Security News
When managing anti-money laundering obligations, many challenger banks turn to basic or unproven in-house risk management solutions. Although these solutions can, in some ways, be innovative, they are often built quickly and lack thorough testing, leading to potential vulnerabilities.
The business offered cash for Bitcoin and vice versa, with Randol collecting a commission on the payouts. Randol provided cryptocurrency exchange services in various ways, including via the post, ATMs, and occasionally in person, prosecutors told a Los Angeles federal court on Tuesday.
The U.S. Justice Department on Wednesday unsealed an indictment against two founders of the now-sanctioned Tornado Cash cryptocurrency mixer service, charging them with laundering more than $1 billion in criminal proceeds. Tornado Cash is estimated to have processed upwards of $7 billion worth of crypto assets over a period of three years.
A married couple from New York City has pleaded guilty to money laundering charges in connection with the 2016 hack of cryptocurrency stock exchange Bitfinex, resulting in the theft of about...
Google Cloud's AML AI represents an advancement in the fight against money laundering. In this Help Net Security interview, Anna Knizhnik, Director, Product Management, Cloud AI, Financial Services, at Google Cloud, explains how Google Cloud's AML AI outperforms current systems, lowers operational costs, enhances governance, and improves the customer experience by reducing false positives and minimizing compliance verification checks.
The US government is aggressively pursuing three men accused of wide-ranging and complex conspiracies of laundering stolen and illicit cryptocurrency that the North Korean regime used to finance its massive weapons programs. The Department of Justice this month indicted North Korean national Sim Hyon Sop, Wu HuiHui of China, and Cheng Hung Man, a Hong Kong British national, for their roles in two money laundering conspiracies, both aimed at channeling funds into North Korea's coffers.
"The ChipMixer software blocked the blockchain trail of the funds, making it attractive for cybercriminals looking to launder illegal proceeds from criminal activities such as drug trafficking, weapons trafficking, ransomware attacks, and payment card fraud," Europol said in a statement. ChipMixer, the world's largest centralized crypto mixer service, is estimated to have laundered no less than $3.75 billion worth of digital assets to further a wide range of criminal schemes.
An international law enforcement operation has seized the cryptocurrency mixing service 'ChipMixer' which is said to be used by hackers, ransomware gangs, and scammers to launder their proceeds. ChipMixer has been one of the largest cryptocurrency mixing platforms operating on the dark web since 2017, allowing users to convert their money into untraceable "Chips," which are then cashed out on "Clean" cryptocurrency addresses that can be converted to FIAT money.
A Russian national on February 7, 2023, pleaded guilty in the U.S. to money laundering charges and for attempting to conceal the source of funds obtained in connection with Ryuk ransomware attacks. "Between at least August 2018 and August 2021, Dubnikov and his co-conspirators laundered the proceeds of Ryuk ransomware attacks on individuals and organizations throughout the United States and abroad," the Department of Justice said.
Russian citizen Denis Mihaqlovic Dubnikov pleaded guilty on Tuesday to laundering money for the notorious Ryuk ransomware group for over three years. The guilty plea comes after Dubnikov was arrested in Amsterdam in November 2021 and extradited to the United States in August 2022.