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Policy AML and CTF — Anti money laundering and Combating Terrorism Financing.submitted by LadyMariann to NeuronChain [link] [comments]
📷 These are a set of procedures carried out to prevent the use of money obtained through criminal means or aimed at financing terrorist groups. In certain cases, when an organization doubts the legitimate origin of funds, it has the right to require the client to confirm that the money, which, for example, was used to replenish the balance, was not obtained through criminal activity.
📷AML and CTF policies make it impossible for criminals to legalize proceeds. If the financial institution finds sufficient evidence that the client is using funds, for example, stolen during a hack on a cryptocurrency exchange, it will simply block the account and report it to the appropriate authorities. If the organisation suspects that through it, funds are withdrawn to accounts convicted of financing terrorism, it also has the right to freeze the account.
Today, there are a sufficient number of software and services on the market that determine the source of funds and have a «black list» of bitcoin addresses. This does not always require direct contact with a potential criminal, he may not even be aware of the investigation, which offers an additional advantage to both business and law enforcement agencies.
📷How does the CipherTrace system work? The CipherTrace system monitors cryptocurrency flows and assigns a risk level from 1 to 10 to wallets, depending on whether this address received / sent funds that were previously observed being used in drug stores, terrorist organizations, scam projects or mixers.
At the same time, all wallets of the world’s exchanges are marked in the CipherTrace system, which allows you to accurately determine the route of funds. That is why this product is also used by many government agencies in their investigations related to the use of cryptocurrencies for criminal purposes. CipherTrace uses machine learning to de-anonymize blockchain transactions and control cash flows.
#Finance #NeuronChain #blockchain #NeuronEx #NeuronWallet #CryptoNeuroNews #crypto
submitted by kjonesatjaagnet to JAAGNet [link] [comments]
A group of hackers known as “Darkside” has surprised the world by donating a portion of the proceeds from ransomware attacks to two charities, the BBC reported Monday, adding that the group is relatively new on the scene. Darkside hackers claim to have extorted cryptocurrencies worth millions of dollars from companies.
Claiming that they now want to “make the world a better place,” the group donated 0.88 BTC, worth about $10,000, from their ransomware proceeds to two charities: The Water Project and Children International. The Water Project works to improve access to clean water in sub-Saharan Africa while Children International fights poverty and helps children in need.
The Darkside hacker gang posted the tax receipts for its 0.88 BTC donations in a blog post on the dark web on Oct. 13. The hackers claim that they only attack large, profitable companies with ransomware and would not attack hospitals, schools, governments, or charities.
Experts question the hackers’ motive. “What the criminals hope to achieve by making these donations is not at all clear,” said Brett Callow, a threat analyst at cyber-security company Emsisoft. “Perhaps it helps assuage their guilt? Or perhaps for egotistical reasons they want to be perceived as Robin Hood-like characters rather than conscienceless extortionists.” He elaborated:
"Whatever their motivations, it’s certainly a very unusual step and is, as far as I know, the first time a ransomware group has donated a portion of their profits to charity."
However, when the donation comes from crime proceeds, the law says it must be rejected. Both charities have said that they will not accept the BTC donations, but the problem is that they have no way of returning them. The hackers used a U.S.-based service called The Giving Block, which is used by 67 different non-profits worldwide, to make the donations. The company says that the money was sent through a mixer.
Philip Gradwell, Chief Economist at blockchain data analytics firm Chainalysis, commented: “If you walked into a charity shop with an anonymous mask on and donated £10,000 in cash, then asked for a taxable receipt, questions should probably be asked – and it’s no different.”
Originally published by Kevin Helms | October 21, 2020 Bitcoin.com
submitted by UMITop to u/UMITop [link] [comments]
Cryptocurrencies are ill suited to money laundering
As a tool for money laundering, cryptocurrencies are a lot less universal and convenient than bank payments and cash.
Unlike cash transactions and bank transfers, transactions in decentralized blockchains are easily traceable. Cryptocurrencies are transparent in nature — all transactions are recorded and publicly accessible. If you can accumulate considerable volume of data, you can determine who's behind a bitcoin address used for money laundering. Besides, you cannot use the ВТС network and other cryptocurrency networks to transfer a large amount of money — such a transaction would be immediately brought to attention of law enforcement.
The experience of fighting against the Darknet (the illegal Internet) shows that states can fight against cyber crime while anonymity of cryptocurrencies is greatly exaggerated. Legal cryptocurrency platforms have demonstrated a long-standing trend of using KYC principles (provision of complete information about a user) — exchanging currencies anonymously is getting harder. Special services can connect transactions to specific users, sometimes using the blockchain technology itself to do it.
Super anonymous coins that encrypt transaction data (Monero, Dash, ZCash and others) cannot save criminals either — there are methods that can be used to break down these transactions. However, some experts state that cryptocurrency technologies evolve really fast and will soon become completely untraceable. In any case, to withdraw cryptocurrencies and turn them into fiat money, you would have to “burn” your actual bank accounts, thus reducing the entire anonymity level.
It is often mentioned that criminals use the so-called “mixers” — software and services where transactions can be run by mixing your coins and coins owned by other users to maintain confidentiality. It allows you to hide your withdrawal data and addresses, as well as your real identities. However, according to the above mentioned Chainalysis report, most users prefer to use mixers to ensure confidentiality and not to conduct illegal activity. This method is only used to launder 8 % of all money passing through.
Moreover, special services can track transactions passing through mixers which makes them suspicious by default. This is why criminals are not overenthusiastic to use them — cash and banks are more secure.
As you can see, cryptocurrencies are not all that convenient for criminals though it may seem so. They are an excessive intermediate since actual laundering requires cashing out and it's getting harder to do so anonymously by the day.
Banks are the key “laundromats” of the criminal underworld
Let's turn to the best part now. Criminals launder most money via regulated banks seen as ideal by the states. They can annually launder up to $ 2 trln. Think about it: trillions of dollars laundered through the banks.
Many of the world's biggest banks have been involved in money laundering schemes and fined for this. For instance, Wells Fargo, J. P. Morgan Chase & Co and the Bank of America, Standard Chartered and others. Last year, it turned out that Citigroup, Deutsche Bank and Raiffeisen had helped criminals launder $ 8.8 bln over a period of 7 years. It's only three bank conglomerates seen as strongholds of honesty and security. Imagine how much money has been laundered via other banks, including “shadow” banks.
In 2019, various companies around the world were fined for being involved in money laundering schemes worth of the record $ 8.14 bln. It's twice as much as in 2018. Two thirds of the fines were attributed to banks — $ 6.2 bln, and 17% — to gaming and gambling organizations. The best joke is that these fines are a drop in the ocean for the banks while money laundering cannot be undone.
According to the August report by the Mexican Finance Intelligence Unit, local criminals still prefer to launder money using conventional financial institutions, mostly banks, as well as brokerage firms and exchange companies. Seven biggest and most regulated Mexican banks that control 80 % of all assets in the national financial sector run the biggest number of transactions with black money (no specific amounts are given).
Moreover, Mexican banks have long been known to deal with activities of this kind. In 2012, one of them — HSBC — paid a record $ 1.92 bln in fines to the US authorities after the Mexican and Columbian drug cartels were caught using this bank for laundering drug-related money.
A short time ago, the international payment system SWIFT used by all of the world's banks published a report drafted in partnership with the financial research firm Bae Systems. The report noted that cryptocurrencies are rarely used for money laundering — with criminals preferring the more conventional ways. These include: using the so-called “money mules” — intermediaries who allow to use their accounts for transferring illegal money; hacking bank accounts, bribing bank officials, using shell companies and casinos.
The report also lists examples of laundering big amounts of money using cryptocurrencies while also noting that only few cases have been registered. These include use of intermediaries, prepaid crypto cards, purchase of physical assets, such as real estate or expensive cards, for cryptocurrency.
Cryptocurrencies do not launder money — they fight against money laundering
As you can see, while cryptocurrencies can be used for money laundering, they are ill suited to this purpose. Moreover, they actually work the other way around by increasing transparency, security and speed of payment transactions and giving users more independence. Coins like UMI are building an alternative financial system accessible to anyone, not a shadow market for laundering illegal money.
The fact is that today 99 % of laundered money passes through other channels, not cryptocurrencies. Criminals still prefer using fiat money for this purpose. Banking institution are their key accomplices, and the amounts of money they hide outmatches the overall capitalization of the cryptocurrency market. However, no one is threatening to prohibit banks.
At the same time, we hear all the time that cryptocurrencies should be banned or strictly regulated. Unfortunately, financial regulators and law enforcement agencies all over the world are sometimes obsessed with the idea of putting spokes in wheels for the usual people who use cryptocurrencies while also allowing bankers to launder trillions of dollars. Isn't it ironic?
UMI is fighting against this state of affairs. We're building a new, alternative and completely transparent financial system where any person on the globe can generate digital money and make instant, fast and free-of-charge payments.
To sum up, don't trust the negative publicity for cryptocurrencies Trust the facts. The negative publicity is mostly generated by people who are not happy that the existing financial system based on banks is gradually become a thing of the past while cryptocurrencies are growing rapidly. At any rate, the key point is that decentralized cryptocurrencies which belong to users from across the world cannot be banned, even from the technical point of view. Thus, there's nothing to fear and progress cannot be stopped.
Sincerely yours, UMI Team!
Blockchair has released Privacy-o-meter in its public block explorer and API to measure the privacy level of Bitcoin transactions. The free feature makes use of 50 heuristics and allows visitors to look up how much information about their identity has been leaked. In a later stage, wallets and exchanges will be able to use the feature to notify users about how much information will be leaked before sending out a transaction.submitted by blockchair to Bitcoin [link] [comments]
While Bitcoin is considered to be a privacy-oriented system, the blockchain is open to be analyzed by anyone, and there are numerous transaction tracing tools like Chainalysis, Elliptic, CipherTrace, and Crystal. These are paid tools and often only available to a handful of individuals and companies. Bitcoin users thus rarely have the opportunity to see how deep the rabbit hole goes regarding their privacy loss.
A transaction with a low privacy score
Blockchair launched a simple transaction scoring tool and will expand this further in the upcoming months. It currently uses indicators that reveal user information such as:
A transaction with a high privacy score
In comparison with protocols such as Zcash, Monero and Dash, in the Bitcoin network there are no transaction obfuscating implementations, and due to the lack of scalability so-called Mixers are expensive and cumbersome to use.
Blockchair provides the privacy-o-meter for free as it hopes it will help Bitcoin users take some of their privacy back.
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