Money-laundering in the cryptocurrency world

A study by RUSI has identified the popular game Counter-Strike: Global Offensive as a marketplace for criminal and terrorist activities and fraud. A year ago, Fortnite was also identified as a front for money-laundering with its currency being sold on the dark web and eBay. However, the companies behind these games have evaded know-your-customer (KYC) and other anti-money laundering (AML) requirements. On the other hand, Changpeng Zhao, the executive director of Singapore’s cryptocurrency exchange company Binance, actively clarified the requirements of KYC and AML following the case of a Binance user whose account was frozen under AML and countering financing of terrorism (CFT) controls…

And much more topics are covered in this briefing.

Banks across the world strengthen their AML initiatives

Preventing money-laundering in the luxury goods industry

Directives for better AML execution

Fraudsters targeting the elderly

Bank frauds at an all-time high

 

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