quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

BitGo settles with US Treasury; Sanctions Violations will Cost $98,830

newsimages

The U.S. Treasury has settled with BitGo over costs that it helped users in authorised divisions to transact utilising its crypto wallet services between 2015 and 2019.

BitGo, which provides crypto wallet services in Cuba, Iran, Syria, Sudan and Crimea, failed to comply with Know Your Customer (KYC) standards, according to the US Treasury’s OFAC department in a statement on December 30.  

“BitGo declined to execute due discretion or care for its penalties compliance obligations when it failed to deter individuals allegedly located in authorised jurisdictions to open accounts and transfer virtual currencies through its platform as a consequence of a failure to implement appropriate, risk-based sanctions compliance controls.”

The Treasury formulated that there were 183 “possible violations” of its diverse sanctions applications, adding up to just above $9,000 in transactions. They maintain the rank of “apparent” as the allegations are based on the internet protocol addresses from which users obtained BitGo hot wallets.

In alleviating circumstances, the Treasury stated that:

“BitGo covers all records, including “hot wallet” records, against OFAC’s Specifically Indicated Nationals and Blocked Persons List, including blocked cryptocurrency wallet addresses identified by Office Foreign Asset Control.”

The agreement will cost BitGo $98,830. Given the hawkishness of OFAC’s policies, the arrangement is approximately lenient, even though the actual amount transacted was less than 10 per cent of the penalty. The civil fine had the matter gone to court, would have been between $183,000 and $53 million.

But today’s performance is completely essential for other crypto organizations. The statement makes apparent that Office of Foreign Asset Control will be examining more closely at crypto servicers:

“This agreement underlines that businesses indulged in providing virtual currency services such as all monetary service providers should understand the penalties risks linked with providing digital currency services and should take steps vital to reduce those risks.”

Related Posts

News

Four Biggest Irish Banks Join Forces for Enhanced Security Measures

Four biggest banks in Ireland, AIB, Bank of Ireland, PTSB, and KBC, have collaborated on the meas...

Four Biggest Irish Banks Join Forces for Enhanced Security Measures Explore More

News

New Guidelines for Workers Will Deter Fraud in Nigeria’s Financial Sector – Says ASSBIFI

As per the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI),...

New Guidelines for Workers Will Deter Fraud in Nigeria’s Financial Sector – Says ASSBIFI Explore More

News

Credit Union Identity Theft Investigation Handed Over to Federal Prosecutors

NY Police have handed over the investigation of a $100,000 ID theft ring allegedly involving a fo...

Credit Union Identity Theft Investigation Handed Over to Federal Prosecutors Explore More

News

FCA Bans Crypto-Related Investments in the UK

Financial Conduct Authority- FCA had proposed a ban on crypto-related investments in October 2020...

FCA Bans Crypto-Related Investments in the UK Explore More

News

Beware: Vaccine-phishing scams have risen by 500 percent

Vaccine-phishing scams have increased by 530 per cent, as stated by a new study by Unit 42, the P...

Beware: Vaccine-phishing scams have risen by 500 percent Explore More

News

Australian Defense Department Hit by Ransomware Attack

Australian Defence Department has been hit by a ransomware attack. No information about former or...

Australian Defense Department Hit by Ransomware Attack Explore More

News

EU Proposes New AML Agency For Addressing Money Laundering

The EU document has been proposed to introduce tough action against money laundering in the regio...

EU Proposes New AML Agency For Addressing Money Laundering Explore More

News

AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations

The Association of Accounting Technicians (AAT) warned the UK government that reforming Anti-Mone...

AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations Explore More

News

Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance

Norway’s leading bank, DNB ASA, faces the possibility of a $45 million penalty for its inadequate...

Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance Explore More

News

DISA is Working on a Digital Identity, Credential, and Access Management Tool

According to Nextgov reports, the Defense Information System Agency (DISA) in the US has announce...

DISA is Working on a Digital Identity, Credential, and Access Management Tool Explore More

News

MP Calls in For UK’s Defences in Opposition to “Dirty Money” Overrun

The cross-party group of MP declares UK defences in becoming the “jurisdiction of choice for dirt...

MP Calls in For UK’s Defences in Opposition to “Dirty Money” Overrun Explore More

News

ECB Releases Paper Revealing Financial Crime Risks in Cross-border Payments

ECB has released a paper that reveals the financial risks associated with cross-border payments, ...

ECB Releases Paper Revealing Financial Crime Risks in Cross-border Payments Explore More

News

ICAEW Calls for Professional Scepticism to Mitigate Money Laundering in UAE

The Institute of Chartered Accountants in England and Wales (ICAEW) and the UAE’s Accountants &am...

ICAEW Calls for Professional Scepticism to Mitigate Money Laundering in UAE Explore More

News

Hogan and other US Top Official Become the Victim of Identity Theft

A fraud scheme attacking top government officials of Maryland State has been uncovered. The schem...

Hogan and other US Top Official Become the Victim of Identity Theft Explore More

News

EBRD and Central Bank of Jordan Raise Awareness Against Financial Crime

EBRD and the Central bank of Jordan join hands in running campaigns to raise awareness for the tr...

EBRD and Central Bank of Jordan Raise Awareness Against Financial Crime Explore More

News

The UK Introduces New Bill to Combat Identity Fraud and Financial Crime

The UK government has launched a bill to prevent the flow of dirty money through its economy by c...

The UK Introduces New Bill to Combat Identity Fraud and Financial Crime Explore More

News

Binance Tightens KYC Verification to Meet Regulatory Compliance

Customers that fail to meet the new requirements will only be allowed to withdraw funds, close po...

Binance Tightens KYC Verification to Meet Regulatory Compliance Explore More

News

New York man charged with trafficking credit card details

According to a federal indictment, Vitalii Antonenko, 28, was alleged in the U.S District Court f...

New York man charged with trafficking credit card details Explore More

News

Effective Measures are Needed to Tackle Money Laundering and Terrorist Financing, Says EMLCU’s Head

The Union of Arab Banks arranged the three-day anti-money laundering and terrorist financing even...

Effective Measures are Needed to Tackle Money Laundering and Terrorist Financing, Says EMLCU’s Head Explore More

News

FATF and EU Delist Bahamas from AML Blacklist

European Union has finally removed Bahamas from its AML blacklist, right after FATF has delisted ...

FATF and EU Delist Bahamas from AML Blacklist Explore More

News

FATF Urges Member Countries To Lead by Example in Implementing Travel Rule

The global financial watchdog FATF has urged countries to implement the travel rule in the legisl...

FATF Urges Member Countries To Lead by Example in Implementing Travel Rule Explore More

News

EU Suggests Blacklisting UAE Following “Dubai Uncovered” Leaks

The EU has suggested blacklisting UAE under the “Dubai Uncovered” leaks depicting how sanctioned ...

EU Suggests Blacklisting UAE Following “Dubai Uncovered” Leaks Explore More

News

HSBC Bank SMS Phishing Scam Targets UK Victims

A new phishing scam, designed to lure victims into handing over their HSBC bank account details, ...

HSBC Bank SMS Phishing Scam Targets UK Victims Explore More

News

AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance

AUSTRAC has called for the audit of three entities under the Bell Financial Group, including Bell...

AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance Explore More

News

Russians Approach UAE’s Crypto Firms in Search of Safe Havens

The UAE’s crypto firms and real estate sector are being used by Russians as safe havens to liquid...

Russians Approach UAE’s Crypto Firms in Search of Safe Havens Explore More

News

Estonian Cryptocurrency Exchange charged for concealing hack

Crex24, an Estonian cryptocurrency exchange, is accused of hiding a hack from its customers after...

Estonian Cryptocurrency Exchange charged for concealing hack Explore More

News

Nexo to Sue Bulgarian State over Money Laundering Allegations

The Bulgarian crypto lending bank, Nexo, revealed that it would file legal action against the Bul...

Nexo to Sue Bulgarian State over Money Laundering Allegations Explore More

News

Australia DTA Consults on Upcoming “Trusted Digital Identity Bill”

The consultation will facilitate the Trusted Digital Identity Bill, making digital identity syste...

Australia DTA Consults on Upcoming “Trusted Digital Identity Bill” Explore More

News

US to Rigorously Implement Anti-Money Laundering in Crypto

A rule requiring cryptocurrency firms to share data about their customers will be strictly implem...

US to Rigorously Implement Anti-Money Laundering in Crypto Explore More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

On Friday, an international financial watchdog committed to securing the global economic system a...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Explore More

News

Central Bank of Bahamas Calls for Stringent Due Diligence in the Wake of FTX Collapse

The Bahamas’ Central Bank has called for stricter due diligence while moving funds in the w...

Central Bank of Bahamas Calls for Stringent Due Diligence in the Wake of FTX Collapse Explore More

News

ASIC Expands its Team to Enhance Cryptocurrency Regulations

Australia’s financial regulator has enhanced the size of its crypto team. The crypto regula...

ASIC Expands its Team to Enhance Cryptocurrency Regulations Explore More

News

UK’s Victoria Gate Casino Fined $613K over AML Failings

The Source of funds for 10 customers were left unidentified by UK’s Victoria Gate Casino, resulti...

UK’s Victoria Gate Casino Fined $613K over AML Failings Explore More

News

Singapore Authorities Investigates Bank’s Role in $1.8B Money Laundering Case

Singapore’s central bank started an investigation against banks involved in a $1.8b global wealth...

Singapore Authorities Investigates Bank’s Role in $1.8B Money Laundering Case Explore More

News

SFC Issues Warning on Unregulated Virtual Asset Platforms

Binance has announced that stock tokens will no longer be available on its website for purchase a...

SFC Issues Warning on Unregulated Virtual Asset Platforms Explore More

News

455 Social Media Accounts Flagged for Rolling Out Fake IDs – Europol Reports

455 social media accounts flagged by Europol, which were providing fake identity documents to ill...

455 Social Media Accounts Flagged for Rolling Out Fake IDs  – Europol Reports Explore More

News

Treasury to Require Car Dealers to Reveal the Identities and Sources of Income of Buyers

The Treasury of Kenya will require car dealers to provide the identities and sources of their inc...

Treasury to Require Car Dealers to Reveal the Identities and Sources of Income of Buyers Explore More

News

Rapstar Captured for His Role in Wire Fraud Scheme

A famous rapper from Chicago with his crew members was caught and charged in court for using the ...

Rapstar Captured for His Role in Wire Fraud Scheme Explore More

News

UAE to Step Up AML Measures to Avoid FATF’s Gray List

After FATF’s warning to grey list the UAE for AML failures, the region is set to step up complian...

UAE to Step Up AML Measures to Avoid FATF’s Gray List Explore More

News

Russian Sanctions Put Switzerland in a Tough Spot Between Regulators and Oligarchs

Switzerland’s luxury sector is in a tough spot after Western countries have imposed sanctions aga...

Russian Sanctions Put Switzerland in a Tough Spot Between Regulators and Oligarchs Explore More

News

$8.6bn Lost to Cryptocurrency-based Money Laundering in 2021

‘The 2022 Crypto Crime Report’ by Chainalysis has revealed that a total of $8.6 billion was lost ...

$8.6bn Lost to Cryptocurrency-based Money Laundering in 2021 Explore More

News

FinCEN Alerts FIs of Sanction Evasion by Russian Entities Implicated in U.S. Commercial Property Investments

FinCEN alerted all the Financial Institutions warning about the risk of investment from sanctione...

FinCEN Alerts FIs of Sanction Evasion by Russian Entities Implicated in U.S. Commercial Property Investments Explore More

News

Lake County Attorney Launches a Financial Crimes Unit to Combat Fraud

Lake County state’s attorney announced a new Financial Crimes Unit to deal with money laundering,...

Lake County Attorney Launches a Financial Crimes Unit to Combat Fraud Explore More

News

The Nigerian Bar Association (NBA) Introduces Anti-Terrorist Financing, Anti-Money Laundering Laws

Lawyers in Nigeria are being instructed to follow anti-money laundering and terrorist financing l...

The Nigerian Bar Association (NBA) Introduces Anti-Terrorist Financing, Anti-Money Laundering Laws Explore More

News

Fraudsters exploiting Coronavirus panic have scammed £1.6 million

United Kingdom investigators have reported more than 500 COVID-19 associated scams and over 2,000...

Fraudsters exploiting Coronavirus panic have scammed £1.6 million Explore More

News

Coronavirus: UK economy recovering gradually, says Bank of England

Bank of England (BOE) governor, Andrew Bailey, stated that there are signs of the UK economy grad...

Coronavirus: UK economy recovering gradually, says Bank of England Explore More

News

Hong Kong Police Arrests 19 Criminals and Halts a US $40.5M Money-Laundering Operation

Hong Kong Police arrested 19 syndicate members pertaining to money laundering operations, involve...

Hong Kong Police Arrests 19 Criminals and Halts a US $40.5M Money-Laundering Operation Explore More

News

Cryptocurrency Fraud Reports to UK Action Fraud More Than Double in 2021

The study advises financial regulators to place more pressure on cryptocurrency institutions to c...

Cryptocurrency Fraud Reports to UK Action Fraud More Than Double in 2021 Explore More

News

Phishing Scams Spike As Holiday Season 2021 Approaches

64% of the top courier companies have insufficient protection against phishing scams and other fr...

Phishing Scams Spike As Holiday Season 2021 Approaches Explore More

News

UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs

The UK’s Financial Conduct Authority has ordered crypto firms operating illegally in the country ...

UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs Explore More

News

Nigeria Employs New BOR Initiative to be Removed from FATF’s Gray List

A Beneficial Ownership Register (BOR) has been inaugurated by the Corporate Affairs Commission (C...

Nigeria Employs New BOR Initiative to be Removed from FATF’s Gray List Explore More

News

Interpol Operation Intercepts Financial Cybercrime Worth $83 Million

Due to an exponential rise in online financial crimes in the Asia Pacific region, an INTERPOL-coo...

Interpol Operation Intercepts Financial Cybercrime Worth $83 Million Explore More

News

Canada’s Federal Government Announces Public Consultation Regarding a New Framework for Digital Identity

Canada’s government announces public consultation for creating a federally regulated digital iden...

Canada’s Federal Government Announces Public Consultation Regarding a New Framework for Digital Identity Explore More

News

Coinbase Attorney Urges SEC to Announce Crypto Rules

Coinbase’s attorney forced the Securities and Exchange Commission (SEC) to announce a trans...

Coinbase Attorney Urges SEC to Announce Crypto Rules Explore More

News

US Authorities Seize Bahamas Bank for Laundering $58 Million

It’s rumoured that Deltec, a Bahamas-based bank popular with crypto clients, is linked to a...

US Authorities Seize Bahamas Bank for Laundering $58 Million Explore More

News

Electronics Giant Samsung Confirms a Data Breach Affecting Personal Information of Customers

Samsung announced a data breach involving customers’ personal information, assuring that so...

Electronics Giant Samsung Confirms a Data Breach Affecting Personal Information of Customers Explore More

News

e-KYC services introduced in Malaysia by InstaREM

Residents and expatriates in Malaysia can now make overseas payments safely and regularly through...

e-KYC services introduced in Malaysia by InstaREM Explore More

News

The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023

The Financial Intelligence Analysis Unit fined €2.2 million in the first half of 2023. A constitu...

The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023 Explore More

News

The Brussels Threatens Emirates with Sanctions for Illicit Financial Flow

Think tank has ranked emirates to be the top destination for illicit financial activities. Brusse...

The Brussels Threatens Emirates with Sanctions for Illicit Financial Flow Explore More

News

Czech Republic Ramps Up Efforts to Combat Financial Crimes

According to a Moneyval report, the Czech Republic is showing progress in improving its complianc...

Czech Republic Ramps Up Efforts to Combat Financial Crimes Explore More

News

Italian Regulators Block Consumers from Investing in Binance

Italy has joined the list of warnings against Binance, directing citizens to avoid investing in t...

Italian Regulators Block Consumers from Investing in Binance Explore More

News

Taiwan FSC to Ease Authentication Rules through Biometric Verification

According to new rules, banks will be using biometric authentication methods to fulfil ID authent...

Taiwan FSC to Ease Authentication Rules through Biometric Verification Explore More

News

Binance Fined $3.4 million by Dutch Central Bank For Violating Regulatory Laws

The  De Nederlandsche Bank (DNB) fined Binance with $3.4 million for failing to get regulatory ap...

Binance Fined $3.4 million by Dutch Central Bank For Violating Regulatory Laws Explore More

News

Jamaica Shows Significant Progress in Anti-Money Laundering Compliance

Jamaica impressively complied with 37 recommendations from 40 international Financial Action Task...

Jamaica Shows Significant Progress in Anti-Money Laundering Compliance Explore More

News

IMF Urges El Salvador to Restrict Cryptocurrencies as Legal Tender Amid Money Laundering Risks

The International Monetary Fund (IMF) is persuading El Salvador to revoke the initiative of makin...

IMF Urges El Salvador to Restrict Cryptocurrencies as Legal Tender Amid Money Laundering Risks Explore More

News

Interpol Warns of the Rise in Romance Scams as Valentine’s Day Approaches

According to the Interpol, there is a new investment scam on the rise that is targeting the datin...

Interpol Warns of the Rise in Romance Scams as Valentine’s Day Approaches Explore More

News

Star Casino’s Share Tumbles 21% Following Money Laundering Allegations

Individuals banned from gambling at the Star casino in Sydney had been permitted to gamble at Sta...

Star Casino’s Share Tumbles 21% Following Money Laundering Allegations Explore More

News

Qatar’s new AML laws leave no room for Cryptocurrencies

A number of countries across the globe are coming with up stringent policies to inhibit the illeg...

Qatar’s new AML laws leave no room for Cryptocurrencies Explore More

News

SRA Receives Fewer AML Violation Reports from England & Wales Despite Sanctions Drive

Anti Money Laundering (AML) violations in England & Wales reported to the Solicitors Regulati...

SRA Receives Fewer AML Violation Reports from England & Wales Despite Sanctions Drive Explore More

News

EU to Disclose the Names of the Non-Compliant Banks

EBA, The European Banking Authority is setting up a database to highlight the names of banks and ...

EU to Disclose the Names of the Non-Compliant Banks Explore More

News

Australian Regulators Seeking to Implement Travel Rules for Cryptocurrency

Australia is looking at the laws that would require cryptocurrency providers to record the inform...

Australian Regulators Seeking to Implement Travel Rules for Cryptocurrency Explore More

News

Data Security at Risk Due to the Fake Lending Apps

Gained network access, pictures, and contact information are at threat due to the fake lending ap...

Data Security at Risk Due to the Fake Lending Apps Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started