3

US Treasury Warns DeFi Is Used by North Korea, Scammers To Launder Dirty Money

 1 year ago
source link: https://yro.slashdot.org/story/23/04/07/125219/us-treasury-warns-defi-is-used-by-north-korea-scammers-to-launder-dirty-money
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
neoserver,ios ssh client

US Treasury Warns DeFi Is Used by North Korea, Scammers To Launder Dirty Money

Want to read Slashdot from your mobile device? Point it at m.slashdot.org and keep reading!

binspamdupenotthebestofftopicslownewsdaystalestupid freshfunnyinsightfulinterestingmaybe offtopicflamebaittrollredundantoverrated insightfulinterestinginformativefunnyunderrated descriptive typodupeerror

Do you develop on GitHub? You can keep using GitHub but automatically sync your GitHub releases to SourceForge quickly and easily with this tool so your projects have a backup location, and get your project in front of SourceForge's nearly 30 million monthly users. It takes less than a minute. Get new users downloading your project releases today!

Sign up for the Slashdot newsletter! or check out the new Slashdot job board to browse remote jobs or jobs in your area
×
Decentralized finance (DeFi) services that aren't compliant with anti-money laundering and terrorist financing rules pose "the most significant current illicit finance risk" in that corner of the crypto sector, according to the U.S. Department of the Treasury's first analysis of hazards from the technology. From a report: In an expected risk assessment, published Thursday, the Treasury Department said thieves, scammers, ransomware cyber criminals and actors for the Democratic People's Republic of Korea (DPRK) are using DeFi to launder proceeds from crime. On the basis of its findings, the department recommends an assessment of "possible enhancements" to U.S. anti-money laundering (AML) requirements and the rules for countering the financing of terrorism (CFT) as they should be applied to DeFi services. It also calls for input from the private sector to inform the next steps. "Clearly, we can't do this alone," said Brian Nelson, Treasury's undersecretary for terrorism and financial intelligence, in a Thursday webcast hosted by ACAMS, a global organization focused on preventing financial crime. "We call on the private sector to use the findings of the risk assessment to inform your own risk-mitigation strategies." The 40-page report warns that "DeFi services at present often do not implement AML/CFT controls or other processes to identify customers, allowing layering of proceeds to take place instantaneously and pseudonymously."

Do you have a GitHub project? Now you can sync your releases automatically with SourceForge and take advantage of both platforms.
Do you have a GitHub project? Now you can automatically sync your releases to SourceForge & take advantage of both platforms. The GitHub Import Tool allows you to quickly & easily import your GitHub project repos, releases, issues, & wiki to SourceForge with a few clicks. Then your future releases will be synced to SourceForge automatically. Your project will reach over 35 million more people per month and you’ll get detailed download statistics.
Sync Now


report

Recommend

About Joyk


Aggregate valuable and interesting links.
Joyk means Joy of geeK