AML/KYC | ForkLog

ForkLog 76 23.07.2024

How to recover stolen cryptoassets? StarCompliance’s CEO explains

How do you freeze funds stolen by criminals? How long does it take to trace them? Is recovery always possible? ForkLog put these and other questions to Taras Podgorodetsky — chief executive of StarCompliance, a firm that helps owners recover stolen cryptocurrencies and tokens. ForkLog: Let’s start with definitions. What counts as the theft of […]

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ForkLog 26 11.07.2024

BitMEX Admits Guilt in Breaching the Bank Secrecy Act

The BitMEX exchange deliberately failed to develop, implement, and maintain an adequate anti-money laundering (AML) program as required by federal law. This was stated in a statement by the U.S. Attorney for the Southern District of New York. From 2015 to 2020, BitMEX was one of the leading cryptocurrency derivatives platforms. “The platform became a […]

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ForkLog 20 09.07.2024

Paxful Co-Founder Admits Guilt in Money Laundering Case

Paxful co-founder Artur Schaback has admitted guilt for failing to implement an effective anti-money laundering (AML) program on the company’s P2P platform. Paxful Inc. Co-Founder Pleads Guilty to Conspiracy to Fail to Maintain Effective Anti-Money Laundering Program ?: https://t.co/B3DCa5DFQY pic.twitter.com/Zbkgi90dEr — Criminal Division (@DOJCrimDiv) July 8, 2024 According to court documents, the former executive managed […]

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ForkLog 138 01.07.2024

How to verify funds’ cleanliness with BestChange’s AML service — a guide

In 2024, the BestChange exchange monitor launched an AML analysis tool for cryptocurrency addresses, priced at $0.20 per check. Here is how it works, followed by a test of crypto-asset cleanliness. A brief note on BestChange BestChange is an aggregator (monitor) of services for exchanging cryptocurrencies, electronic money and cash, launched in 2007. The team […]

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ForkLog 18 03.05.2024

US Senators and FBI Show Nuanced Stance on Privacy Protocols

US senators and intelligence agencies may not be as opposed to privacy-focused protocols as some in the crypto industry believe. This perspective was shared by Railgun anonymizer researcher Alan Scott Jr., reports Cointelegraph. During a presentation at ETH Global in Sydney, the expert explained that his conclusion is based on conversations with politicians and the […]

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ForkLog 26 25.04.2024

Five Russian Banks Pilot Bitcoin Transaction Tracking

The Central Bank of Russia, Rosfinmonitoring, and five major banks are conducting a pilot project to establish connections between users’ fiat and cryptocurrency transactions. This was reported by RBC, citing a statement from Ilya Bushmelev, Director of Project Portfolio Management at Innotech. The new service, “Know Your Crypto Client,” aims to train credit institutions to […]

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ForkLog 46 24.04.2024

Samourai Wallet Founders Arrested for Alleged $100 Million Money Laundering

The U.S. federal prosecutors have charged the founders of the anonymous Bitcoin wallet Samourai Wallet with facilitating the laundering of $100 million in criminal proceeds. The service’s CEO, Keonne Rodriguez, was arrested on the morning of April 24 in the United States. CTO William Lonergan Hill was detained in Portugal, with extradition proceedings underway. Authorities […]

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ForkLog 33 23.04.2024

Experts Refute ‘High Risk’ Label on KuCoin Transactions

On April 23, the Telegram channel “BitLenta” disseminated information claiming that unnamed AML services had allegedly begun marking USDT (TRC-20) transactions with the KuCoin cryptocurrency exchange as high-risk. Representatives of the trading platform and several external experts consulted by ForkLog have refuted this claim. As an example, “BitLenta” cited a transaction amounting to 244.5 USDT, […]

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ForkLog 21 05.04.2024

Binance Tightens KYC Requirements for Business Clients

As of March 20, cryptocurrency exchange Binance restricted access to Exchange Link subaccounts under the Binance Link program for those who have not provided additional verification information. By May 20, account holders must complete the KYC process, or their accounts will be permanently frozen without the possibility of unblocking. Binance Link, launched in 2020, is […]

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ForkLog 15 02.04.2024

Opinion: KYC is no upgrade, but a security hole

In March 2024, the European Parliament’s lead committees approved a ban on anonymous transfers of digital assets. The new laws will take effect in three years if adopted by the EU Council and the Parliament.

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ForkLog 57 29.03.2024

How Will FATF’s Methodology for Crypto Companies Change?

FATF has released a draft version of its new Mutual Evaluation Methodology. Experts will focus on the main risks and operational context of VASPs in each specific country. FATF recommendations are not legally binding, but non-compliance can harm the reputation of financial institutions in a country. FATF has not yet announced plans to include Russia […]

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ForkLog 18 28.03.2024

Dutch Prosecutors Seek 64-Month Sentence for Tornado Cash Developer

The Dutch prosecution has requested a 64-month prison sentence for Tornado Cash developer Alexey Pertsev, accused of laundering $1.2 billion. This was reported by CoinDesk. The final verdict is scheduled to be announced on May 14. Pertsev is charged with conducting at least 36 illegal transactions through the crypto mixer from July 9, 2019, to […]

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