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UK: Over £5.5bn of Covid support funds lost to fraud or error

More than £5.5bn of taxpayer money from the government’s coronavirus assistance schemes including furlough, self-employed support and “eat out to help out” was paid out to fraudsters or given out incorrectly. It emerged on Thursday that £5.2bn paid out by the government under the coronavirus job retention scheme, widely known… Read More

Embracing technology and innovation in Compliance and Risk Management – A Perspective from MAS

T. S. Elliot’s words from 1934 continue to ring true, in the current age of innovation and big data. We are collecting much more data – the foundation of any decision making, because of improving technologies, changing business needs, to satisfy regulatory requirements and to enhance risk management capabilities in… Read More

Chinese Police Make First Arrest For CBDC Money Laundering

Chinese officials have arrested members of a criminal group charged with alleged money laundering using the country’s CBDC, the digital yuan. The news implies the Chinese government and law enforcement will have greater control and oversight over financial activities in the country with its CBDC. By Tim Fries, The… Read More
27th October 2021
Police forces across the world have arrested 150 alleged suspects involved in buying or selling illicit goods on the dark web as part of a coordinated international operation involving nine countries. More than €26.7 million (USD 31 million) in cash and virtual currencies have been seized in this operation, as… Read More
14th October 2021
The U.S. Department of Justice (DOJ) announced Tuesday that the owners of a cryptocurrency company have pleaded guilty to tax evasion. Bitqyck founders Bruce Bise and Samuel Mendez were charged with tax evasion in August. Bise pleaded guilty on Sept. 9 and Mendez pleaded guilty Tuesday morning. By Kevin Helms,… Read More
6th October 2021
Gary Gensler, the head of the U.S. The Securities and Exchange Commission has confirmed that his agency does not have the authority or intention to ban cryptocurrency. While responding to questions during an Oct. 5 House Committee on Financial Services hearing, Gensler emphasized that prohibiting crypto does… Read More
5th October 2021
he job advert seemed timely. It offered between £500-£1,000 a week to work from home as an agent for cryptocurrency transactions. Lauren*, 21, was heavily in debt after a period of unpaid sick leave and leapt at the chance to rebalance her finances. “It had been promoted on social media… Read More
26th September 2021
The Chinese government is getting more serious about cracking down on the cryptocurrency industry as state authorities are bringing forces to combat crypto operations in the country. The People’s Bank of China (PBoC) officially announced on Friday a set of new measures to fight against crypto adoption… Read More
23rd September 2021
Following the fall of the elected Afghan government and rise of the Taliban in its place, many speculated that the group had or may turn to cryptocurrencies as a way to finance its operations. As part of our compliance program, Coinbase tracks these types of transactions and often… Read More
22nd September 2021
The Biden administration plans a fresh campaign against ransomware attacks through sanctions to cut off criminals’ cryptocurrency pipelines, and it urged companies to report extortion attempts and better protect themselves from them. Deputy Treasury Secretary Wally Adeyemo told reporters that the sanctions would be imposed on Suex, a cryptocurrency transferring… Read More
19th September 2021
Ransomware, malicious software that encrypts computers and keeps them “locked” until a ransom is paid, is the world’s fastest-growing cyber threat, according to Coinfirm. Recent attacks on critical national infrastructure, like the Colonial Pipeline incursion that crippled oil and gas deliveries for a week along the U.S. East Coast, have… Read More
15th September 2021
The Strategy for the Development of the Financial Market of the Russian Federation by 2030 was released this week by the Ministry of Finance. The plan is open for public discussions between Sept. 14 and Oct. 13, 2021, according to a notice published by the State Automated… Read More
14th September 2021
A digital euro, currently under design by the European Central Bank, should have a limited role initially as it could disrupt the bank sector and overly extend the role of central banking, Bundesbank President Jens Weidmann said on Tuesday. “A gradual approach might make sense given the risks involved –… Read More