figures
Blog

Dramatic Increase in Cryptocurrency Money Laundering

Admin Globaldots
06.07.2018
image 1 Min read

Three times more cryptocurrency was stolen from exchanges in the first half of 2018 than in all of 2017, according to CipherTrace. These dirty funds all need to be “laundered,” which results in a multi-billion-dollar and growing cryptocurrency money laundering problem that is attracting the attention of regulators globally.

The research report, which looks at the state of the cryptocurrency Anti-Money Laundering (AML) market, provides insights into the pending global cooperation and crackdown by the G20 international 37-nation financial crime-fighting Financial Action Task Force (FATF).

The current rules, which seem strict on the surface, call for exchanges to: be registered or licensed, verify customers’ identities, prevent money laundering, and report suspicious trading and transactions. Unfortunately, they are voluntary.

According to Reuters, the FATF is currently discussing making crypto exchange rules binding. Additional global enforcement action is also expected from US Financial Crimes Enforcement Network (FinCEN), and it will likely target money laundering services, crypto-to-crypto exchanges and privacy coins.

Image Source

Read more: Help Net Security

Comments

0 comments

There’s more to see

slider item
Your Innovation Feed

eBook: Don’t Fortify, Amplify: The New Cloud Security Stack

Steven Puddephatt 25.11.21

2021’s Security leaders deal with everything from cloud-native insider threats to staying one step ahead of the unknown. While the cloud is made to amplify and speed up core business processes, the pressure to fortify cloud-borne assets from possible cyber threats painfully slows things down.  GlobalDots harnessed its 17-year cloud security experience to rethink cloud […]

Read more
slider item
Identity & Access Management (IAM)

How IT can Breeze through Onboardings without Additional Hirings

Dror Arie

Which IT Nuisance Would You Automate First? Employee onboarding is one of the heaviest, most complex operations on a company’s IT. This is especially true in fast-growing companies that may see multiple onboardings per day. And, of course, the wider a company’s software tools array, the more accounts to create and permissions to manage. In […]

Read more
slider item
Cloud Workload Protection

GlobalDots Partners with CWP Innovator Lacework

Li-Or Amir 23.11.21

In its constant endeavor to enrich its cloud security offering with the latest innovation, GlobalDots has recently introduced security unicorn Lacework to its vendor portfolio. Founded in 2015, Lacework offers a cloud security monitoring platform which brings together some of today’s top needs: Workload protection, container & K8s security, compliance monitoring. Last weekend (Nov. 18th, […]

Read more

Unlock Your Cloud Potential

Schedule a call with our experts. Discover new technology and get recommendations to improve your performance.
Contact us
figure figure figure figure figure