One of world's biggest botnets taken down, US says
Law enforcement agencies shut down a global malware network linked to $5.9bn theft, leading to charges against the operator with possible 65 years imprisonment. [ more ]
US arrests man allegedly behind enormous botnet that enabled cyberattacks and fraud
A Chinese national allegedly ran an international botnet that infected over 19 million IP addresses, facilitating crimes worldwide and making $100 million in profits. [ more ]
CIBC fined $1.3M for failing to comply with money laundering and terrorist financing rules | CBC News
Canada's financial intelligence agency, Fintrac, has imposed a $1.3 million penalty on CIBC for non-compliance with money laundering and terrorist financing measures.
This comes after RBC received a $7.4 million fine for similar non-compliance issues. [ more ]
Congress Passed a Money Laundering Law. Interest Groups Are Still Fighting It.
The implementation of a law can be a lengthy process that involves lobbying, litigation, and revisions that can reshape the original legislation.
The Corporate Transparency Act, which aims to combat money laundering and terrorist financing, is facing opposition from interest groups and small business organizations who argue that it would burden millions of small businesses. [ more ]
Essay | The End of Crypto's Dream to Escape From Government
Binance, the world's largest cryptocurrency exchange, pleaded guilty to breaking U.S. anti-money-laundering laws and will pay $4.3 billion in penalties.
The agreement between Binance and U.S. authorities marks a watershed moment for crypto's compliance with American law.
The centralized nature of cryptocurrency exchanges like Binance and Coinbase allows the government to extend its reach into the crypto economy. [ more ]
Lawyer's 'Money Laundering' Charges Upheld by New Jersey Court
Shuffling client cash around firm accounts can be considered criminal money laundering.
A New Jersey appeals court ruled that a lawyer's theft of client funds qualifies for indictment under the state's financial transaction crime statute. [ more ]
Venture Capitalist Convicted on Federal Wire Fraud Charges
Former San Francisco venture capitalist found guilty of fraud and money laundering.
Michael Rothenberg deceived investors by using venture capital funds for personal expenses and falsely claiming that his company was self-funded. [ more ]