Money Laundering

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French Regulator Begins Accepting Crypto Service Provider Applications Ahead of MiCA Regulation

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The French financial regulatory authority has begun accepting applications for authorization as a crypto asset service provider under the European Markets in Crypto-Assets (MiCA) Regulation, ahead of its implementation in December 2024. This regulation mandates prior authorization for market participants offering crypto asset services in the EU, with strict adherence to anti-money laundering, cybersecurity, and … Read more

New Senate Bill Empowers US Secret Service to Combat Digital Asset Cybercrimes

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U.S. senators have introduced legislation to empower the Secret Service to combat cybercrimes involving digital assets. This legislation addresses the growing use of cryptocurrencies for illicit activities and mandates the Government Accountability Office to evaluate law enforcement’s effectiveness in tackling money laundering in cyber crimes. New Bill Targets Cybercrime and Money Laundering with Digital Assets … Read more

FINMA Warns Stablecoins Threaten Swiss Financial Reputation

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The Swiss regulator, the Financial Market Supervisory Authority (FINMA), recently published guidance on the issuance of stablecoins. The regulator says stablecoins are not only associated with money laundering risks but pose reputational risks for the entire Swiss financial centre. Stablecoin Issuers as Financial Intermediaries The Swiss regulator, the Financial Market Supervisory Authority (FINMA), has recently … Read more

Venezuelan Crime Organization Tren De Aragua Gets Sanctioned by OFAC on Crypto Money Laundering Allegations

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Tren de Aragua (Aragua’s Train), a criminal gang with Venezuelan origins, has been sanctioned by OFAC as a transnational organization engaging in kidnapping, human trafficking, extortion, and other illegal behavior. The U.S. Department of the Treasury also stated that the organization had used cryptocurrency to launder the proceedings of their activities to some extent. OFAC … Read more

Chainalysis: $100 Billion in Illicit Crypto Funds Traced Since 2019

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Crypto analytics firm Chainalysis has previewed an in-depth report on money laundering within the crypto space, providing insights into tracing illicit funds and advanced identification techniques. The firm discovered that since 2019, nearly $100 billion has been transferred from known illicit wallets to conversion services. The report underscores the need for broad expertise among law … Read more