Digital Finance Conference to Include Hot Money Laundering & Terrorist Financing Issues with FINTRAC & RCMP

The Digital Finance Institute’s 1st Conference on FinTech and Banking Innovation is holding two sessions on anti-money laundering, terrorist financing and regulatory compliance that will cover the latest issues facing government agencies, regulators and financial institutions relevant to financial technology and innovation. The session is approved by ACAMS for CLE credit for professional financial crime experts [...]

Lead DEA & Secret Service Agents in Silk Road investigation arrested for stealing $1 million in Bitcoin

Two lead US government agents in Silk Road investigation arrested for allegedly stealing over $1 million of Bitcoin from Silk Road during the investigation Two former government agents involved in the Silk Road murder and extortion investigations in Baltimore, Carl Force and Shaun Bridges, were arrested and charged with corruption, money laundering, wire fraud and [...]

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 [...]

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 [...]

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 [...]

Jackpot or not? Report says online gambling sites and Bitcoin facilitate money laundering but the Report has inaccuracies

Report incorrectly alleges that online gambling sites and Bitcoin facilitate money laundering by Christine Duhaime, BA, JD, Certified Financial Crime and Anti-Money Laundering Law Specialist Follow @cduhaime According to a report released by McAfee Labs, available here entitled “Jackpot! Money Laundering Through Online Gambling,” the global online gambling sector appears to be rife with money laundering [...]

US Treasury Undersecretary for Terrorism Discusses Banks, Bitcoin, AML & Sanctions

US Treasury Undersecretary for Terrorism on Bitcoin, Banks, AML and Regulation The US Treasury Undersecretary for Terrorism and Financial Intelligence, David S. Cohen, discussed the risks of digital currencies and Bitcoin in a Bloomberg talk in New York City today. Mr. Cohen said the regulation of Bitcoin coming down the pipe may require financial transparency [...]

10th Annual National Money Laundering Symposium at Osgoode Hall Law School

The agenda is out for the upcoming 10th Annual National Symposium on Money Laundering in Toronto on April 4, 2014. The Symposium includes sessions on the following: Report from Gérald Cossette, Director of FINTRAC on Current Money Laundering and Terrorist Financing Trends in Canada. Financial Institution Lessons Learned from US and Canada on Money Laundering [...]

Canada announces regulation of bitcoin, digital currencies and Internet gambling sites under anti-money laundering laws

Federal government to regulate bitcoin and other digital currencies As was widely anticipated, the federal government announced today that it will amend federal legislation to require the regulation of digital currencies like bitcoin in order to eliminate the potential risks of digital currencies being used for terrorist financing and money laundering. Interestingly, the proposed legislation [...]

Two arrested, including one Canadian, in the 1st state bitcoin prosecution in Florida over alleged money laundering

In another first for bitcoin, the Miami Beach Police today arrested two men for alleged money laundering involving bitcoin. And one of them is Canadian. According to police, undercover officers and special agents from the Miami Electronic Crimes Task Force posed as bitcoins buyers and contacted various bitcoin sellers on the website “localbitcoins.com” specifically requesting assistance to [...]