Security News

Unpacking the challenges of anti-money laundering obligations
2023-11-09 05:30

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.

NYC Couple Pleads Guilty to Money Laundering in $3.6 Billion Bitfinex Hack
2023-08-04 12:13

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...

How Google Cloud’s AML AI redefines the fight against money laundering
2023-07-12 04:00

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.

Russian Hacker Pleads Guilty to Money Laundering Linked to Ryuk Ransomware
2023-02-08 09:39

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.

As the anti-money laundering perimeter expands, who needs to be compliant, and how?
2023-02-01 05:00

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.

Bitzlato crypto exchange seized for ransomware, drugs money laundering
2023-01-18 17:50

The U.S. Department of Justice arrested and charged Russian national Anatoly Legkodymov, the founder of the Hong Kong-registered cryptocurrency exchange Bitzlato, with helping cybercriminals allegedly launder illegally obtained money. Because of "Deficient know-your-customer procedures, Bitzlato allegedly became a haven for criminal proceeds and funds intended for use in criminal activity," the DOJ said.

Russian hackers are seeking alternative money-laundering options
2022-04-22 18:33

The Russian cybercrime community, one of the most active and prolific in the world, is turning to alternative money-laundering methods due to sanctions on Russia and law enforcement actions against dark web markets. First came the bank sanctions and the blocking of SWIFT payments, a result of the Russian invasion of Ukraine.

DeepDotWeb News Site Operator Sentenced to 8 Years for Money Laundering
2022-01-30 21:15

An Israeli national was sentenced to 97 months in prison in connection with operating the DeepDotWeb clearnet website, nearly a year after the individual pleaded guilty to the charges. He pleaded guilty to money laundering charges in March 2021 and agreed to forfeit the illegally amassed profits.

Bank of America insider charged with money laundering for BEC scams
2021-10-09 16:08

BEC scams use various tactics to compromise or impersonate business email accounts with the end goal of redirecting pending or future payments to bank accounts under a threat actor's control. One of the case examples in the indictment document seen by Bleeping Computer, mentions a single transaction of $356,954, sent by a victim in Boston to what they thought was the bank account of their business partner.

Gift card fraud: four suspects hit with money laundering charges
2021-10-01 18:47

Gift card fraud still fills a distressing niche in the cybercrime ecosystem, where a gang of crooks redeem gift cards that you paid for, either because you were convinced that those cards were earmarked for something else, or because the crooks got temporary access to one of your online accounts that allowed them to buy gift cards on your dime. The US Department of Justice announced this week the indictment of four suspected gift card scammers, and alleges that that these four had ended up with more than 5000 fradulently obtained cards to spend on themselves.