Canada sends out crypto questionnaire to find money laundering

Canada is starting to ask people about their crypto investments. Forbes reports the Canada Revenue Agency (CRA) is auditing cryptocurrency investors by sending them questionnaires. The 13-page questionnaire asks Canadians to describe their involvement in the crypto industry over a series of 54 questions. Many of the questions are specifically written to explore potential money…

Read more »

Digital banking startup Revolut denies money laundering claims

U.K digital banking startup Revolut has refuted claims that it abandoned its anti-money laundering (AML) protocols and possibly processed illegal payments. The London-based startup has been on the spotlight following a report that implicated it in a money laundering scheme. According to a report by The Telegraph, the firm turned off its AML protocols for…

Read more »

It’s Not Just Bitcoin That Has A Problem With Money Laundering

As is the general consensus, Bitcoin can supposedly make it easier for criminals and fraudsters to conduct illegal transactions. The amount of money laundered through Bitcoin is nothing in comparison to the multi-trillion dollar network of illegal transactions that pass through traditional banks on a yearly basis. In a recent report published by the United…

Read more »

3 Examples of Failed Money Laundering Attempts Involving Bitcoin in 2018

It is not uncommon for Bitcoin traders to be suspected of money laundering. In the case of users who offer large amounts of Bitcoin in exchange for fiat currencies, the US government will look into their practices sooner or later. Thomas Mario Costanzo, also known as Morpheus Titania, has been convicted of running a peer-to-peer…

Read more »

DOJ Hits Crypto-Friendly Money Company Payza with Laundering Accusations

The money transfer provider Payza has been sued by the US Department of Justice for allegedly committing acts of money laundering totaling around $250 million. The lawsuit hit the cryptocurrency-friendly payment portal Payza with allegations of conducting illicit activities such as pyramid schemes, Ponzi schemes, and even child pornography. A court document was filed almost two years ago on November 3, 2016; nonetheless, it was…

Read more »