AML Red Flags in Crypto Exchanges and Wallets
As the use of cryptocurrency grows, cryptocurrency service providers must deal with a growing number of threats from money launderers who take advantage of the speed and secrecy involved with trading virtual assets online. Users must have access to online wallets and exchanges to buy and sell cryptocurrencies or virtual assets. These services make high-volume […]
Why KYC is Important for Crypto Exchanges
Cryptocurrencies, which are based on blockchain technology and provide access to creative new financial goods and services, are disrupting financial systems all over the world. Cryptocurrencies – or the digital tokens that represent them – can be traded between blockchain users or through crypto exchange platforms that allow for both fiat and digital currency transactions. […]
Money Laundering – Top 3 Crimes Which Drive It
The Crimes Which Drive Money Laundering Any offence that results in the generation of profits that may become the subject of an offence as specified in this UNDOC agreement is referred to as a predicate offence. Predicate offenders are motivated to maximize earnings, hence the goal of anti-money laundering (AML) procedures is to identify these […]
Fraud Trends 2022: How Fraud Will Change This Year
A new year represents new prospects and a chance to start over for the majority of people. For fraudsters it appears like everything old is new again in 2022, including get-rich-quick schemes, crypto scams, romance frauds, and more. But, one thing fraudsters will do this year is pay more attention to the lives of their […]
Environmental Crime and Money Laundering
According to Interpol, environmental crimes, often known as green crimes, are a $250 billion industry. Many governments do not emphasize it because it’s “victimless” and focuses on the benefits rather than the costs. This has resulted in a slew of failed legislation. The lack of attention paid to these crimes has resulted in a difficult-to-stop […]
Omnio Awarded “Innovative Newly Started Enterprise”
We are proud to announce that we won “Innovative newly started enterprise” awarded to us by Applied Research and Communications Fund and the President of Bulgaria, Rumen Radev. The 17th national competition “Innovative Enterprise of the Year” recently announced the most innovative companies in Bulgaria. The annual award aimed at Bulgarian enterprises that have […]
Why Identity Verification Needs to Advance in FI’s
The Modern Economy’s Evolution of Identity Verification Identity verification has progressed significantly in recent years as it evolves in tandem with the modern economy. Identity verification is crucial in establishing confidence between organizations and their clients, from loan applications to creating bank accounts, cryptocurrency trading, and more. Today, identity verification is a must in almost […]
4 Million Credit Cards Details Leaked to the Dark Web
According to NordVPN, millions of people’s credit card information is sold to criminals on the dark web for an average of less than $10 each. According to a new study released by NordVPN, over 4 million credit card credentials belonging to consumers in 140 countries are being trafficked on the dark web. The hackers […]
Difference Between Terrorist Financing and Money Laundering
The terms “money laundering” and “terrorist financing” are frequently used interchangeably. Indeed, they are so frequently discussed together that you might believe they constitute the same offense with no distinction. It’s incorrect. Despite the fact that money laundering and terrorism financing are two very comparable crimes, there are some distinctions. Yet these two crimes will […]
NFT’s: Art Money Laundering in the 21st Century?
Non-fungible Tokens have quickly become one of the most popular crypto sectors in 2021. (NFTs). In the third quarter of 2021, the value of tokens sold was $10.7 billion, an increase of 823 percent over the previous quarter. While the potential for NFT’s growth is great, money laundering and other financial crimes pose a threat […]
