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 Reasons KYC Processes Fail
How effective are your KYC protocols for financial crime compliance? In the first half of 2021, banks and financial institutions accrued over USD $1.9 Billion in AML fines, and current data shows no signs of the trend slowing down. With the EU introducing a new...
Fraud Fundamentals: KYC Tips to Protect Your Business
Is your business effectively managing critical KYC protocols and procedures? As an increasing point of concern and regulation in the global market, Know Your Customer (KYC) practices have become vital tools that protect businesses and their customers from fraudulent...
Stay on Top of Financial KYC and CDD with iComply
In order to stay up to date with increasingly complex and evolving digital security, fraud, and anti-money laundering practices, the United States’ Financial Crimes Enforcement Network (FinCEN) amended the Bank Secrecy Act to introduce final rules with regard to the...
