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❓👮🏽 What Can Crypto Exchanges Do To HELP Prevent Scams 👮🏽❓ My friends at CryptoForensic Investigators let me breakdown one of their recent blogs written by Paul Sibenik on what Crypto Exchanges can do to prevent scams. 📌 Although this article is written for crypto exchanges alot of the practical advice could be used by compliance professionals in traditional institutions Here are some of quick thoughts based on the video / article💭⬇️ 🛑 Crypto Exchanges are in a tricky spot. They CAN'T notify customers of scams in one scenario because if they fail to do so in ALL scenarios - they would be inundated with lawsuits (more lawsuits 🙃) 🪪 Exchanges and TradFi companies can do a better job of identifying what the customer's expected activity is - This gives a reasonable baseline to determine if the activity being conducted is irregular ( 🚩both traditional / crypto companies AREN'T great at gathering accurate info up front) ⏰ Putting in thresholds and alerts within the first 6 weeks of customer's opening an account. High volume / frequent activity within this timeframe is usually when victims are likely to be taken advantage of 🐷 Understanding typologies. Companies like Chainalysis and CYBERA have done a great job in creating typology reports, but also watching content creators like ⭐️ Erin West ⭐️ Matthew Hogan, MS, ⭐️ Nicola R. ⭐️ Paul Raffile ⭐️ Thomas Hamlett and ⭐️ Coeus put out great interactions with scammers / activity 🌏 Simply asking customers WHERE they are sending funds to / where in the world the person/entity are located for the transaction would probably set up some jurisdictional alarm bells 🚨 💰 Remember Compliance professionals - source of funds / wealth is NOT going to be a main factor as these victim's wealth is usually legit - FOCUS on destination of funds and WHY transaction is being conducted 🚶🏽♂️ Slow Down the process. Scammers get SOOO scared that victims are going to discover them, that they are always pressing the transaction to be completed. 🛑 As an AML professional just simply slowing down the process by a few hours or days, will definitely give you some insight if the customer is being pressured or is under duress 📌 This article is a great read and the video is just icing on the cake 📌 🤷🏾♂️ Anything To Add Financial Crime Fighters ❓ ⭐️ Ryan Griffith, ⭐️ Claudio S. ⭐️ Adrian Cheek ⭐️ Andrew Austin ⭐️ Aidan Larkin ⭐️ 🔎William Callahan ⭐️ Carina Peritore,

"Crime pays" is the message sent today not by the Judge but by the DOJ’s weak, minimalist sweet deal with Binance’s former CEO, #CZ. The Judge had little choice after the DOJ rewarded CZ’s stated criminal strategy of asking for forgiveness once he was caught rather than asking for permission before he knowingly broke the law. Notwithstanding the DOJ’s unseemly and unwarranted bragging at the press conference announcing the charges, it didn’t even charge CZ with money laundering; he was only charged with not having an anti-money laundering program. That’s less than a slap on the wrist. That is an egregious miscarriage of justice and sends exactly the wrong message to criminals worldwide. As Binance’s founder, owner, and leader, CZ willfully, knowingly, and intentionally designed and ran Binance to be a crypto money laundering superstore for the most despicable global criminals. https://lnkd.in/exgxEFkT Binance didn’t inadvertently or negligently fail to monitor and stop money laundering; it was in the money laundering business, including ‘well over 100,000 suspicious transactions’ linked to ransomware attacks, child sexual abuse, large-scale hacks, the narcotics trade, terrorists and rogue states.’

🚨 Breaking: Paxful co-founder faces up to 5 years in prison over AML violations. A stark reminder of the importance of compliance in the crypto space. Read the full details here: https://lnkd.in/e8MdT9M9 . . . . #CryptoNews #AML #Paxful #CoinChapter #marketanalysis #marketupdate #marketnews #markets

Private Intelligence: The Invisible Weapon Against Investment Fraud and dishonest debtors Investment fraud is a growing global problem that affects not only individuals but also businesses, investors, and even large creditors. With the increasing complexity of international financial markets and the rise of cryptocurrencies like Bitcoin and Ethereum, it is becoming more challenging for traditional investigation methods to identify fraudsters and trace stolen assets. In such cases, Private Intelligence offers a distinct advantage. #PrivateIntelligence #Investor #Investors #privateequity #privatebanking #banking #investmentbanking #debt #creditdebt #debtcollection #debtcollector #credit #debtors #investmentfraud #fraud #cryptofraud #crypto #cryptoinvestment #cryptocurrency #wealth #wealthmanagement #wealthmanager #financialfraud #bankfraud #Compliance #Kredit #DueDiligence #Governance #Kyc #financial #financialmarket #financialmarkets #financialcrime #fraudintelligence #fraudster #fraudsters #scam #scammer #scamming #offshorecompany #cryptotransactions #fakeidentities #backgroundchecks #riskmanagement #riskanalysis #rechtsanwalt #assettracing #techinvestor #tech #law #lawyer #attorney #recht #wirtschaftsrecht #wirtschaftsstrafrecht #wirtschaftskriminalität #whitecollarcrime #privateinvestor #bank #banking #assetprotection #assetrecovery #wealthprotection #trusts #bankruptcy #bankruptcyattorney #wealthplanning #insolvency #insolvencylaw #bankruptcylaw #financialsector #financeindustry #financialservices #business #businessnetwork #broker #brokers #börse #sp500 #fortune500 #trust #trusts #offshorebanking #offshorebusiness #offshorecompany #offshorecompanies #caymanislands #offshoreinvestments #tax #taxmanagement #taxplanning

We live in a world where the commonly accepted approach to catching criminals is to sacrifice our financial #privacy. Guess what? This approach doesn't work. The ever-tightening #AML and #KYC policies help authorities recover less than 0.1% of criminal funds 🤯 In return, the notion of #personalfreedom in our finances is all but forfeited, banks spend hundreds of billions of dollars each year on #compliance 🔎, and the bureaucratic bodies tasked with inventing ever more constraining rules keep growing... And this is now applied to #crypto-fiat transactions as well. In this article for Bitcoin Magazine I delve into the flaws of the current AML approach and study the example of Switzerland - one of the last strongholds of reason, which chooses to not micro-manage its financial institutions, but rather delegate them the responsibility of checking their clients themselves. This means that Swiss companies like the crypto broker Mt Pelerin can respect their clients' privacy and process retail-sized transactions of <CHF1,000 per day without profiling them like crime lords. 👀 Are we doing the AML wrong in Europe and USA? Read on 👇 https://lnkd.in/dyPxMdVP Thank you to Yann Gerardi from Mt Pelerin and Biba Homsy for your input in writing this article 🤗

It sometimes takes time for the truth to settle in that someone was the victim of a #cryptoscam. While many will fight back and do whatevery they can to get justice, there are many who will simply let the #crime go quietly into the night. There are many reasons for this, but oftentimes a big factor is the perception that nothing can be done. It really settles in when the #victim considers that #1 They have never met their #scammer face-to face #2 They have no idea where they are located #3 All their interactions are on platforms with little information to go off of #4 Most discussions on the topic offer little hope of a happy ending Progress is being made, however, and it ALWAYS begins with the reporting of the crime. Oftentimes one successful #scam is part of a much larger network of scams, but it takes putting it on record so #lawenforcement can make the neccessary connections. Sooner or later a mistake is made, and that can make the house of cards tumble down. ALWAYS report. It may feel fruitless now, but it could play a big part in your recovery later down the road.

Taiwan’s Financial Supervisory Commission will enact new anti-money laundering rules on Nov. 30, a month earlier than it had initially planned, as the regulator charges ahead with its fraud prevention efforts. The new rules require crypto service providers, such as crypto exchanges, to complete AML compliance registration. Non-compliance may lead to penalties, including imprisonment for up to two years and a fine of up to NT$5 million ($153,700). Read full story: https://lnkd.in/gYvC3-_y

Understanding the machinations behind money laundering can seem daunting, but the following article elucidates three key elements to this complex process: 📝💰 1️⃣ Acquisition of funds through criminal activities forms the base of money laundering. This article introduces the term 'predicate offenses' referring to the crimes leading to the illegal accumulation of assets, such as narcotrafficking, tax evasion, and corruption. 🕵️💼 2️⃣ The article sheds light on how these ill-gotten assets are introduced into the legal financial system. This typically involves three steps: placement, layering, and integration, each one meticulously designed to erase traces of the funds' criminal origins. 🔍🔗 3️⃣ Finally, the growing trend of using cryptocurrencies for money laundering is also discussed, highlighting how their pseudonymous nature provides a convenient veil for the illicit origin of funds. 📈💱 Take a deep dive into the complex world of money laundering: https://bit.ly/3Rn3IEF To further your understanding and knowledge in this area, an extensive learning platform is available, offering dozens of courses, webinars, and certifications. 🎓💡 Accelerate your career and expertise with in-demand skills from on-demand courses. Why wait? Start learning today with a free trial: https://lnkd.in/drvj6tdP #FinancialCrimeAcademy #AntiMoneyLaundering #MoneyLaundering #AntiFinancialCrime #Compliance #CorporateRiskManagement #Education #Finance #FinancialCrime #Cryptocurrency #CryptoCrime #AML #KYC #IllegalFunds #RiskManagement #CriminalActivities #PredicateOffenses #CryptocurrencyLaundering #OnlineLearning #ProfessionalDevelopment #CareerAdvancement #FinancialRegulations #IllegalActivities #CryptocurrencyRegulations #FinancialEducation

Since there is always a lot of instability in the regulatory field, the costs for a business to make one wrong step can be expensive! This is why businesses are constantly finding strategies that will lead to combatting the perils of crime. Ongoing monitoring acts as a risk management framework for organizations and financial institutions; that can act systematically and place customers and their financial activities under the microscope by continuously looking for trends that might indicate criminal activity. These proactive monitoring actions of businesses not only allow them to stay away from getting entangled in non-compliance scandals but also enable them to protect their businesses from heavy penalties linked to failure to stop fraud. Ongoing Monitoring is consistently applied to customers classed as high-risk on Sanctions and PEP lists. Thus, this minimizes the risk of non-compliance and reputational loss for any business entity. This ongoing process operates by being aware of the risks of the clients and their linked activities. After risk assessment, companies maintain strong AML screening processes to prevent all threats. The next step requires real-time monitoring of clients’ regulatory history and financial activity data as a way of detecting suspicious activity. Business is obliged to notify the relevant authorities about any suspicious situation and file a SAR report. The routine audits become a component of your crucial vulnerability discovery process in the ongoing monitoring. Companies must assess the dimensions of risk of crimes connected with current company operations, provide any suspicious activities within, and always remember to trace the influence of both local and global laws, changing watchlists, and general AML procedures as well. With AML Watcher's trustworthy and all-encompassing ongoing monitoring solutions, businesses can keep a look at every piece of information that changes during the client lifecycle. Make sure that all parties involved in your firm, such as suppliers, partners, and stakeholders, are reviewed under a regularly updated database. Our ongoing monitoring solutions are accessible in 80+ languages covering more than 235 nations and territories. Our latest screening technologies assist in spotting high-risk profiles for financial service providers, law enforcement agencies, the investment sector, cryptocurrency exchanges, the trade and supply chain sector, gaming & gambling institutions, high-value items, and real estate companies. Read more on AML Watcher's Medium blog: https://lnkd.in/dQSqqteb #OngoingMonitoring #FinCrime #MoneyLaundering #Crypto #AMLWatcher

🌍 Global Financial Crime Highlights (Dec 9 - Dec 15, 2024) 🚨 1️⃣ INTERPOL’s Operation HAECHI V 🕵️♂️ 🔹 5,500 arrests and $400M seized across 40 countries. 🔹 Targeted cyber-enabled scams: voice phishing, romance scams, crypto fraud, and investment fraud . https://lnkd.in/gXzmcka5 2️⃣ FCA’s Updated AML Guidance 📘 🔹 Stricter rules on risk-based AML and crypto compliance. 🔹 Enhanced focus on due diligence and UBO (Ultimate Beneficial Owner) verification . https://lnkd.in/gyC6-D7f 3️⃣ Emerging Financial Crime Trends 📈 🔹 Rise in crypto-related frauds like the USDT Token Approval Scam. 🔹 Companies adopting AI-driven risk monitoring for real-time alerts . https://lnkd.in/gJ5zQE5c These shifts signal a tighter regulatory environment and a stronger global push against cyber-enabled financial crimes. Stay vigilant! #FinancialCrime #AML #KYC #CryptoFraud #FCA #INTERPOL #Compliance #EmergingTrends