Money Laundering

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South African Banking Regulator: ‘De-risking’ Crypto Firms Potentially Creates ‘Opacity in Financial Conduct’

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According to the latest guidance note issued by the South African banking sector regulator, Prudential Authority, risk assessment does not mean financial institutions should avoid or eliminate risks via the wholesale termination of client relationships with entities such as crypto asset service providers. Instead, the regulator wants financial institutions to only consider “de-risking” when the … Read more

Russian Accused of Laundering Cryptocurrency From Ransomware Attacks Extradited to US

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A Russian national suspected of laundering ransomware payments in cryptocurrency on behalf of cybercriminals targeting hospitals has been extradited to the U.S. by the Netherlands. The man was allegedly involved in the criminal activity for a period of three years before his arrest in Amsterdam last November. Alleged Russian Money Launderer Handed Over to U.S. … Read more

Israel Arrests 3 in Crypto Scheme to Launder Millions Stolen From France

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Police in Israel have detained three suspects who allegedly laundered millions of euros stolen from the French treasury through cryptocurrency transactions. The money came from government grants for businesses affected by the Covid-19 pandemic. Israeli Law Enforcement Busts Money-Laundering Ring Using Coins to Clean Money for French Fraudsters Three people have been arrested in Israel … Read more

Crypto Exchange BTC-e Operator Vinnik Reportedly Denied Bail in US, Maintains Innocence

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Alexander Vinnik, the alleged owner and operator of the infamous cryptocurrency exchange BTC-e, has been found not eligible for release on bail in the United States, where he was recently transferred from Greece. The Russian, accused of large-scale money laundering through the now-defunct trading platform, and other crimes, rejects U.S. charges. Alexander Vinnik Remains in … Read more

Alleged BTC-e Operator Alexander Vinnik in US Custody After Immediate Extradition From Greece

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Russian IT specialist Alexander Vinnik, accused of owning and running the infamous crypto exchange BTC-e, has been handed over to the U.S. This week, Greek authorities proceeded with the extradition, after his return from France, despite Vinnik’s defense protesting the move and calling the case a “judicial, diplomatic and humanitarian scandal.” Vinnik Appears in San … Read more

Kenya Central Bank Orders Financial Institutions to Stop Dealing With Two Nigerian Fintechs

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In a letter addressed to the CEOs of financial institutions, the Central Bank of Kenya (CBK) has said financial institutions operating in the country must cease and desist from dealing with two Nigerian fintechs, Flutterwave and Chipper Cash. The letter reiterates the CBK governor Patrick Njoroge and the Asset Recovery Agency (ARA)’s assertions that the … Read more

Vinnik to Be ‘Hostage’ in US Amid Russia’s War in Ukraine, Greek Lawyer Says

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If extradited to the United States, crypto exchange BTC-e’s alleged operator Alexander Vinnik will become a “hostage” due to the ongoing conflict in Ukraine, according to his Greek lawyer. France is likely to send the Russian back to Greece soon and Zoe Konstantopoulou is trying to prevent his subsequent transfer to U.S. custody. Alexander Vinnik’s … Read more