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.
Key Considerations for Implementing KYB and KYC Software for Your Business
With businesses facing the ongoing challenge of operating in a digital landscape that welcomes an increasing amount of users (source) each year, the need for robust Know Your Customer (KYC) processes has become integral for security and crime prevention. The Financial...
Ensuring KYC Compliance: Best Practices for the Legal Industry
When we think of Know Your Customer (KYC) and AML protocols, most people tend to associate the terms (and practice) with businesses involved in the financial sector, and for good reason. Banks, digital vendors, and other forms of financial institutions are beholden to...
Simplifying KYC Compliance with iComplyKYC
Today’s business and commerce markets are moving faster than ever, and with a rapidly evolving landscape, knowing that you have the best protocols and tools in place to stay compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards is...
