illicit financing – DIGIT INFO

US Treasury strategy would tighten virtual asset regs, increase use of AI

DIGIT — Fri, 17 May 2024 18:26:22 +0000

Better regulations, greater enforcement and AI are going to be the focus of the Treasury’s fight against illicit finance.

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US Treasury Report Warns of Defi’s Threat to National Security, Authors Conclude Fiat Is Used in Illicit Finance More Than Crypto

DIGIT — Thu, 06 Apr 2023 19:30:01 +0000

The U.S. Treasury has released a 42-page report assessing the risks of decentralized finance (defi). The report states that specific nation-state adversaries, cybercriminals, ransomware attackers, thieves, and scammers are using defi to “transfer and launder their illicit proceeds.” The Treasury’s report warns that defi could threaten national security and calls for policymakers to increase oversight. […]

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Coinbase Agrees to $100 Million Settlement With New York Financial Regulator for Anti-Money Laundering Violations

DIGIT — Wed, 04 Jan 2023 20:30:13 +0000

Coinbase has agreed to pay a $100 million settlement with the New York Department of Financial Services (NYDFS), according to a consent order signed by the NYDFS superintendent Adrienne Harris on Jan. 4, 2023. New York’s financial regulator said compliance problems were detected and the exchange’s anti-money laundering controls were inadequate from 2020 through 2021. […]

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US Treasury Official: We Don’t See That Crypto Could Be Used in Large-Scale Way to Evade Sanctions

DIGIT — Sun, 20 Mar 2022 22:00:03 +0000

The U.S. Department of the Treasury does not see that cryptocurrency could be used in a large-scale way to evade sanctions. “Its share as a medium for illicit finance is not anywhere as large as just using cash,” a senior Treasury official noted. Treasury Department’s View on Crypto Use to Evade Sanctions Nellie Liang, Treasury […]

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OFAC Escalates Russian Sanctions Listing Bitcoin Addresses, US Treasury Crypto Crackdown Rumors Spread

DIGIT — Sun, 18 Apr 2021 16:00:36 +0000

Rumors concerning the U.S. Treasury cracking down on several financial institutions over money laundering has been spreading like wildfire on social media and forums. There’s been no formal announcement from the U.S. entity and at this stage, the news is widely considered FUD. However, some are assuming the hearsay stems from the recent Russian sanctions […]

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Janet Yellen Stresses Importance of Crypto Regulation, Making Sure Bitcoin Is Not Used in Illicit Transactions

DIGIT — Fri, 19 Feb 2021 19:30:12 +0000

U.S. Treasury Secretary Janet Yellen has reaffirmed that it is important to ensure that bitcoin and other cryptocurrencies are not used for illicit financing. In addition, she stresses the importance of regulating institutions that deal with bitcoin. Janet Yellen Claims It’s Important to Make Sure Bitcoin Is Not Used for Illicit Financing U.S. Treasury Secretary […]

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US Treasury Secretary Janet Yellen Says ‘the Misuse of Cryptocurrencies Is a Growing Problem’

DIGIT — Fri, 12 Feb 2021 17:30:31 +0000

Janet Yellen, the new U.S. Treasury Secretary, has warned about “a growing problem” from “the misuse of cryptocurrencies.” She emphasized that “cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism.” Janet Yellen Warns of Cryptocurrency Risks The U.S. Department of the Treasury hosted its inaugural […]

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