Steep fines against banks that fail to prevent money laundering are complicating efforts by investigators to suss out cybercrime, a top London police official said Wednesday.
President Obama is expected to sign into law a measure that would allow the U.S. Treasury Department to rely on state examinations of nonbank financial institutions, including money services businesses.
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.
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.
New York should require some digital currency companies to collect and periodically verify customer information to deter financial criminals, Manhattan's district attorney told state regulators Wednesday.
The U.S. Justice Department seizes digital funds tied to an Internet black market, Republicans line up behind effort to fight FATCA and more, in this week's news roundup.
China prohibits the trading of bitcoins by financial institutions over money laundering concerns, the U.K. closes 100 suspicious Bank of Cyprus accounts, and more, in this week's news roundup.
Ready or not, Bitcoin is growing in Europe, even as European regulators struggle to figure out how or if they'll police the virtual currency.
Lawmakers are asking the IRS to quickly finalize guidance on potential tax liabilities of digital money, including the crypto-currency platform Bitcoin.
The indictment Wednesday of an online black market for narcotics and weapons vendors could further hamper proponents of a growing digital currency in the eyes of bank compliance officers.
Nearly all digital coins studied by researchers at the University of California in San Diego were used to purchase goods from a black market Web site selling illicit goods, a recent study found.
Looking for entrée into a financial market that has been reluctant to bank them, multiple Argentine money services businesses have applied for American accounts under false pretenses, say industry advisors.
The second installation of a two-part story on how the Bitcoin market is changing under the scrutiny of federal and state officials.
Two lobbying groups are asking the U.S. Treasury Department to amend proposals that would require banks to close accounts and maintain additional records for three companies accused of aiding terrorists and money launderers.
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.
An emerging virtual currency intended to be used in lieu of cash could also be a vehicle for criminals seeking to make international transactions anonymously, according to investigators.