For all of the rhetoric to the contrary, virtual currencies may turn out to be a tempest in a teapot, at least for money laundering investigators, according to author Jeffrey Robinson. In Bitcon: The Naked Truth About Bitcoin, Robinson makes his case that the much ballyhooed crypto-currency is a poor tool for criminals seeking to hide illicit proceeds, in large part because it fails to transfer value into anything other than cash. Rather, the hype is akin to "tulip mania" of the 17th century-a speculative bubble that is sure to burst. And just as with "tulip mania," Bitcoin investors are...
This time last December, one might reasonably have expected that 2014 would be a year of modest changes for the anti-money laundering and sanctions compliance sector. Then came JPMorgan Chase, BNP Paribas and a convoy of Russian tanks to quash that notion.
Virtual currency businesses operating in New York may soon have to obtain special licenses and establish anti-money laundering, cyber security and consumer protection programs, the state's banking regulator announced Thursday.
U.S. officials have sent formal warning letters to a number of virtual currency firms it suspects have failed to register as money services businesses, the head of the nation's financial intelligence unit said Tuesday.