Reported by Mathew Di Salvo The U.S. Department of the Treasury has warned of criminals using decentralized finance (DeFi) protocols but admitted that money launderers and terrorists typically prefer fiat currencies over crypto. In its “Illicit Finance Risk Assessment of Decentralized Finance” report released today, the U.S. body said that ransomware crooks, thieves, scammers and other criminals […]
Reported by CIARAN LYONS DeFi execs at the World of Web3 (WOW) Summit in Hong Kong argued that implementing “Know Your Customer” (KYC) measures will tackle the “biggest issue” in decentralized finance (DeFi), which is hackers laundering millions of stolen funds into “clean money.” During a panel session at the summit on March 29, titled […]
Reported by Mengqi Sun The suit by U.S. regulators against Binance Holdings Ltd. focuses in large part on the work of the cryptocurrency exchange’s former chief compliance officer, alleging he willfully aided and abetted the firm in evading U.S. laws. Samuel Lim, Binance’s compliance chief between 2018 and 2022, faces civil charges of undermining Binance’s […]
Reported by Dorota KOLINSKA On Tuesday, MEPs from the Economic and Monetary Affairs and Civil Liberties, Justice and Home Affairs committees adopted their position on three pieces of draft legislation on the financing provisions of EU Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policy. The package consists of: Read full report: https://www.europarl.europa.eu/news/pt/press-room/20230327IPR78511/new-eu-measures-against-money-laundering-and-terrorist-financing
Reported by Bloomberg News For years, Artem Uss had appeared in Russian media as the owner of fancy real estate, luxury cars and Italian hotels. Now US officials allege he’s at the center of a suspected secret supply chain that prosecutors say used American technology to support President Vladimir Putin’s war in Ukraine. Court documents […]
Reported by Dana Kennedy On Monday, the Grammy-winning Pras Michel, 50, goes on trial in a Washington, DC, federal court as a key figure in a complex, multi-billion dollar global finance and political influence conspiracy involving two foreign nationals: Jho Low, a flashy Malaysian billionaire with ties to China, and Guo Wengui, the exiled Chinese […]
Reported by Thomas Georges The bipartisan Corporate Transparency Act (CTA), which requires anonymous companies and other entities registered in the U.S. to report identifying information on their true, “beneficial” owners, is under serious threat of being weakened by a combination of flawed rulemakings and a draft information intake formreleased by Treasury that could make reporting functionally optional under […]
Reported by Steven Stradbrooke Coinbase (NASDAQ: COIN) says it has been warned by the U.S. Securities and Exchange Commission (SEC) to expect imminent legal action for violating federal securities laws. On Wednesday, Coinbase disclosed that it had received a Wells notice from SEC staff regarding a “preliminary determination” that the regulator should “file an enforcement action” against the digital asset […]
Reported by Rohan Goswami and MacKenzie Sigalos Shares of Jack Dorsey’s Block plunged 16% after short seller Hindenburg Research announced Thursday that the payment company was its latest short position, alleging that Block allowed criminal activity to operate with lax controls and “highly” inflates Cash App’s transacting value user base, a key metric of performance. […]
Reported by Harshini 10 use cases of ChatGPT applications in banking are listed here, along with additional information When it comes to implementing cutting-edge technology to improve customer service and comply with regulations, banks frequently lead the way. Banks can now use generative language tools like ChatGPT to increase productivity, streamline operations, and enhance their services thanks […]
Financial Crime News Briefs 