The non-techie guide to the Blockchain, distributed ledger tech and Bitcoin

This guide to Bitcoin, Blockchain, distributed ledger tech, and digital currencies is taken from a collection of presentations, comments, speeches we’ve made at global conferences and articles written by us from 2012 to 2015. By Christine Duhaime The dangers of being in the Bitcoin space early on I’ve been in the Bitcoin space since 2012 and [...]

US to adopt national money laundering & terrorist financing strategy that includes risks from digital currencies

US President Trump signed new sanctions legislation into law on August 3, 2017, against Iran, Russia and North Korea, and at the same time, adopted a new national strategy to combat terrorist financing and money laundering. The legislation, “HR3364 – Countering America’s Adversaries Though Sanctions Act” is more than about sanctions. In large part, it’s [...]

BTC-e was the Bitcoin exchange for 95% of global ransomware extortions

According to tracing that was revealed this week at the Black Hat USA Conference, BTC-e was the Bitcoin exchange that serviced over 95% of all the ransomware extortion payments globally since 2014. Researchers wrote scripts that extracted payments to Bitcoin wallet addresses to determine what exchanges was used for extortion payments. The research also showed that [...]

Foreign digital currency exchange fined $110M in US for anti-money laundering law failures

For the first time ever, the US Financial Crimes Enforcement Network (“FINCEN“), has asserted jurisdiction over a foreign digital currency exchange, BTC-E, for the purposes of fines, and assessed civil penalties for anti-money laundering law failures under the Bank Secrecy Act in the amount of $110,003,314. In July of this year, BTC-E and its founder, [...]

Europol Report highlights increased global cybercriminality, threats with NFC and Blockchain payments

Europol released its 2016 Internet Organized Crime Threat Assessment Report on cybercrime today and the results are more disturbing than last years’ report. The Report can be accessed here. Generally, the Report findings were that the volume and scope of cybercrime has reached very high levels and now surpasses regular non-online crimes. The Report made [...]

Europol says organized crime is quickly changing to virtual methods

In a report released yesterday on serious organized crime called “Exploring Tomorrow’s Organized Crime” (the “Report“), Europol found that organized crime is now becoming a virtual activity over the Internet and as a result, transnational criminal organizations (“TCO“) are migrating towards virtual payment methods to conduct commercial affairs, including digital payments. According to Europol, the [...]

Quebec moves to regulate digital currency businesses

Are Bitcoin Exchanges MSBs? The Québec Government’s Authorité des Marchés Financiers (the “AMF“) today issued a News Release announcing that businesses that operate digital currency ATMs and “platforms for trading virtual currencies” must be licensed by the AMF as money services businesses (“MSB“) pursuant to the provincial Money Services Business Act (the “Act“). It also issued a [...]

France calls for stronger counter-terrorist financing laws

Consensus on Supranational Risk Assessment  As part of the 4th Anti-Money Laundering Directive approval process in the European Union (the “4th AMLD“), the Council of the European Union’s President yesterday issued declarations and proposals for the regulation of anonymous financial transactions that are transacted on new fintech products. The communication from the President included Declarations [...]

US-Canada drug enforcement plans to disrupt drug imports from British Columbia, scrutinize Bitcoin, MSBs and intercept more texts

US cross-border drug strategy to cover new ground in British Columbia Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime Let’s Talk Bitcoin has an interesting article here on the US drug initiative to reduce the cross-border drug trade between Canada and the US with a focus on targeting the use [...]

Bitcoin in Amsterdam

We are participating in three exciting sessions on digital currencies (and Bitcoin) in Amsterdam this month for those interested in joining: At the Bitcoin Foundation Conference on May 16, 2014 on a panel discussing anti-money laundering chaired by Adam Shapiro, Director of Promontory Financial Group with: Dirk Haubrich, Head of Consumer Protection and Financial Innovation [...]