The Israeli Ministry of Defense reportedly seized $836,168 worth of cryptocurrency from a currency exchange firm with ties to the Hamas terrorist group. The use of cryptocurrency by cybercriminals may be advantageous to law enforcement agencies, according to some experts.
2021 has been a dynamic year for fraud and financial crime, and the events that have emerged out of the quickly changing risk landscape continue to create new vulnerabilities for financial services organizations (FSOs).
Key fraud and AML trends of the past year have been particularly prevalent and are positioned...
One of the effective ways to tackle AML fraud is to leverage technologies such as behavioral biometrics and device biometrics, says Charles Subrt, director of the fraud and AML practice at Aite-Novarica Group.
Cryptocurrency-using criminals continue to rely on services designed to launder their virtual currency to give them "clean coins" that are tougher for law enforcement to trace. Experts say such services are widely marketed on cybercrime forums, and sometimes provided directly to ransomware groups' affiliates.
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.
How could technology now in development potentially help fight against money laundering schemes that leverage the cryptocurrency Monero, which cybercriminals value for its privacy attributes? David Jevans of CipherTrace describes efforts to earn patents on fraud-fighting tech.
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.