An intergovernmental group that grades efforts by nations to combat money laundering and terrorist funding through banks and other traditional financial institutions plans to revise its standards to more clearly cover cryptocurrency firms as well. In June, the Financial Action Task Force began assessing whether the existing standards with which nations must comply to avoid censure adequately encompass entities that exchange or otherwise deal in Bitcoin and other cryptocurrency protocols, the group disclosed in a report to G-20 finance ministers and central bank governors Wednesday. “There is an immediate need to clarify how the FATF definitions and recommendations concerning customer...
Twelve Russian intelligence officers primarily used bitcoins to purchase computer servers, domain names and other IT infrastructure used to influence the 2016 U.S. presidential elections, federal prosecutors claimed Friday.
Banks and other financial institutions in the Netherlands flagged 5,000 cryptocurrency-related transactions as “unusual” to the Dutch Financial Intelligence Unit in 2017, a 17-fold increase from previous years.
Banks in the United Kingdom should enhance scrutiny of clients who derive “significant business activities or revenues” from dealings linked to cryptocurrencies to reduce their exposure to money launderers, according to U.K. financial regulators.