 'the norm'.
Friday, 16/06/2023 | 19:09 GMT by Solomon Oladipupo
CryptoCurrency

US Charges Bitzlato Founder with Processing $700M in Crypto for Criminals

  • Anatoly Legkodymov was arrested on Tuesday night in Miami.
  • The DOJ accused Legkodymov of involvement with Hydra Marketplace Criminals.
Wednesday, 18/01/2023 | 21:03 GMT by Solomon Oladipupo
Institutional FX

FCA Slaps £5.8M Fine on Ghana International Bank for AML Lapses

  • Despite the lapses, the FCA did not find any evidence of money laundering.
  • GIB voluntarily suspended taking new overseas bank clients amid the discovery of the lapses.
Thursday, 23/06/2022 | 11:13 GMT by Arnab Shome
Retail FX

Breaking: Major Israeli FX Affiliate Understood to Be Arrested

  • Unconfirmed reports of an arrest in Herzilya
  • The allegations appear to be money laundering
Wednesday, 11/05/2022 | 09:33 GMT by Matti Williamson
Institutional FX

Credit Suisse AML Lawsuit Will Determine Future of Swiss Banking Rules

  • The bank allegedly laundered the money of a Bulgarian drug trafficker.
  • It is the first criminal case against any Swiss bank.
Tuesday, 08/02/2022 | 09:55 GMT by Arnab Shome
News

Cryptocurrency Money Laundering Climbs 30% in 2021

  • The role of DeFi in illegal transactions has increased.
  • In 2021, cyber criminals laundered over $8.6 billion worth of digital currencies.
Thursday, 27/01/2022 | 07:13 GMT by Bilal Jafar
Institutional FX

NatWest Faces £265 Million Fine for FCA’s Money Laundering Charges

  • The bank already pled guilty to the charges brought against it.
  • “Without the Bank… the money could not be effectively laundered,” the Judge stated.
Tuesday, 14/12/2021 | 07:18 GMT by Arnab Shome
Institutional FX

NatWest Pleads Guilty to FCA’s Money Laundering Charges

  • The regulatory charges did not name any individual.
Thursday, 07/10/2021 | 12:20 GMT by Arnab Shome
Retail FX

FCA Warns UK Fintechs on Afghanistan-Related Financial Crime Threat

  • The companies have to actively monitor all outbound transactions to Afghanistan and report any suspicious activities.
Tuesday, 31/08/2021 | 10:41 GMT by Arnab Shome
News

Helix Operator Pleads Guilty for Laundering $300 Million in Bitcoin

  • The darknet Bitcoin mixer service operated between 2014 to 2017.
Thursday, 19/08/2021 | 08:02 GMT by Arnab Shome
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