The government of Canada has updated its Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) rules, CoinDesk reported. The amendments, which were finalized last month, target cryptocurrency exchanges operating in the country, among other things. The objective of these amendments is to address and close the gaps that exist in Canada’s AML/ATF Regime. According […]

The price of bitcoin has shot up by hundreds of dollars in recent days, following the surprise announcement from JP Morgan that it is launching its own JPM Coin cryptocurrency. Other leading cryptocurrencies, including ethereum and EOS, experienced significant gains, building on a major market surge earlier this month. The investment bank’s decision to launch its […]

And this weekend arrived with quite serious bulletins around the crypto industry. An Israel based crypto exchange, Coinmama suffered a massive data breach. It has been revealed that about 450000 users were affected and their emails and hashed passwords were breached. Coinmama Suffered Data Breach A quick Reddit post and twitter handle explain that the […]

The network and the university’s power were used covertly to mine for cryptocurrency. A Canadian university was forced to close down its entire network due to the discovery that the system was being abused in order to mine for cryptocurrency. Nova Scotia’s St. Francis Xavier University uncovered the cryptojacking scheme on Thursday. IT staff at […]

  Photography: Dado Ruvic As the global use of cryptocurrencies continues to gather momentum, what are the potential risks and implications for compliance professionals and how can they stay a step ahead of money launderers? Criminal networks are adept at exploiting loopholes in regulations, making the risk of cryptocurrency-related reputational fall-out very real.  Regulation of […]

The Financial Conduct Authority (FCA) in the UK has written to the CEOs of major banks to warn of the risks of cryptocurrencies. The letter, which comes from two Executive Directors of Supervision, reminds financial institutions of the importance of scrutiny. Guarding Against Illegal Activity While the letter, entitled Cryptoassets and Financial Crime, does acknowledge that not all […]

A recent study (PDF) from the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance and blockchain analytics company Elliptic explored the “bitcoin laundering” ecosystem. In the study, Elliptic’s forensic analysis of the Bitcoin blockchain and other publicly available data were used to track the flows of illicit funds from 2013 to 2016. […]

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) fined Silicon Valley star Ripple Labs $700,000 Tuesday for selling its virtual currency without registering with FinCEN and for not having an anti-money laundering program. Ripple’s virtual currency is called XRP. FinCEN said Ripple “willfully violated several requirements of the Bank Secrecy Act (BSA).” “Virtual currency exchangers […]