"Possible for Cryptocurrency Businesses to Curb Money Laundering"
In a post published on SC Magazine, COO of the anti-crime software firm Wynyard Group, Paul Stokes has explained how the cryptocurrency businesses based in UK can detect and curb money laundering activities. Bitcoin and other cryptocurrencies such as Litecoin have been assumed/ rumored to be used in illegal money transmitting operations as their underlying blockchain technology provides an additional layer of secrecy. Paul explained that even as criminals use newer methods to launder money, there is technology available that can help businesses comply with AML regulations in an efficient....
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The Hong Kong Regulator has mentioned that the blockchain technology can be used to ensure proper implementation of AML and KYC regulations by the banks. Bitcoin and Bitcoin technology are like two sides of the same coin. While Bitcoin is clearly not a favorite among banks and financial institutions, its underlying Blockchain technology receives a much favorable treatment. According to the regulators in Hong Kong and other places, the Bitcoin’s underlying technology can genuinely help curb money laundering issues. Blockchain is a distributed ledger that maintains a record of all the....
Law enforcement agencies from multiple countries, government agencies, and representatives of the private industry have convened this week for the first ‘Global Conference on Money Laundering and Digital Currencies; in Doha, Qatar. The focus of the conference is to discuss the threat of exploiting digital currencies for money laundering and terrorism financing. The three-day event began took place earlier this week (16-18 January). Organizers include the likes of international law enforcement agencies INTERPOL and Europol; the Basel Institute of Governance (a Swiss think tank) and; the....
Big news out of the world’s second largest country, as India’s Enforcement Directorate (ED) has shut down a Bitcoin exchange in Ahmedabad. This move comes days after the Reserve Bank of India issued a warning for Indians to not buy or sell the cryptocurrency. Counting India, China and Thailand (which long ago forbade Bitcoin), that means more than one-third of the world’s population lives under a government that has actively or passively sought to curb Bitcoin use. In Ahmadabad, ED officials shut down trading platform buysellbit.co.in, which was found to be in violation of the Foreign....
According to Reuters, a new partnership between LexisNexis and the London-based Elliptic aims to pool resources to prevent illicit bitcoin use and monitor money laundering through bank-grade tracking capabilities. Elliptic and LexisNexis: A Bank-Grade Bitcoin AML on the Horizon. LexisNexis Risk Solutions is a member of the multinational analytics firm....
Authorities in Hong Kong have arrested four people suspected of money laundering a total of $155 million through cryptocurrency wallets and bank accounts. The city’s customs agency said this was its first case in which virtual money had been used to launder dirty cash. Money Laundering Syndicate Recycles $155 Million in Crypto and Fiat Transactions The criminal group is believed to have processed illegal funds for a total of 1.2 billion Hong Kong dollars ($155 million), Hong Kong Customs announced Thursday. In an operation code-named “Coin Breaker,” officers detained the....