The U.S. Department of the Treasury unveiled additional steps to curb the illicit use of cryptocurrencies on Friday, warning enterprises not to engage with sanctioned entities exploiting the financial system - particularly to launder ransomware proceeds.
The U.S. Attorney's Office for the Eastern District of Virginia last week indicted three men - including an ex-employee of Bank of America and TD Bank - with money laundering and aggravated identity theft after the men allegedly conducted an extensive business email compromise scheme.
A former U.S. Army contractor has been sentenced to 12 years and seven months in prison and ordered to pay $2,331,639.85 in restitution, for conspiring to commit wire fraud and launder money, targeting thousands of military-affiliated individuals, according to a Department of Justice statement.
There’s no question: 2020 brought unanticipated changes and challenges for financial services. The notable surge in consumers’ use of websites and mobile apps for their banking transactions exposed critical gaps in our digital identity and authentication methods. Keith Swanson of SAS Institute outlines techniques...
An Ohio man has pleaded guilty to operating an illegal bitcoin "mixer" service to launder more than $300 million in cryptocurrency for users of darknet marketplaces, according to the Justice Department. Larry Dean Harmon faces up to a 20-year federal prison sentence.
Can your organization provide a seamless digital experience with immediate account access, and stand up to the highest standards in safeguarding customers’ assets?
When consumers fall victim to fraud, they expect their financial services organization (FSO) to help them resolve the issue. And when the firm...
The combination of governmental financial support driven by “high unemployment, business insolvency, and disruptions in global
trade patterns” + increased online and remote banking has led to a spike in
Heightened risks made it harder to comply with requirements to combat financing terrorism...
Alexander Vinnik, a Russian national who founded the now-defunct BTC-e cryptocurrency exchange, has been found guilty of money laundering in France and has been sentenced to five years in prison, according to media reports. He faces additional charges in the U.S. and Russia.
There's a lot of talk about advancing the anti-money laundering arsenal to the next level, sometimes referred to as next-generation AML, AML 2.0 or AML 3.0. Whatever you call the next wave of AML technology, it's about solutions that draw on such advances as robotics, semantic analysis and artificial intelligence...
The IRS Criminal Investigation Cyber Crimes Unit is waging a battle against the use of cryptocurrency for financing terrorists and other money-laundering activities. Agents Chris Janczewski and Jon Gebhart describe recent cryptocurrency-related takedowns.
The Treasury Department has fined the owner of two bitcoin "mixing" sites $60 million for violating anti-money laundering laws. It's the first time the department's Financial Crimes Enforcement Network has issued a civil monetary penalty against the operator of a cryptocurrency site.
A international law enforcement operation involving 16 countries has resulted in the arrest of 20 individuals suspected of belonging to the QQAAZZ criminal network, which helped launder cash and cryptocurrency for other cybercriminals.
What will be the impact of the leak of investigatory documents from FinCEN - the U.S. Treasury Department's Financial Crimes Enforcement Network? For starters, experts warn that FinCEN reports may reveal sensitive information tied to banks and law enforcement agencies' investigatory tools and tactics.