- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The CFTC announced that it is bringing commodity fraud and misappropriation charges related to the ongoing solicitation of customers for a virtual currency known as My Big Coin.
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Despite failures, plummeting prices, and a plethora of risks, financial institutions and central banks are cautiously looking at ways to use virtual currencies. International regulators are warning them that doing so haphazardly could be disastrous.
As mainstream firms dip their toes into cryptocurrency, they are discovering an evolving world of money laundering controls and sanctions restrictions.
London has long had the dubious reputation of being the world’s money laundering capital and it looks like it’s a title it is likely to retain for some time yet.
