BlogA Ruthless ScamSeptember 26, 2023 by Verafin A prominent virtual currency investment scam, with the demeaning label “pig butchering,” is creating significant financial and emotional harm for countless victims around the world – criminals defrauded victims of more than $2 billion USD in 2022. Known as financial... |
BlogThe Rise of Cryptocurrency in Modern SlaveryApril 19, 2023 by Verafin “Digital assets may pose significant illicit finance risks, including money laundering, cybercrime and ransomware, narcotics and human trafficking, and terrorism and proliferation financing.” –Department of State, Trafficking in Persons Crypto companies play a critical role in the fight against human... |
BlogScale to Prevail: Five Benefits of Proactively Scaling your Compliance PlatformMarch 7, 2023 by Verafin Regulatory enforcement is rapidly evolving for crypto companies and manual processes are costing you more. As fines for compliance violations increase, staying ahead of regulatory requirements is a necessity for crypto companies, to avoid financial penalties and damage to your... |
BlogBig Lessons for Crypto Companies From Even Bigger AML FinesMarch 6, 2023 by Verafin For crypto companies, the immense challenge of navigating the multitude of regulators, escalating number of fines, and evolving landscape of compliance is overwhelming. Crypto companies are facing increased pressure to remain compliant, while avoiding penalties and reputational damage. The Current... |
BlogAutomating for EfficiencyFebruary 2, 2023 by Verafin The “crypto winter” has temporarily frozen many crypto company’s capabilities. As companies compensate for current challenges with budgetary reductions and increased layoffs, companies are continuously asking themselves how they can do less with more. Increased regulatory scrutiny and impending compliance... |
BlogLearning from the Past for a Lucrative FutureJanuary 30, 2023 by Verafin The landscape of financial crime is evolving – both for traditional financial institutions and crypto companies. As financial institutions advance anti-financial crime programs to maintain regulatory compliance and combat fraud, there are valuable lessons that crypto companies can use to... |
BlogAML Trends and Technology 2023January 27, 2023 by Bill Heys Keeping pace with the growing complexity of financial crime was a challenge for financial institutions in 2022 – finding a balance between meeting customers’ needs for faster, frictionless banking while managing regulatory scrutiny is no easy task. Investigators striving to... |
BlogAnatomy of a Crypto Hack: Digital Funds, Real-World ConsequencesDecember 16, 2022 by Verafin While cryptocurrency exists in a digital space, criminals leveraging crypto can have a significant impact on the traditional financial industry. Tracking the flow of funds across blockchain to fiat is essential for finding the perpetrator of these crimes – and... |
BlogKeeping your Crypto Company Compliant: The Need for Consolidated Sanction SolutionsDecember 6, 2022 by Verafin Cryptocurrency has developed an increasingly prominent role in the global economy. The perceived pseudo-anonymity of blockchain transactions and an evolving regulatory landscape has emboldened criminals to leverage cryptocurrency in attempts to evade sanctions. The Office of Foreign Assets Control (OFAC)... |
BlogSolutions for SAR/STR Filing: Best Practices for Crypto CompaniesNovember 7, 2022 by Verafin Virtual currencies are swiftly becoming the currency of choice for fraudsters – the rate of Suspicious Activity Reports (SAR) filed including cryptocurrency is rapidly rising. According to the U.S. Government Accountability Office (GAO), from 2017-2020, the number of SARs referencing... |
