Anti-Money Laundering

Russia’s Digital Currency Measures Fail to Satisfy FATF, Blacklist Possible

October 17, 2024

Russia’s financial regulator maintains that its anti-money laundering system, including strengthened virtual currency regulations, remains effective even if the country faces potential blacklisting by the Financial Action Task Force (FATF). The agency highlighted new federal laws addressing previous concerns and stressed that no significant deficiencies exist that would justify Russia’s inclusion on the FATF blacklist,…
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Nigerian Agency Gets Nod to Freeze $330,000 in Crypto Users’ Bank Accounts

September 11, 2024

A Nigerian anti-corruption agency froze bank accounts (over $330,000) belonging to suspected cryptocurrency users on global platforms like Kucoin and Bybit. The agency believes these users manipulated the Nigerian currency (naira) through their trading activity. The exchanges are also accused of failing to adhere to anti-money laundering and terrorist financing regulations. Bank Account Holders Accused…
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Binance Goes Live in India: Full Access for Indian Users

August 17, 2024

Binance has registered as a reporting entity with India’s Financial Intelligence Unit. Binance CEO Richard Teng emphasized the importance of the Indian market and the crypto exchange’s dedication to providing secure and efficient services. With this registration, Indian users now have full access to Binance’s platform. Binance Now Fully Available for Indian Users Crypto exchange…
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Federal Reserve Cites Significant Deficiencies in Customers Bancorp’s AML Compliance

August 9, 2024

The U.S. Federal Reserve Board has found “significant deficiencies” in Customers Bancorp, Inc.’s management of risk and adherence to anti-money laundering (AML) regulations. These issues, particularly troubling for the bank known for its crypto-friendly stance, were detailed in an enforcement action filed on Thursday. Kamala’s Crypto Reset: Still Loading… Please Wait The Federal Reserve’s action…
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Binance Hit With $87 Million Tax Bill in India

August 6, 2024

Global crypto exchange Binance has received a goods and services tax (GST) bill of Rs 722 crore ($87 million) in India for non-compliance with the country’s tax regulations. This is the first instance of a cryptocurrency firm facing such scrutiny in India. A source claimed that Binance earned over Rs 4,000 crore from transaction fees…
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Banking Sector Poses Highest Money Laundering Risk, Singapore’s Central Bank Says

June 24, 2024

According to the Money Laundering Risk Assessment Report by Singapore’s central bank, the banking sector is identified as the highest money laundering risk to the country. The report also highlights risks related to digital assets and cryptocurrencies. To mitigate these risks, the Monetary Authority of Singapore (MAS) has implemented stringent regulatory measures under the Payment…
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Crypto Friendly Evolve Bank Under Scrutiny: Cease and Desist Order Issued

June 15, 2024

The Federal Reserve and Arkansas State Bank Department have mandated sweeping reforms at Evolve Bank & Trust following significant compliance breaches. The order highlights issues in anti-money laundering efforts and consumer protection, especially in its dealings with fintech companies and prominent crypto players like FTX. Compliance Concerns Trigger Regulatory Action Against Evolve Bank Evolve Bank…
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UK Court Jails Woman for Laundering 150 Bitcoin Tied to $5.6 Billion Fraud

May 25, 2024

The Southwark Crown Court in London, UK, sentenced a woman to jail for money laundering bitcoin tied to a billion-dollar investment fraud. Jian Wen was sentenced to nearly seven years in prison on Friday after being found guilty of money laundering in connection with a £5 billion ($6.4 billion) fraud scheme. Woman Jailed for Laundering…
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Tornado Cash Developer Appeals Money Laundering Conviction, Seeks Overturning Verdict

May 16, 2024

Alexey Pertsev, the developer behind Tornado Cash, has lodged an appeal with the s-Hertogenbosch court of appeal after being found guilty of money laundering. The appeal process is anticipated to take around several months, although it remains unclear whether the appeal has been granted. Pertsev, who received a 64-month prison sentence, has the option to…
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Digitex Founder Pleads Guilty to Failure in Anti-Money Laundering Program Implementation

May 8, 2024

In an announcement on Tuesday, the U.S. Attorney’s Office for the Southern District of Florida said Todd pleaded guilty to “willfully causing” Digitex to violate the Bank Secrecy Act. Notably, authorities indicted the former CEO in February. Digitex CEO Charged for Illegally Operating Crypto Futures Digitex crypto futures exchange CEO Adam Colin Todd willfully failed to…
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Category: Anti-Money Laundering