Bitcoin, money laundering and compliance risk
Small but growing, electronic currencies promise privacy and anonymity for users – and plenty of new issues for banks
Earlier this year, the US attorney's office for the Southern District of New York described digital currency company Liberty Reserve as the "financial hub of the cybercrime world". On May 28, the office brought charges for money laundering against the Costa Rica-based company, which is alleged to have laundered more than $6 billion in criminal proceeds.
Founded in 2006, Liberty Reserve is believed to have had more than one million users worldwide who conducted approximately 55 million
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