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Tag: money laundering (page 1 of 1)

Beijing arrests over 1100 in crypto-related money laundering case

Over 1,100 suspects were arrested by Chinese police for using cryptocurrencies to launder illegal money. After the recent step-up in a crackdown on cryptocurrency, police made these arrests in an attempt to weed out the use of digital currency in crimes. Over 170 criminal groups have been busted by the cops. These groups charged 1.5% to 5% for converting black money into cryptocurrency. The anonymous nature of digital currencies makes them easy to use for cross-border money laundering.

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IDBI and Yotta to offer i-Recon and i-AML under ‘Compliance-as-a-Service’

IDBI Intech and Yotta had partnered to offer i-Reconciliation and i-Anti-Money Laundering apps under ‘Compliance as-a-Service’ umbrella. The services on Yotta’s Cloud would check regulatory compliance mandated by RBI keeping it cost-effective for the banks, insurance and NBFCs firms. i- AML would identify and combat various money laundering risks and i-Recon would address the challenges of scalability, transaction volume, speed, and accuracy.