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.
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.
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.
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 alleged money laundering of $6 billion through bank accounts controlled by a virtual currency operator and its accomplices reflects widespread and serious anti-money laundering vulnerabilities, say industry experts.
Since the 2011 indictment by the U.S. Justice Department of some of the most prominent online gambling sites in the world, the financial risks posed by Internet betting have changed, believes Christine Duhaime, barrister and solicitor at Vancouver-based Duhaime Law.
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.
While the popularity of virtual worlds has grown in recent years, lawmakers and regulators have been slow to address related vulnerabilities to financial crime, according to Dr. Clare Chambers-Jones, an associate professor in banking and finance law at the University of West England Bristol.
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.
A report by an intergovernmental watchdog highlighting the anti-money laundering weaknesses of more than two dozen countries is prompting non-bank financial institutions to drop customers and avoid risky markets.
Online securities and futures firms should speak regularly with regulatory examiners about the sorts of financial crimes that are raising concerns, according to E*Trade's top AML officer.
A recent penalty by an Australian financial regulator against e-commerce site PayPal for weak anti-money laundering controls could prod U.S. regulators to more closely scrutinize companies with similar business models.
Canadian payments company ESI Entertainment Systems Inc. will forfeit $9 million in a deferred prosecution agreement with the U.S. Justice Department for its role in helping to launder proceeds from an illegal gambling operation.
Software firm MindArk, creators of Entropia Universe, is on the verge of releasing automated teller machine-style cards that allow players to access real dollars from their virtual world accounts, something consultants say will make them an attractive venue for criminals to launder illicit funds.
The growth of virtual economies on the Internet presents an opportunity for criminals, who can launder money by trading virtual property and converting profits from virtual cash to real currency, according to a report issued by consulting firm Deloitte.