By Aaron Nicodemus2024-07-10T19:30:00
The co-founder and former chief technology officer of crypto peer-to-peer network Paxful faces charges related to violating the anti-money laundering (AML) requirements of the Bank Secrecy Act (BSA).
Artur Schaback, of Estonia, pled guilty to one count of conspiring “to willfully fail to establish, develop, implement, and maintain an effective [AML] program as required by the Bank Secrecy Act,” the Department of Justice announced Monday in a press release.
From 2015-19, Schaback operated Paxful, a virtual currency platform and money transmitting business that allowed its customers to negotiate and trade virtual currency for items including fiat currency, prepaid cards, and gift cards.
2024-08-12T17:28:00Z By Aaron Nicodemus
Manfred Bekeris, chief compliance officer at cypto peer-to-peer network Paxful, sat down with Compliance Week to talk about joining the company shortly before its former chief operating officer and co-founder pled guilty to violating the Bank Secrecy Act.
2023-10-23T19:44:00Z By Aaron Nicodemus
Uncertainty created by the Federal Deposit Insurance Corporation’s lack of clarity on risks posed by crypto assets has left member banks with the impression the agency wants banks to avoid them, according to a new report from the Office of Inspector General.
2023-06-05T19:35:00Z By Jeff Dale
The Securities and Exchange Commission charged Binance Holdings, its U.S.-based affiliate BAM Trading Services, and their founder Changpeng Zhao with a series of securities law violations, including operating unregistered exchanges.
2025-09-11T20:53:00Z By Neil Hodge
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.
2025-09-10T22:24:00Z By Adrianne Appel
California, Colorado, and Connecticut launched a joint enforcement sweep against businesses that fail to honor consumers’ online opt-out requests, the states announced Tuesday.
2025-09-09T16:51:00Z By Oscar Gonzalez
A Houston-based freight forwarder, Fracht FWO Inc., will pay $1.6 million for violating U.S. sanctions tied to Venezuela and Iran, according to the Treasury Department’s Office of Foreign Assets Control (OFAC). The fine comes as OFAC ramps up enforcement in recent months.
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