Dramatic Increase in Cryptocurrency Money Laundering

GlobalDots
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.

How One AI-Driven Media Platform Cut EBS Costs for AWS ASGs by 48%

How One AI-Driven Media Platform Cut EBS Costs for AWS ASGs by 48%

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

Latest Articles

Cut Big Data Costs by 23%: 7 Key Practices

In this webinar, we reveal a solution that cuts big data costs by 23% and enhances system efficiency - without changing a single line of code. We’ll also explore 7 key practices that will free your engineers to process and analyze data at the pace and scale they need - and ensure they never lose control of the process.

Developer AXE-WEB
15th April, 2024
Project FOCUS: A New Age of FinOps Visibility

It’s easy for managers and team leaders to get caught up in the cultural scrum of FinOps. Hobbling many FinOps projects, however, is a lack of on-the-ground support for the DevOps teams that are having to drive this widespread change – this is how all too many FinOps projects become abandoned on the meeting room […]

Nesh (Steven Puddephatt) Senior Solutions Engineer @ GlobalDots
27th March, 2024
Optimize Your Cloud Spend with a FinOps Maturity Assessment

Achieving FinOps is a tall order: it demands a degree of organizational self-awareness that some companies are constantly battling for. Consider the predicament that many teams find themselves in: while their cloud environments may contain a number of small things that could be optimized, there are no single glaring mistakes that are consuming massive quantities […]

Nesh (Steven Puddephatt) Senior Solutions Engineer @ GlobalDots
27th March, 2024

Unlock Your Cloud Potential

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

Unlock Your Cloud Potential