US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets

US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets By Kevin Helms The U.S. Department of Homeland Security has revealed a cryptocurrency intelligence program aimed at identifying unlicensed crypto businesses using P2P sites, online forums, and darknet markets. These areas have consistently presented “a significant challenge to law enforcement” and the Financial Crimes Enforcement Network (FinCEN). Cryptocurrency Intelligence Program The Department of Homeland Security (DHS) released its budget overview for the fiscal year 2021 last week. The department has several programs that monitor crypto activities, including the Bulk…

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Wells Fargo Fined $3 Billion for 15 Years of Illegal Practices Affecting Millions of Customers

Wells Fargo Fined $3 Billion for 15 Years of Illegal Practices Affecting Millions of Customers By Kevin Helms Wells Fargo, one of the largest U.S. financial services companies, has agreed to pay $3 billion to resolve the U.S. government’s investigations into fraudulent sales practices spanning over 15 years. The Wells Fargo fraud case involved the company forging customer signatures, moving money from millions of customer accounts to unauthorized accounts, and misusing customers’ sensitive personal information. Illegal Practices for Over 15 Years The U.S. Department of Justice (DOJ) announced Friday that…

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Banks Are Cutting 75,700 Jobs Worldwide

Banks Are Cutting 75,700 Jobs Worldwide By Kevin Helms Banks worldwide have announced major job cuts this year. Globally, 75,700 jobs are reportedly being eliminated, with the most recent announcement coming from Italy’s largest bank. Unicredit has become the latest major bank to unveil layoff plans, joining Deutsche Bank, Santander, Commerzbank, HSBC, and more. The negative interest rate environment and slowing economies have forced banks to cut costs and lay off employees. Unicredit Eliminating 8000 Jobs Italy’s largest bank, Unicredit, unveiled its new business plan to 2023 on Tuesday, which…

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Big Banks Money Laundering: UBS Fined $4.2 Billion, Danske Shuts Down in 4 Countries

Big Banks Money Laundering: UBS Fined $4.2 Billion, Danske Shuts Down in 4 Countries By Kevin Helms Money laundering scandals involving some of the world’s largest banks have grown this week. Switzerland’s largest bank, UBS, has been fined 3.7 billion euros (~$4.2 billion) for money laundering. Amid a $226 billion scandal, Estonian authorities have ordered Denmark’s largest bank to terminate its operations in the country. Danske Bank is also shutting down in three other countries including Russia. UBS Convicted in France On Wednesday, Reuters reported that a “French court finds…

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