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The Financial Transactions and Reports Analysis Centre of Canada has announced that a "Cyber incident" forced it to take its corporate systems offline as a precaution. FINTRAC is a government agency in Canada that operates as the country's financial intelligence unit.
Cybercriminals are using a network of hired money mules in India using an Android-based application to orchestrate a massive money laundering scheme. The malicious application, called XHelper, is...
A 42-year-old Belarusian and Cypriot national with alleged connections to the now-defunct cryptocurrency exchange BTC-e is facing charges related to money laundering and operating an unlicensed...
The Russian founder of the now-defunct Bitzlato cryptocurrency exchange has pleaded guilty, nearly 11 months after he was arrested in Miami earlier this year. Anatoly Legkodymov (aka Anatolii...
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.
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.
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.
Here's everything you need to know about what services need an AML revamp and how they should go about it. Gather enough data as fast as possible, and you can instantly spot bad actors and block them out, and move to more extensive KYC procedures to ensure their names do not appear on any AML lists and gauge the true intentions of suspicious users, saving money on unnecessary KYC and AML screenings.