Japan to Check Money Laundering Policies of Crypto Exchanges Ahead of FATF Inspection

Japan’s Financial Services Agency (FSA) is reportedly cracking down on crypto exchanges that offer anonymous transactions or have weak identity verification practices in preparation for inspection by the Financial Action Task Force (FATF) this fall. Nikkei Asian Review reported the development on May 22. The FATF will reportedly send its investigatory arm to review the … Read more

FinCEN Slams Venezuela’s Attempt to Circumvent Sanctions with El Petro Crypto, Warns Maduro Regime Against Corruption, Money Laundering and More

The Financial Crimes Enforcement Network (FinCEN) has issued an updated advisory to warn financial institutions of continued widespread public corruption in Venezuela. This is part of an ongoing effort to isolate the Maduro regime who recently lost a popular election but has refused to leave office thus inciting many countries to criticize the emerging dictator. … Read more

New York State Sees First Conviction for Crypto Money Laundering

A case involving millions of dollars in bitcoin and Western Union payments has resulted in New York State’s first conviction for cryptocurrency money laundering. The Manhattan District Attorney’s Office announced Wednesday that defendants Callaway Crain and Mark Sanchez, both 35, laundered $2.8 million earned through sales of controlled substances carried out over the internet. Between 2013 … Read more

In First, FinCEN Penalizes Bitcoin Trader for Violating AML Laws

The Financial Crimes Enforcement Network (FinCEN) has for the first time penalized what it dubs a “peer-to-peer cryptocurrency exchanger” for breaking anti-money laundering (AML) rules. The U.S. regulator announced Thursday that California resident and cryptocurrency trader Eric Powers failed to comply with the Bank Secrecy Act’s (BSA) registration and reporting requirements during 2012–2014. While conducting the … Read more

ESAs publish Joint Advice on Information and Communication Technology risk management and cybersecurity

ESAs publish Joint Advice on Information and Communication Technology risk management and cybersecurity Wednesday 10 April 2019 15:02 The European Supervisory Authorities (ESAs) today published two pieces of Joint Advice in response to requests made by the European Commission in its March 2018 FinTech Action Plan: Joint Advice on the need for legislative improvements relating … Read more

Citing “Act of War” Clauses, Insurers Refusing to Compensate Firms Hit in Ransomware Attacks

Global insurance firm Hiscox is the now second insurance firm known to have refused to pay out a company damaged in a NotPetya cyberattack, Verdict reports. It is believed that Hiscox has made the refusal because the Russian government was accused by the UK-government of circulating NotPetya. If that is the cases, insurance firms are … Read more

What Article 13 Means for the Cryptocurrency Industry

First they came for our privacy. Then our data. Finally they took our memes. If the more hyperbolic headlines are to be believed, the EU’s ratification of the controversial Article 13 copyright law will have repercussions for purveyors of highly shareable online content. The reality is less draconian. Nevertheless, Article 13, coupled with last year’s … Read more