Tokyo Police Arrest Buyers In $530M Cryptocurrency Hack
Two Men Arrested in Japan for Purchasing NEM Cryptocurrency Stolen from Coincheck
What Happened?
On March 11, 2020. Tokyo police arrested two Japanese citizens for alleged possession of NEM cryptocurrency that was stolen from the crypto exchange operator Coincheck in a massive cyberattack in 2018. According to investigative sources, the suspects were aware that the cryptocurrency they acquired was stolen from the exchange.
Who Is Impacted?
Virtual asset service providers, trustees, and OTC traders that buy, sell, or custody cryptocurrencies.
Why This Matters?
Supervisory technology for regulators, financial intelligence units, and law enforcement has become incredibly sophisticated. Firms such as CipherTrace, Elliptic, and Chainalysis allow regulators to follow the money, monitor wallets and entities in real-time, and quickly build a trail of evidence for prosecution. Exchanges and other virtual asset service providers need to respond to requests for information about the cryptocurrency transactions they facilitate.
What’s Next?
Any business that facilitates or promotes cryptocurrency or virtual asset transactions should ensure their anti-money laundering software is capable of identifying high-risk transactions.
Transaction monitoring software such as Alessa or ComplyAdvantage can help firms integrate blockchain data with know your customer (KYC) data, freeze or escalate transactions, and compile suspicious activity reports and regulatory filings.
learn more
Is your AML compliance too expensive, time-consuming, or ineffective?
iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience.
Request a demo today.
KYC in Various Industries: Tailoring Compliance to Sector Needs
Know Your Customer (KYC) regulations are fundamental to maintaining security and compliance across different sectors. However, the requirements and practices for KYC can vary significantly depending on the industry. This article...
AML Risk Management: Strategies for managing AML risks in financial institutions.
Managing anti-money laundering (AML) risks is a critical responsibility for financial institutions. Effective AML risk management strategies help institutions identify, assess, and mitigate risks associated with money laundering...
Transaction Monitoring Techniques: Methods for effective transaction monitoring to detect suspicious activities.
Transaction monitoring is a critical component in the fight against financial crimes. By continuously analyzing transactions for suspicious activities, financial institutions can detect and prevent fraudulent activities such as...