U.S. Regulators Propose Customer ID Rule for Stablecoin Issuers
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and four federal banking regulators proposed a rule on Wednesday that would require permitted payment stablecoin issuers to maintain customer identification programs under the GENIUS Act’s anti-money-laundering (AML) framework.
U.S. Charges 2 in Takedown of ‘AudiA6’ Crypto Laundering Service
U.S. prosecutors have charged two men based in the Republic of Georgia with running AudiA6, a cryptocurrency money laundering service alleged to have processed more than $389 million, following a coordinated international takedown of the operation’s infrastructure.
Hungary Deploys AI to Track Alleged Orbán-Era Corruption and Fraud
Hungary’s Integrity Authority has developed an artificial intelligence and machine-learning platform to track Hungary’s financial flows in real time as it works to trace an estimated €160 billion in public funds alleged to have been misappropriated during former Prime Minister Viktor Orbán’s 16 years in power.
CFTC Seeks to Vacate Gemini’s $5mn Enforcement Following Winklevoss Ask
The U.S. Commodity Futures Trading Commission is moving to vacate a $5 million enforcement settlement reached with cryptocurrency exchange Gemini under the Biden administration, following a lobbying campaign by founders Tyler and Cameron Winklevoss.
BIS and Banks Will Soon Begin Testing Blockchain-Backed Payments Platform
A landmark public-private initiative convened by the Bank for International Settlements (BIS) and the Institute of International Finance will soon begin testing a tokenized payment platform for cross-border settlements across multiple currencies and jurisdictions.
Major Crypto Firms Worked with Bitcoin ATM Operators Tied to Scams
Mainstream cryptocurrency companies including Kraken, Gemini, and Cumberland DRW transferred billions of dollars in bitcoin to ATM operators that authorities have repeatedly accused of facilitating scams targeting elderly and vulnerable Americans.
Conviction of Ex-Austrian Agent Turns Another Page in Wirecard ‘Spy Novel’
A former Austrian intelligence official was convicted Wednesday of spying for Russia in the largest espionage trial in Austria’s postwar history, delivering a verdict that officials hope will help repair the country’s standing as a hub of hostile foreign intelligence activity.
Bitcoin Depot Files for Bankruptcy, Shuts Down After Regulatory Crackdown
Bitcoin Depot, formerly the largest operator of cryptocurrency ATMs in the United States, filed for voluntary Chapter 11 bankruptcy Sunday and took its roughly 9,700 kiosks offline.
SCB to Replace ‘Lower-Value Human Capital’ in Risk and Compliance with AI
Standard Chartered plans to eliminate almost 8,000 jobs by 2030 as the Asia-focused bank shifts to an artificial intelligence-centered strategy, with its chief executive saying the cuts amount to replacing workers with technology rather than simple cost reduction.
In the Age of Mythos, Cyberattacks Could Hit State and Local Targets Hardest
Small towns, school districts, and utilities across the United States lack the staffing and basic cyberdefenses needed to fend off a new generation of AI-enabled hacking threats even as larger institutions scramble to shore up their systems.