No one can win the fight against Sophisticated Money Laundering with Simple Technology

Screening of Names is a fundamental action that financial institutions & Fintech’s must perform as part of their AML compliance obligations, and this seemingly simple task is the main reason for the heavy fines by the regulators. The legal obligation for names screening is during KYC/KYB, almost every Transactions and On-Going (every time a sanction […]

FinCEN Issues $60 Million Penalty Against Bitcoin ‘Mixers’

U.S. Treasury’s FinCEN Issues $60 Million Penalty Against Operator of Bitcoin ‘Mixers’. The Wall Street Journal, Oct 19, 2020 For the first time, FinCEN imposed a civil penalty against virtual currency mixers and tumblers. Cryptocurrency tumbler or cryptocurrency mixing offers the mixing of potentially identifiable or ‘tainted’ cryptocurrency funds with others, thus obscuring the identity […]