Tag: crypto

Written by FinCrime

Customers Bancorp hit with Fed action for risk-management deficiencies

Reported by Pete Schroeder The U.S. Federal Reserve announced on Thursday it had imposed an enforcement action against Customers Bancorp (CUBI.N) for “significant deficiencies” around the bank’s risk-management and anti money-laundering practices. The enforcement action against the Pennsylvania-based bank, which provides digital asset services and a tokenized instant payments platform, stemmed from a recent examination by the […]

Written by FinCrime

Coinbase UK unit fined for breaching financial crime requirements

Reported by Huw Jones A Coinbase business in Britain has been fined for breaching a regulatory agreement to improve its defences against financial crime, in the first sanction of its kind in the UK cryptoassets sector. The Financial Conduct Authority (FCA) said on Thursday that CB Payments Limited (CBPL), a gateway for customers to trade […]

Written by FinCrime

Silvergate Pays $63 Million to Settle US Regulators’ Probes

Reported by Lydia Beyoud Silvergate, the California lender done in by the collapse of crypto exchange FTX, agreed to pay $63 million to settle state and federal probes on Monday. The Federal Reserve announced the penalties against the bank, owned by Silvergate Capital Corp. The Fed portion of the fine is $43 million, and the California Department of Financial Protection […]

Written by FinCrime

Modern Money Laundering: Top Trends and Tech in 2024

Reported by Ray Fernandez (Click link all the way down below for full report) Blockchain Bridges, Droppers, and Neural Network Forgeries Deniss Kudrjašov, AML Compliance Officer at the neobank Keytom, spoke to Techopedia about the tactics and technologies used by cyber criminals to clean dirty money. “Recently, combined laundering systems that utilize both centralized and decentralized […]

Written by FinCrime

Digital finance is a money-launderer’s dream, argues an author

Reported by Geoff White Cutting edge  technology is fast becoming the handmaiden of organised crime, helping some of the world’s most dangerous crooks to move and hide ill-gotten gains. This situation will only get worse, unless governments and the technology industry can find common ground. As financial digitisation has accelerated, the first stage of the […]

Written by FinCrime

Two Brothers Arrested For Attacking The Ethereum Blockchain And Stealing $25 Million In Cryptocurrency

Reported by U.S. Attorney’s Office, Southern District of New York Damian Williams, the United States Attorney for the Southern District of New York; Lisa Monaco, the Deputy Attorney General of the United States; and Thomas Fattorusso, the Special Agent in Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), […]

Written by FinCrime

User Verification In Crypto: A Path Toward Or Away From Security?

Reported by David Balaban In March 2024, European Parliament committees approved a ban on anonymous digital asset transfers. If the EU Council and Parliament adopt these laws, they will take effect in three years. Some cybersecurity and cryptocurrency experts believe that mandatory user verification (KYC) could compromise personal data security. The Security Risks Introduced by KYC […]

Written by FinCrime

Samourai Wallet founders arrested as part of federal crackdown on crypto mixing

Reported by Crystal Kim, author of Axios Crypto Federal prosecutors on Wednesday charged the founders of a crypto-mixing service called Samourai Wallet with conspiracy to commit money laundering and operating an unlicensed money transmitter business. Samourai Wallet is a Bitcoin wallet that promised to “keep your transactions private and your identity masked.” Samourai allegedly executed over […]