EU lawmakers should extend anti-money laundering requirements to some businesses that use or exchange virtual currencies, according to the economic bloc's law enforcement agency.
If you ask British banks how they view Bitcoin start-ups, you might conclude that digital currency firms in the U.K. have it no different than elsewhere. That is to say: bad.
Love or hate New Yorks plans to shield Bitcoin and its competitors from financial crooks, one thing is certain: the proposal is only the first of dozens that will shape the industry.
British officials will soon review the promises and risks of alternative payment systems, including virtual currencies, as part of a broad initiative to promote advances in financial technology.
More than a year into an effort by the digital currency industry to convince critics that its promise doesn't extend to criminals more than consumers, Bitcoin proponents are questioning whether they have the right messenger to deliver their message.
Governments will need to bolster their countermeasures to battle fast-growing threats of fraud in the electronic money market, experts warned Friday.
For all of the legitimate concerns and overheated rhetoric about the rise of crypto-currencies, the biggest problem for Bitcoin may be one seldom discussed by critics: its abuse by tax dodgers.
With greater regulatory clarity, U.S. banks would embrace the digital currency companies they currently turn away due to compliance concerns, Bitcoin investors told New York State regulatory officials Tuesday.
A well-known advocate of digital currencies and the head of a Bitcoin exchange house facilitated over $1 million in transactions tied to an online black market, federal prosecutors said Monday.
Turned away by American banks, some U.S.-based digital currency companies are using foreign bank accounts to send their proceeds back into the United States to pay employees and clients.
The second installation of a two-part story on how the Bitcoin market is changing under the scrutiny of federal and state officials.
Even as the use of Bitcoin grows, the differences in opinion about the risks the digital currency poses only seems to get larger.
Two men in a Miami federal court pleaded not guilty to terrorist financing charges, Singapore strengthened its counterterrorist financing regime, and more, in the midweek roundup.
Sixteen of HSBC's Irish clients have agreed to settlements with Ireland's tax authority for hiding millions of dollars in taxable assets, a former executive assistant at Citibank was sentenced to over four years in prison for money laundering, and more, in the midweek roundup.
The Swiss Federal Criminal Court stopped the transfer of banking data to Italy on the grounds the information sharing violated the rights of nine people accused of money laundering, the U.S. Treasury Department designated two Mexican nationals for their ties to Los Zetas cartel, and more.
When FinCEN issued its innocuously entitled guidance, "Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies" in March, an already speculative currency may have received its death blow.
The U.S. Justice Department is expected to decide within the fiscal year whether prosecutors can bring charges against entities using a controversial virtual currency, an FBI official said Thursday.
A Pakistani opposition leader believes that new legislation will open the "doors for money laundering", banking executives in the U.S. and elsewhere believe that most financial institutions are unlikely to meet the January 2013 deadline for the FATCA, and more, in the weekly roundup.
The OCC dings three banks for AML problems, Argentina publishes new rules related to corruption in soccer clubs, and more in this week's news roundup.