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Two Companies Sanctioned for Ransomware Payments Amid Ongoing Crypto-Laundering Concerns

Washington D.C. - The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued sanctions against two companies for their involvement in ransomware payments, as concerns over crypto-laundering and money laundering continue to mount.

Ransomware Payments and Crypto-Laundering

According to a report published by FinCEN in October 2021, the majority of ransom payments are made in Bitcoin, with an increasing trend towards using highly anonymized coins such as Monero. Criminals have been employing tactics to evade tracking, including “chain-hopping” through mixers and exchanging different virtual assets.

Red Flag Indicators

The report also highlighted red flag indicators of suspicious transactions, including:

• Customers suddenly attempting to purchase virtual assets in large amounts
• Using crypto-exchanges in jurisdictions with less stringent money laundering regulations

Global Concerns Over DeFi and Offshore Firms

Global financial authorities are also sounding the alarm over the misuse of decentralized finance (DeFi) and offshore firms that lack Know-Your-Customer (KYC) regulations. The Financial Action Task Force (FATF) has identified ongoing trends in money laundering and terrorist financing risks associated with crypto-assets, including “regulatory arbitrage” and the misuse of virtual asset service providers.

Response from Regulatory Bodies

In response to these concerns, FinCEN and other regulatory bodies are urging financial institutions to be vigilant in detecting suspicious transactions and to take measures to prevent the misuse of crypto-assets. The sanctions against the two companies serve as a warning to others who may be involved in illegal activities using cryptocurrencies.

Quote from FinCEN

“This is a clear message from the U.S. government that it will not tolerate the use of cryptocurrencies for illegal purposes,” said a spokesperson for FinCEN. “We urge all financial institutions to remain vigilant and take steps to prevent money laundering and terrorist financing.”

Broader Effort to Combat Crypto-Laundering

The sanctions are part of a broader effort by global authorities to combat the growing threat of crypto-laundering and money laundering. As the use of cryptocurrencies continues to grow, so too do concerns over their potential misuse for illegal activities.

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