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cryptocurrency anti-money laundering

Battling crypto crime around the world: A look at the fight against theft and fraud in a challenging market

The cryptocurrency world endured a turbulent spring in 2022. Markets were highly unpredictable, and by July the market capitalization had shed over 50 percent of its value since the start of 2021. Virtual asset prices also took a substantial hit. In CipherTrace’s latest Cryptocurrency Crime and Anti-Money Laundering Report, we look back at those volatile…

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CipherTrace cyrptocurrency crime and anti-money laundering report

Crypto crime: Combatting hacks, thefts, and fraud in the decentralized finance ecosystem

The last seven months have been thrilling for us. In October 2021, Mastercard acquired CipherTrace. Together, we’ve been accelerating our efforts to ensure that the crypto economy is instilled with the same trust and peace of mind that consumers currently experience with more traditional payment methods. Now that we’re part of the Mastercard family, we…

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Second 12-Month Review of the Revised FATF Standards on Virtual Assets and Virtual Asset Service Providers

On July 5, 2021, the Financial Action Task Force (FATF) completed its second 12-month review of the implementation of its revised Standards on virtual assets and virtual asset service providers. This review looks at how jurisdictions and the private sector have implemented the revised Standards since the FATF’s first 12-month review. The FATF’s first 12-month…

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Canada Updates KYC Identity Verification Guidance for VASPs

On March 23, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) updated its Know Your Customer (KYC) guidance on money services businesses (MSBs) and foreign money services businesses (FMSBs). FINTRAC classifies Virtual Asset Service Providers (VASPs) as MSBs, meaning they too must comply with these new guidelines under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act… Read more

New US Administration Plans to Encourage Legitimate Use of Crypto, Curtail Criminal Use

During her confirmation hearing on January 19, Janet Yellen, President Joe Biden’s pick for Secretary of the Treasury, stated “many” cryptocurrencies are “a particular concern” when it comes to terrorism and criminal financing. This statement was in response to a question on how the US can curtail the use of emerging technology, such as crypto, in illicit financing.   On January 21, Yellen released  written responses to additional…

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What Exactly is a Virtual Asset Service Provider (VASP)?

Cryptocurrency, digital asset, convertible virtual currency… there seems to be an endless list of terms for the same concept. If that wasn’t enough, a cryptocurrency exchange can also be referred to as a Virtual Asset Service Provider(VASP), Virtual Asset Entity, Digital Asset Customer (DACs), Money Service Business (MSB), or any other series of classifications depending…

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CipherTrace Files Two Monero Cryptocurrency Tracing Patents

November 20, 2020 CipherTrace has filed their second Monero tracing patent application— Techniques and Probabilistic Methods for Tracing Monero.  This follows on their first patent application Systems and Methods for Investigating Monero. These patents cover: Forensic tools to explore Monero transaction flows to assist in financial investigations. Development of original tracing methodologies based on simulation…

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FinCEN’s Proposed Rule Change for Travel Rule Threshold Would More Than Double Compliance Events at US VASPs

This blog is an excerpt from the upcoming CipherTrace 2020 Cryptocurrency Crime and Anti-Money Laundering Report In October 2020 FinCEN released a proposed rule change, lowering the threshold for travel rule information sharing and retention from $3,000 to $250 for all cross-border payments involving US financial institutions The proposed new rule will definitely apply to…

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Half of 2020 Crypto Hacks are from DeFi Protocols and Exchanges

This blog is an excerpt from the upcoming CipherTrace 2020 Cryptocurrency Crime and Anti-Money Laundering Report In first half of 2020 DeFi took up 45% of all thefts and hacks ($51.5M or 40% of hacked volume). In second half of 2020 DeFi took up 50% of all thefts and hacks ($47.7M or 14% of hacked… Read more

CFTC, DOJ Charge BitMEX Owners with Illegal Operations and Anti-Money Laundering Violations 

On October 1, the US Department of Justice announced the indictment of four BitMEX executives, charging the group with violating the Bank Secrecy Act (BSA), and conspiring to violate the BSA by “willfully failing to establish, implement, and maintain an adequate anti-money laundering (“AML”) program.” On the same day, the Commodity Futures Trading Commission (CFTC) filed a civil enforcement action charging five entities…

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