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

Dubai Police Monitors Cryptocurrencies for Prevention of Money Laundering

n-img

The cybercrime unit of Dubai Police has started monitoring cryptocurrencies to ensure that digital assets are not used for financial crimes like money laundering.

​​“Technology is changing the world and police is part of this change. We are continuously looking at the latest technologies in order to beat crime. Cryptocurrency, sometimes, is used for money laundering and crime, so Dubai Police are monitoring in cooperation with the Ministry of Interior. There are special units to deal with e-crime and money laundering and these two departments work together against any illegal use of cryptocurrency,” said Brigadier Dr. Saleh Al Hamrani, Deputy Director-General of Excellence and Entrepreneurship at Dubai Police.

On March 9, the Dubai government announced a first-of-its-kind law to regulate virtual assets as the demand for digital assets and currencies continues to grow exponentially. 

The Virtual Asset Regulatory Authority (Vara), an independent authority – has also been established in Dubai to oversee the regulation, licensing, and governance of non-fungible tokens (NFTs), cryptocurrencies, and other virtual assets.

Brig. Dr. Saleh was speaking on the sidelines of the inaugural edition of the four-day World Police Summit which concluded at Dubai Exhibition Centre at Expo 2020 Dubai last week. Thousands of delegates including senior police officials from different continents as well as global policing bodies such as Interpol and International Association of Chief of Police, UN Police, and others.

He further revealed that the Dubai Police will utilize the best technologies such as artificial intelligence and blockchain to combat crimes, accidents and also to predict how future events will unfold.

“We are going to work on the next generation of AI technology to help predict how and what are the risks we are going to face so that we are ready both internally and externally. Utilizing artificial intelligence, blockchain and the ability to predict will help build a solid ground to make police prepare and also improve response and recovery time. We are working and implementing AI not only for crime but also for traffic, security at the airport, and marine security as well.”

Suggested read: Dubai Sets up Special Court to Tackle Money Laundering

Related Posts

News

Compliance Specialists Remind Letting Agents to Meet HMRC Deadline

The real estate industry in the UK is being constantly reminded that the deadline for registering...

Compliance Specialists Remind Letting Agents to Meet HMRC Deadline 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

NYDFS States Signature Bank’s Closure Was Not Linked to Crypto

According to the head of NYDFS, the decision to close Signature Bank last month had nothing to do...

NYDFS States Signature Bank’s Closure Was Not Linked to Crypto Explore More

News

Phillippines Added to FATF Gray List Again for Inadequate AML Casino Measures

The Philippine financial system did not comply with international Financial Action Task Force (FA...

Phillippines Added to FATF Gray List Again for Inadequate AML Casino Measures Explore More

News

Amendments in Thailand’s Money Laundering Act to Include New Offenses

A proposed amendment in Thailand’s Money Laundering Act was approved by the cabinet to include ad...

Amendments in Thailand’s Money Laundering Act to Include New Offenses Explore More

News

HEDA Calls for Professional Regulatory Bodies to Sanction Corruption Enablers

The Human and Environmental Development Agenda (HEDA), the leading civic society organization on ...

HEDA Calls for Professional Regulatory Bodies to Sanction Corruption Enablers Explore More

News

Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog

The new report of MONEYVAL offers a diminishing rebuke across European governments that are unabl...

Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog Explore More

News

Central Bank of Nigeria (CBN) Gives Financial Institutions 30 day Deadline to Close Accounts Without Bank Verification (BVN)

Financial institutions and banks have been given a 30 days notice period by the Central Bank of N...

Central Bank of Nigeria (CBN) Gives Financial Institutions 30 day Deadline to Close Accounts Without Bank Verification (BVN) Explore More

News

PayPal is hiring crypto engineers amid rumors of Bitcoin integration

Crypto and blockchain experts are being hired by Paypal as rumors circulate that the global payme...

PayPal is hiring crypto engineers amid rumors of Bitcoin integration Explore More

News

UK Fraud Agency Warns Money Launderers are Targeting Under-21s

Cifas recently reported an economic downturn allows fraudsters to target young people, under 21, ...

UK Fraud Agency Warns Money Launderers are Targeting Under-21s Explore More

News

Uganda at Risk of Getting Blacklisted by FATF Unless it Addresses 16 Issues

Uganda is facing the risk of being added to a global blacklist for money laundering and terrorism...

Uganda at Risk of Getting Blacklisted by FATF Unless it Addresses 16 Issues Explore More

News

6 members charged with Fraud in China for involvement in Multi-billion Dollar Plustoken Scam

Six alleged members of Plustokem scam were prosecuted according to the court filing submitted on ...

6 members charged with Fraud in China for involvement in Multi-billion Dollar Plustoken Scam Explore More

News

FATF Removes Malta From gray List of Untrustworthy Financial Jurisdictions

After one year of being included in the FATF grey list, the global action committee has voted Mal...

FATF Removes Malta From gray List of Untrustworthy Financial Jurisdictions Explore More

News

SEC Chair Gary Gensler Turns to Congress to Address Crypto Wild West

SEC Chairman stresses the need for proper checks on crypto exchange platforms, given the volatili...

SEC Chair Gary Gensler Turns to Congress to Address Crypto Wild West Explore More

News

Russian Central Bank Still Saying “No to Use of Crypto in Settlements”

Russia’s Central Bank has put another wrench in the pro-business Ministry of Finance’...

Russian Central Bank Still Saying “No to Use of Crypto in Settlements” Explore More

News

FinCEN Pinpoints Bitzlato as “Primary Money Laundering Concern”

FinCEN recognises Bitzlato Limited, a Hong-kong based virtual crypto exchange network, as a prima...

FinCEN Pinpoints Bitzlato as “Primary Money Laundering Concern” Explore More

News

The Age Verification Software Market to Experience Tremendous Growth by 2025

The increasing number of scams in today’s virtual world needs a better verification system. Prote...

The Age Verification Software Market to Experience Tremendous Growth by 2025 Explore More

News

China’s digital yuan to be tested by 19 firms including McDonald’s and Starbucks

Starbucks and McDonald’s are among 19 businesses that will test China’s new digital c...

China’s digital yuan to be tested by 19 firms including McDonald’s and Starbucks Explore More

News

Melbourne Casino Crown Faces New Money Laundering Scandal

Crown’s licence for its Sydney casino has been suspended after an investigation revealed it facil...

Melbourne Casino Crown Faces New Money Laundering Scandal Explore More

News

Global Drug, Money Laundering Hub Busted in Las Vegas

Federal law enforcement officials in Las Vegas have dismantled an international money laundering ...

Global Drug, Money Laundering Hub Busted in Las Vegas Explore More

News

13K Affected in Third-Party Data Breach at Anthem MaineHealth

A third-party service provider accessed the database of Anthem MaineHealth and obtained patients’...

13K Affected in Third-Party Data Breach at Anthem MaineHealth Explore More

News

CBUAE Revokes Dollar Exchange’s Licence over Regulatory Misconduct

The UAE Central Bank has revoked the licence of a dollar exchange house after it failed to keep a...

CBUAE Revokes Dollar Exchange’s Licence over  Regulatory  Misconduct Explore More

News

MFSA Tightens Financial Regulations for Lawyers, Auditors, and Accountants

Professionals in Malta, lawyers, accountants, and auditors, etc. are resisting the new rules that...

MFSA Tightens Financial Regulations for Lawyers, Auditors, and Accountants Explore More

News

Central Bank of Nigeria Lifts Limit on $10k Deposits for Domestic Account Holders

Domestic account holders of Nigeria will be able to access the funds in their accounts without hi...

Central Bank of Nigeria Lifts Limit on $10k Deposits for Domestic Account Holders Explore More

News

Morocco’s Parliament Unanimously Approves the Bill to Amend AML Regulations

The House of Representatives of Morocco has unanimously agreed to pass the bill to amend the anti...

Morocco’s Parliament Unanimously Approves the Bill to Amend AML Regulations Explore More

News

US Crypto Industry Faces Pushback on Implementation of Crypto-Friendly Legislation

The US crypto firms visited Capitol Hill to push their industry-friendly regulations however, thi...

US Crypto Industry Faces Pushback on Implementation of Crypto-Friendly Legislation Explore More

News

Star Entertainment Group Hit with Record Fine of $100M for Money Laundering

Australia’s gambling giant Star Entertainment Group has been charged $100 million for failing to ...

Star Entertainment Group Hit with Record Fine of $100M for Money Laundering Explore More

News

US Sanctions Russian Crypto Firm Over Ransomware Payments

Suex, a Russian crypto OTC broker, was involved in facilitating ransomware payments and has been ...

US Sanctions Russian Crypto Firm Over Ransomware Payments Explore More

News

Australian Banks Ban High-Risk Digital Currency Transactions

Australian banks, Bendigo and Adelaide, have banned high-risk digital transactions to protect the...

Australian Banks Ban High-Risk Digital Currency Transactions Explore More

News

SPP Observes Rapid Increase in Money Laundering Cases Prosecuted Nationwide

The Supreme People’s Procuratorate (SPP) has observed a rapid increase in money laundering ...

SPP Observes Rapid Increase in Money Laundering Cases Prosecuted Nationwide Explore More

News

RoC of the Cayman Fines Companies failing to Reveal Beneficial Owner’s Name

Cayman Island’s Registrar of Companies has begun penalizing the financial firms for not disclosin...

RoC of the Cayman Fines Companies failing to Reveal Beneficial Owner’s Name Explore More

News

Tech Analysts Say Elgin Data Breach May Prove “Devastating” for Those Vulnerable to Identity Fraud

Technology experts raise questions about the lack of transparency of the municipality in dealing ...

Tech Analysts Say Elgin Data Breach May Prove “Devastating” for Those Vulnerable to Identity Fraud Explore More

News

UAE Issues Deadline for Businesses to Register for AML System

The Ministry of Economy has highlighted the businesses that must register for the AML system. All...

UAE Issues Deadline for Businesses to Register for AML System Explore More

News

Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh

On May 22nd, the Association of Bankers, Bangladesh (ABB) reported that trade-based money launder...

Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh Explore More

News

Research and Data are Key to Developing Fair Crypto Regulations, Say Blockchain Experts

As global regulators are looking to have control over crypto, blockchain analysts say that lawmak...

Research and Data are Key to Developing Fair Crypto Regulations, Say Blockchain Experts Explore More

News

Biden Going After Crypto Tax Evaders with Data Sharing Initiative

President Biden’s administration is proposing global cooperation to curb the threat of crypto-rel...

Biden Going After Crypto Tax Evaders with Data Sharing Initiative Explore More

News

Canada to Establish Beneficial Ownership Registry to Fight Financial Crimes

The Candian Federal budget has brought good news for the supporters of anti-money laundering. The...

Canada to Establish Beneficial Ownership Registry to Fight Financial Crimes Explore More

News

German Law Firm Denies Money Laundering Allegations Against Deutsche ReGas

Hengeler Mueller, a German law firm, investigated the loopholes in the Anti-Money Laundering (AML...

German Law Firm Denies Money Laundering Allegations Against Deutsche ReGas Explore More

News

CBUAE Revokes Dollar Exchange’s Licence over Regulatory Misconduct

The UAE Central Bank has revoked the licence of a dollar exchange house after it failed to keep a...

CBUAE Revokes Dollar Exchange’s Licence over  Regulatory  Misconduct Explore More

News

Singapore: MAS Preparing Data Sharing Platforms to Combat FinCrime

The Monetary Authority of Singapore (MAS) is creating a digital platform named Cosmic that will a...

Singapore: MAS Preparing Data Sharing Platforms to Combat FinCrime Explore More

News

Amazon Sued Over Illegal Storage of Employee Biometric Data

Lawyers from the firm of McGuire Law P.C. of Chicago filed a class action complaint on November 1...

Amazon Sued Over Illegal Storage of Employee Biometric Data Explore More

News

Taiwan Finalise New Regulations for Offshore Crypto Exchanges

Taiwan is set to disclose new obligations for offshore crypto exchange companies, with rigid Anti...

Taiwan Finalise New Regulations for Offshore Crypto Exchanges Explore More

News

“Cryptocurrency Could Become Worthless in Future”, Warns Bank of England

Due to anonymity and the potential risks associated with cryptocurrency, the Bank of England warn...

“Cryptocurrency Could Become Worthless in Future”, Warns Bank of England Explore More

News

Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance

Japan’s Financial Services Agency (FSA) has strictly directed financial institutions to devise a ...

Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance Explore More

News

WHO launches blockchain platform to fight COVID-19

On March 28 the World Health Organization (WHO) collaborated with major blockchain and technology...

WHO launches blockchain platform to fight COVID-19 Explore More

News

Federal Prosecutors Investigate Trump’s Social Media Company for Money Laundering

Trump’s social media company is reportedly under investigation by federal prosecutors in New York...

Federal Prosecutors Investigate Trump’s Social Media Company for Money Laundering Explore More

News

Mega Bank Fined $10 Million in Fake Mortgage Case

Due to poor internal controls, 28 fraudulent mortgage applications went undetected.  The Financia...

Mega Bank Fined $10 Million in Fake Mortgage Case Explore More

News

FCA Fines Gatehouse Bank £1.58mn for Breaching Money Laundering Regulations

The Financial Conduct Authority (FCA) has fined Gatehouse Bank £1.58 million. The regulator disco...

FCA Fines Gatehouse Bank £1.58mn for Breaching Money Laundering Regulations Explore More

News

Largest Banking Cooperation in Columbia Busted for Violating Anti-money Laundering Regulations

Banco de Occidente, Columbia’s largest banking cooperation Grupo Aval owned by one of the richest...

Largest  Banking Cooperation in Columbia Busted for Violating Anti-money Laundering Regulations Explore More

News

China Introduces 5-Point Strategy to Enforce Crypto AML Measures

China’s newly appointed governor of the Central Bank emphasised the AML regulations to safeguard ...

China Introduces 5-Point Strategy to Enforce Crypto AML Measures Explore More

News

Credit Suisse Settles French Tax Fraud & Money Laundering Probes for €238 Million

Credit Suisse accepted a settlement of 238 million euros to resolve a tax scam and money launderi...

Credit Suisse Settles French Tax Fraud & Money Laundering Probes for €238 Million Explore More

News

Manchester Police Retrieves & Returns $23 Million Stolen Crypto Assets to Scam Victims

Manchester police have confiscated over $25 million worth of crypto that were stolen globally in ...

Manchester Police Retrieves & Returns $23 Million Stolen Crypto Assets to Scam Victims Explore More

News

New Study by NIST Reveals Biases in Facial Recognition Technology

The National Institute of Standards and Technology (NIST) recently did a study on the effects of ...

New Study by NIST Reveals Biases in Facial Recognition Technology Explore More

News

Hacker attempts to steal crypto via fake Google Chrome extensions

A hacker is exploiting trust in renowned brands by creating fake cryptocurrency wallet extensions...

Hacker attempts to steal crypto via fake Google Chrome extensions Explore More

News

UAE Charges Six Companies with Dh3.2 Million for AML/CTF Violations

The UAE has fined six companies Dh3.2 million for failing to comply with Anti-Money Laundering an...

UAE Charges Six Companies with Dh3.2 Million for AML/CTF Violations Explore More

News

Australian Regulators Oblige Businesses to Report Suspicious Transactions

The Australian regulatory authorities ordered digital businesses to report cyberattacks and suspi...

Australian Regulators Oblige Businesses to Report Suspicious Transactions Explore More

News

Swedbank Fined And Remains Under Investigation by US Authorities

As Danske Bank awaits judgment by US regulators for being involved in Europe’s largest-ever money...

Swedbank Fined And Remains Under Investigation by US Authorities Explore More

News

SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks

The South Africa Reserve Bank (SARB)’s Prudential Authority has issued a guidance note to banks f...

SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks 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

Swiss Prosecutor Identifies Trail to Credit Suisse Money Laundering Case

A Swiss Prosecutor has identified the trail leading to the Credit Suisse money laundering case wo...

Swiss Prosecutor Identifies Trail to Credit Suisse Money Laundering Case Explore More

News

China officially recognizes Blockchain jobs as a new occupation

The ongoing COVID-19 outbreak is modifying blockchain companies, and its effect is not always neg...

China officially recognizes Blockchain jobs as a new occupation Explore More

News

Japanese Govt. to Enshrine FATF Crypto AML Standards into National Law

The Japanese government is getting ready to incorporate the Financial Action Task Force (FATF) cr...

Japanese Govt. to Enshrine FATF Crypto AML Standards into National Law Explore More

News

Japan FSA, Central Bank to Assess FI’s AML, Anti-fraud Measures

Reports have revealed that Japan’s FSA and BOJ are seeking to better understand whether the curre...

Japan FSA, Central Bank to Assess FI’s AML, Anti-fraud Measures Explore More

News

NZ FMA Announces to Tighten AML/CFT Approach

FMA intends to closely monitor firms’ processes, with comprehensive assessments of how they onboa...

NZ FMA Announces to Tighten AML/CFT Approach Explore More

News

China Makes Facial Recognition Mandatory For Smartphone Users

China is making it mandatory for all smartphone users who register new SIM cards to submit to fac...

China Makes Facial Recognition Mandatory For Smartphone Users Explore More

News

HSBC Fined £64m for “Unacceptable AML Failings”

HSBC was fined by the UK’s financial regulator for ‘deficient transaction monitoring controls’. W...

HSBC Fined £64m for “Unacceptable AML Failings” 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

Turkey at Risk of Becoming a Haven for Russian Sanctions

Turkey is facing rising pressure for compliance with sanctions imposed on Russia and to increase ...

Turkey at Risk of Becoming a Haven for Russian Sanctions Explore More

News

Ransomware attacks rise as criminals target remote working

Ransomware attacks are getting bigger and bolder at a time where many organisations are implement...

Ransomware attacks rise as criminals target remote working Explore More

News

FIAU Imposes €60,000 Fine on Audit Firm for AML Failings

€60,000 fine imposed on an audit company, for failing to report money laundering and suspected ta...

FIAU Imposes €60,000 Fine on Audit Firm for AML Failings 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

Queensland Launches New Inquiry into Star Entertainment’s Money Laundering Controls

Queensland initiates a new investigation to examine the money laundering controls of the Gambling...

Queensland Launches New Inquiry into Star Entertainment’s Money Laundering Controls 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