Compliance processes are continually enriched with new functions to combat varying emerging issues, further complicating the process. One fundamental pillar of the compliance process involves the Know-Your-Transaction (KYT) module. KYT is a methodology which provides organisations with critical analysis required to identify and reveal any suspicious fraudulent transactions conducted by customers or investors. This is […]
Read full postIn February 2022, the United States Department of Justice reported their arrest of Ilya Lichtenstein and Heather Morgan, a husband and wife duo, for performing money laundering activities. The couple had attempted to launder 4.5 billion USD worth of cryptocurrency coins stolen from Bitfinex. This high-profile case is only the tip of the iceberg as […]
Read full postThe occurrence of an unprecedented crime has rocked the American state of Idaho. In Boise, Ryan M. Tichy has pleaded guilty to committing wire fraud and identity theft against many individuals, from the period of at least May 2018 through November 2020. He illegally obtained the identification details of victims, which include their account numbers, […]
Read full postOn 24 June 2022, Harmony announced on Twitter that they have been made victims of theft amounting to 100 million USD. The professional hackers exploited Harmony’s blockchain bridge — by successfully entering the system and transferring funds illegally to other fraudulent or private wallets within a short period of time. It was reported that the […]
Read full postCould you imagine having to present your identification card to purchase a meal at McDonald’s? In Australia, patrons of the fast-food giant have to do precisely that because they are afraid of falling victim to fraud once again. This is for good reason, as McDonald’s was one of the primary victims in a skimming incident, […]
Read full postDespite the industry’s recent growth, non-fungible tokens (NFTs) have also been a source of controversy, as they contribute to the rise of illegal activity. As a result, businesses and law-makers around the globe expect to see regulations surrounding NFTs to become stricter, in a fashion similar to how laws have controlled the cryptocurrency industry. We […]
Read full postThe COVID-19 pandemic has countless implications for everyone, regardless of where one lives in the world. In fact, one such consequence is the rise of criminal activities, such as money muling. During a short period which spanned from 15 September 2021 until 30 November 2021 only, Europol was able to identify 18,351 money mules and […]
Read full postAs cryptocurrency businesses continue to thrive, they also begin to show some form of susceptibility to crime and make headlines for the wrong reasons. To emphasize, they are a vehicle for money laundering activities. In 2018, several hackers stole $560 million US dollars worth of XEM and other major cryptocurrencies off Coincheck, a Tokyo-based exchange. […]
Read full postMoney laundering is a rampant issue in the financial world, defined as the conversion or transfer of financial assets for the purpose of concealing and disguising their illicit origin. According to the United Nations, 2-5% of the global GDP is estimated to be laundered annually. As a result, regulators around the world have necessitated the […]
Read full postAs part of the KYC process, the onboarding process for new customers can include a lot of form filling. However, having too many fields in a signup form can hurt conversion as it slows down. It was found that single-click sign up processes can increase signup rates by a whopping 8.2 percent. This means that […]
Read full postSubscribe to our newsletter to receive news, insights and reports in your inbox.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie | Duration | Description |
---|---|---|
cookielawinfo-checbox-analytics | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics". |
cookielawinfo-checbox-functional | 11 months | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". |
cookielawinfo-checbox-others | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. |
cookielawinfo-checkbox-necessary | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". |
cookielawinfo-checkbox-performance | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance". |
viewed_cookie_policy | 11 months | The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data. |
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.