Will Adoption of Global Regulations Prevent or Deter Terrorists From Using Cryptocurrencies?

Will Adoption of Global Regulations Prevent or Deter Terrorists From Using Cryptocurrencies?

Cryptocurrencies like bitcoin have a pseudo-anonymous nature making them attractive for money laundering, terror financing and other fraudulent activities. Cryptocurrency exchanges, where participants buy, sell and/or trade cryptocurrency for cash or fiat, commonly use a peer-to-peer network to validate transactions which are then posted to a public general ledger aka blockchain. Exchange participants can conduct more secure and anonymous transactions off-chain, which do not publicly broadcast details, to hide beneficial ownership. Cryptocurrency exchanges may or may not follow anti-money laundering (AML) and know your customer (KYC) rules for on-chain transactions. In addition, not all countries agree upon the same AML standards and may not apply them equally. Intergovernmental groups such as the Financial Action Task Force (FATF) have proposed global standards for virtual assets, which include cryptocurrencies, that will be formally adopted in June, to help ensure compliance with AML and counter terrorist financing (CTF) regulations.

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Traveling on Business? Take Identity Protection Steps

Traveling on Business? Take Identity Protection Steps

When traveling, you might be opening yourself up to new tactics of identity theft without even realizing it. With everything from hotel rooms to public Wi-Fi being a risk, it is important to stay on your toes when you’re away from home – whether for business or leisure. Even the most diligent of people can fall victim to a scam or make the wrong move, which can result in identity theft.

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Join the ACFE and Forensic Strategic Solutions for #fraudconfchat

Join the ACFE and Forensic Strategic Solutions for #fraudconfchat

Attention, fraud fighters! To celebrate the 30th Annual ACFE Global Fraud Conference, we invite you to join us and Forensic Strategic Solutions (FSS) for an upcoming Twitter chat. Our topic is “30 Years of Fighting Fraud.” We’ll discuss how the anti-fraud profession has evolved over the past 30 years and how fraud fighters have stepped up during that time. We hope to see you there with your own stories and experiences to share.

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DOJ Issues New Guidance for Corporate Compliance Programs

DOJ Issues New Guidance for Corporate Compliance Programs

In April 2019, the U.S. Department of Justice (DOJ) issued new guidance designed to assist federal prosecutors in evaluating corporate compliance programs. In criminal cases, prosecutors will use the new guidance to determine whether a company’s compliance program was adequate and effective. This determination is important because companies can receive more lenient treatment if they had an effective compliance program in place at the time of the offense.

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What We Can Learn From a $5 Million-Dollar Agricultural Cooperative Fraud

What We Can Learn From a $5 Million-Dollar Agricultural Cooperative Fraud

One of my colleagues from the Agri-Business department of the Cornell SC Johnson College of Business, knowing my interest in fraud examination, forwarded me an article about a $5 million-dollar fraud that occurred at a Minnesota agricultural cooperative. Published in the online magazine Successful Farming, author Laurie Bedord does a fine job outlining how coop manager, Jerry Hennessey, carried out the crime that lasted over the last 15 years, his motivation for the crime as well as what systems of internal control where lacking that allowed the fraud to be committed in the first place.

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