OFAC | FinTelegram News

Category: OFAC

July 2, 2024

U.S. Treasury Targets Mexico- and China-Based Money Launderers Linked to the Sinaloa Cartel

The U.S. Department of the Treasury’s OFAC has imposed sanctions on a Mexico-based money launderer and several China-based members of a money laundering organization with connections to the notorious Sinaloa Cartel. This action is part of the ongoing efforts by the U.S. government, in collaboration with Mexican authorities, to combat the trafficking of fentanyl and other illicit drugs into the U.S.

April 28, 2024

OFAC to Leverage FinCEN Whistleblower Incentive Program for Sanctions Violations Enforcement

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has signaled a significant shift in its enforcement strategy by referencing the Financial Crimes Enforcement Network's (FinCEN) whistleblower program in two recent enforcement actions. This move indicates a growing reliance on whistleblowers to unearth potential sanctions violations, highlighting the escalating stakes for companies under U.S. economic sanctions regulations.

December 1, 2023

Virtual Currency Mixer Sindbad Sanctioned by OFAC for Laundering Activities Linked to DPRK’s Lazarus Group

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken decisive action against Sinbad.io, a virtual currency mixer, for its role in laundering millions of dollars from cyber heists conducted by the notorious Lazarus Group, a cyber hacking group backed by the Democratic People’s Republic of Korea (DPRK). Sinbad has been a crucial tool for laundering proceeds from high-profile heists such as those on Horizon Bridge and Axie Infinity.

November 22, 2023

OK, That’s Binance! What About MEXC And Crypto Payment Processors?

The crypto industry is struggling to find its place. This is currently most evident at Binance, which has just had to pay $4.3 billion to drop charges and lawsuits in the US. Binance CEO Changpeng Zhao had to resign and is to go to prison, say the prosecutors. In Europe, MEXC, a crypto exchange from Asia, is currently in the crosshairs of regulators, as are its partners such as MoonPay, Simplex, and Banxa. MEXC lost its Estonian license last week.

September 10, 2023

Cyberwar: Enforcement Actions And Sanctions Against Russian Cybercrime Organization Trickbot!

Welcome to cyberwar: the U.S., in collaboration with the UK, has imposed sanctions on eleven members of the Russia-based Trickbot cybercrime organization, allegedly protected by Russia. This move was initiated by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Simultaneously, the U.S. Department of Justice (DOJ) charges nine individuals linked to the Trickbot malware and Conti ransomware operations, seven sanctioned by OFAC.

August 9, 2022

U.S. Department Of Treasury Sanctioned Crypto Mixer Tornado Cash!

The U.S. Department of Treasury ’s Office of Foreign Assets Control (OFAC) sanctioned crypto mixer Tornado Cash saying it laundered more than $7 billion of cybercrime proceeds since its creation in 2019. Crypto asset mixers are designed to obscure funds trails by blending someone’s tokens with a pool of other individuals’ assets on the platform. The U.S. government says Tornado Cash fosters illicit activity. The Tornado Cash website is offline!

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

Public-Listed Crypto Exchange Coinbase Has to Face Shareholder Lawsuit Over SEC Risks!

U.S. crypto exchange Coinbase must face a shareholder lawsuit accusing it of downplaying regulatory risks, specifically the chances of being sued by the SEC. While a U.S. judge dismissed parts of the case, the key allegation of misrepresenting regulatory risks will proceed. This case underscores the importance of transparency in the crypto sector, where regulatory uncertainties continue to loom large, particularly in the U.S.

U.S. Regulator SEC Charges Seven Public Companies for Violating Whistleblower Protection Rules!

The U.S. Securities and Exchange Commission (SEC) charged seven public U.S. companies with using agreements that restricted employees from reporting securities law violations, resulting in over $3 million in penalties. The SEC takes strict action against organizations and individuals who seek to contractually restrict whistleblowers' rights. The regulator needs insiders to disclose financial wrongdoing and compliance violations.