According to the Money Laundering Risk Assessment Report by Singapore’s central bank, the banking sector is identified as the highest money laundering risk to the country. The report also highlights risks related to digital assets and cryptocurrencies. To mitigate these risks, the Monetary Authority of Singapore (MAS) has implemented stringent regulatory measures under the Payment […]
The U.S. DOJ has charged the CFO of a media company with one count of money laundering and two counts of bank fraud for participating in a scheme that laundered criminal proceeds using cryptocurrency. Authorities allege that Weidong Guan and his accomplices used bank accounts opened with stolen personal identification information to transfer the funds […]
Law enforcement officials in Malaysia recently arrested ten individuals linked to a criminal syndicate that allegedly used cryptocurrencies to launder fraudulent proceeds. Assets, including motor vehicles, valued at more than $ 7.7 million were seized, and bank accounts holding approximately $ 10.8 million were frozen. Syndicate Accused of Channeling Illegally Acquired Funds into …
A woman has been sentenced to nearly seven years in prison for laundering bitcoin tied to a £5 billion fraud in China. Authorities seized over 61,000 bitcoin during their investigation, now worth over $ 4 billion. The woman denied all charges, claiming she was manipulated by a “mastermind.” 61K Bitcoin Seizure Leads to Jail …
Binance’s Financial Crimes Compliance Department recently collaborated with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office on a significant cryptocurrency-assisted money laundering case involving nearly NT$ 200 million (approximately US$ 6 million). The criminal operation had been laundering money through virtual assets by creating fake customer records and forged …