Blogs

One of the world’s largest criminal organizations is an old Irish band of gangsters known as the Kinahan Clan to some, the Kinahan Cartel to others and the Kinahan Organized Cri...

Richard Paxton

Writing about the emerging world of decentralized finance (DeFi), with a focus on money laundering and fraud, is sort of like trick or treating. Each house (or in my case each p...

Richard Paxton

Changpeng Zhao, the founder and CEO of Binance, the world’s largest cryptocurrency exchange, is under investigation for violating the Bank Secrecy Act. What does that mean? It m...

Richard Paxton

Catfishing, as a term, is not a hot and new strategy to score dates or romance on popular dating apps like Tinder, Bumble or Hinge. Could you imagine? Rather, catfishing is a...

Richard Paxton

Can you still trust your crypto exchange or e-brokerage reports? An ongoing study of the cryptocurrency market by Forbes magazine stated on Friday that its analysis of 157 di...

Richard Paxton

When China banned all cryptocurrency related activities last September, the crypto market was thriving. The devastating shock waves from that decision took a couple of months to...

Richard Paxton

For months I have hammered the cryptocurrency market on its energy intensive business model, and especially the energy consumption involved in creating the most productive crypt...

Richard Paxton

Did you know that Ethereum’s (ETH) blockchain, which enables the existence of NFTs, owns an annual carbon footprint equal to the size of Hong Kong’s? Or that in order to cr...

Richard Paxton

Tomorrow the esteemed American jeweler, Tiffany & Co., is planning to launch itself into the NFT-sphere with the release of 250 digital passes offered exclusively to CryptoP...

Richard Paxton

The only thing hotter than the temperature this July is the crypto crime spree impacting the world of decentralized finance (DeFi), especially DeFi’s foundational components — c...

Richard Paxton

Every media outlet on earth has to have an angle or a hook specific to its audience, or what some refer to as an exclusive, otherwise its articles won’t get the clicks the publi...

Richard Paxton

Advocacy group challenges tax amendment designed to curb money laundering One step forward, two steps back is not just a catchy, lyrical phrase, it is an extremely accurate m...

Richard Paxton

What does it say about the NFT marketplace when Snoop Dogg is considered a dominant force and voice? I suppose the answer depends upon who you ask. Those forty somethings who ha...

Richard Paxton

In certain circles El Salvador was hailed as a cryptocurrency haven when its president, Nayib Bukele, established it as the first country to adopt Bitcoin as a legal tender (alo...

Richard Paxton

From a money laundering perspective Canada today could be compared to Afghanistan and Malta, two countries where basically anything goes if you have money to burn, or clean, in ...

Richard Paxton

Regardless of the heinous crimes they are suspected of being guilty of committing, society’s gangsters and fraudsters have historically only lost their freedom because of money ...

Richard Paxton

A former employee of the NFT marketplace OpenSea, Nathaniel Chastain of New York, was recently arrested and formally charged with wire fraud, money laundering and insider tradin...

Richard Paxton

Things move so quickly in the decentralized world that one day a certain product or service is the hottest name in the market and then the next day, “poof!” Entire companies, cr...

Richard Paxton

One thing I love about cryptocurrency and the whole concept of decentralization, the metaverse and Web-3 is the creativity in which it is moving forward. Just consider the NFT f...

Richard Paxton

A crime syndicate based in Hong Kong(HK) paid ‘digital mules’ up to $1,000 each to have them open virtual bank accounts in their names, and then give access to those accounts to...

Richard Paxton

Imaging applying Moore’s Law to the NFT. It would have been hard to imagine if, in 2020, you had told me that over the next two years the tech industry would introduce...

Richard Paxton

Meanwhile the SEC Expands its Crypto Enforcement Unit On Monday the SEC issued a press release announcing it had added 20 new positions to its Cyber Unit, which has...

Richard Paxton

The old saying, when one door closes another one opens, is remarkably true, especially if you are a 21st century criminal in constant search of new and more efficient methods to...

Richard Paxton

A debate is simmering below the surface of the constant hype surrounding cryptocurrency. Is cryptocurrency and especially crypto mining harmful to the environment, or not? ...

Richard Paxton

The White House recently issued an executive order that, in essence, said the federal government will spend the next few months studying how to address the decentralized and the...

Richard Paxton

Tornado Cash is the perfect name for a cryptocurrency mixer, or what’s also known as a tumbler. What does a mixer do? It digitally stirs, for example, a customer’s Bitcoins...

Richard Paxton

The Game Stock (GME) stock scandal, which played itself out publicly in a subreddit channel called Wall Street Bets (WSB), was originally labeled by the medi...

Richard Paxton

Did you know that one of the film production companies behind the movie, The Wolf of Wall Street, was actually a front for a money laundering operation masterminded by a ma...

Richard Paxton

President Biden signs broad executive order laying out national policy for digital assets The Biden administration just did what I have been predicting it would do ...

Richard Paxton

As I mentioned last week, I am a big fan of a decentralized world, or what some would call the metaverse, which includes decentralized finance (DeFi) and its backbone, cryptocur...

Richard Paxton

The cryptocurrency boom is the modern era’s equivalent of the gold rush. For those that have followed my writings, that statement probably sounds like a contradiction. For the p...

Richard Paxton

Since Bitcoin’s emergence as the world’s first decentralized and therefore unregulated currency, the cryptocurrency marketplace has proven itself a money laundering paradise for...

Richard Paxton

As you may have heard, considering it is headline news just about everywhere and the accused have become the focus of countless new social media memes, but Ilya Lichtenstein and...

Richard Paxton

Are NFTs about to fall out of vogue? That was, what, maybe a year long run? What a drag, eh? A technology and art cross-innovation, the NFT was unique and beautiful in its uglin...

Richard Paxton

The cryptocurrency marketplace is a mess right now. Just a couple of months ago Bitcoin was surging towards an unthinkable value of $80k (USD) per coin with crypto enthusiasts a...

Richard Paxton

Cryptocurrency has evolved to the point where a subset of FINcriminals now own digital street cred for inventing crimes unique to cryptocurrency. Case in point, the Rug Pull, a ...

Richard Paxton

LinksDAO is a startup golf venture that claims it is on a mission to create the modern golf and leisure club. That is so vague. Perhaps we should just pay attention to this...

Richard Paxton

Once known as the ancient Greeks’ gateway to the unknown world and later as a tax haven for the new world’s wealthy, the country of Gibraltar formally cleansed itself of its mon...

Richard Paxton

2021 is coming to a close, and while the vast majority of us are out shopping for last-minute gifts or planning family dinners and wrapping presents, criminals are working. Orga...

Richard Paxton

Did you know that during his tenure President Franklin D. Roosevelt publicly called out some of America’s wealthiest citizens for tax evasion? During the summer of 1937, the for...

Richard Paxton

Did you know that in 2020 the United States’ Internal Revenue Service (IRS) seized over $3.5 billion in cryptocurrency assets? You read that correctly, that is $3.5 billion and ...

Richard Paxton

The CryptoWars have officially commenced. Perhaps war is too strong of a term, but if you ask a crypto-fan I’m guessing they are feeling a little shell shocked by the news from ...

Richard Paxton

Is Cyber Monday the start of the final crypto cycle for money launderers? Last week the Indian government announced it was taking measures to ban private cryptocurr...

Richard Paxton

An old crime trend with a new, digital twist is sweeping the nation, that of SUVs full of organized crooks parking in front of a Target, for example, running in the store and st...

Richard Paxton

The term ‘metaverse’ became a household word recently thanks to Facebook, which has re-branded itself as Meta! Now that the re-brand is complete, Mark Zuckerberg and his cr...

Richard Paxton

Cryptocurrencies like Bitcoin and Ethereum challenge the dynamic financial structures owned by the powerful and wealthy, making crypto perhaps one of the most interesting topics...

Richard Paxton

Last week I provided a snapshot into the cryptocurrency situation as it exists on the Asian Continent and, as promised, this week’s post provides a similar snapshot of...

Richard Paxton

Last week I published a story that focused on a future that cryptocurrency fans, by and large, don’t want to acknowledge. That is, a future full of government regulati...

Richard Paxton

The cryptocurrency market is riding at an all-time high right now in terms of its visibility and in some cases, coin prices. For example, Bitcoin is now trading above $55,000 af...

Richard Paxton

The International Consortium of Investigative Journalists(ICIJ) just released what it is calling, The Pandora Papers, a follow up to the group’s Panama Papers, which were publis...

Richard Paxton

Last week China instituted a blanket ban on all cryptocurrency transactions and mining, a move that could irreparably damage the cryptocurrency market worldwide and its viabilit...

Richard Paxton

I’ll be as transparent as possible here in letting you know that I have never used a dating app. I met my wife the old-fashioned way — face to face. The Tinder world we live in ...

Richard Paxton

First, let me go on record by stating I am a fan of cryptocurrency. That being said, what is happening in El Salvador is absolutely crazy. For those that don’t know, on Septembe...

Richard Paxton

In business and in life I subscribe to the theory that anything that sounds too good to be true typically is. Such is the case today with Ikea, one of the world’s most belo...

Richard Paxton

NFTs are hot. Sales of NFTs jumped from $13.7 million in the first half of 2020 to $2.5 billion in sales during the first half of 2021. What’s an NFT? NFTs are defined...

Richard Paxton

Moore’s Law used to guide the technology industry and its evolution, but a number of pundits called Moore’s Law dead years ago, mostly because innovation was moving too fast wit...

Richard Paxton

Criminals got creative and busy during the Coronavirus pandemic. Go figure! Did you hear about the rampant fraud that took place last year in regards to the billions of governme...

Richard Paxton

The first season of the Netflix series Ozark was riveting and eye opening for most. My wife and I watched the season 1 premier together, expecting something kind of li...

Richard Paxton

Last week China instituted a blanket ban on all cryptocurrency transactions and mining, a move that could irreparably damage the cryptocurrency market worldwide and its viabilit...

Richard Paxton

Savvy criminal busted laundering money stolen from HUD The allure of easy money often takes hold of individuals deemed the most trustworthy. As I have written in past article...

Richard Paxton

Financial institutions needing to beef up risk compliance efforts next year should start looking for AML candidates now Financial institutions are in scramble mode. Increasin...

Richard Paxton

Americans travel, shop and conduct business on their smartphones. Banking? Meh. The other day I opened my bank’s mobile app to deposit a check. I love this feature as it save...

Richard Paxton

In the world of finance, the law of unintended consequences is and always has been a driving force in shaping economic policy The law of unintended consequences states that t...

Richard Paxton

It’s a high stakes game, and it starts with a call to the bank that might go something like this: “Hi, this is Herb Green. I own the Cannabis Club in Seattle and was just follow...

Richard Paxton

Methodology developed by the Japanese in the 1950s taps the collective power of groups to create corporate excellence I’ve been enthusiastically talking about (and using) the...

Richard Paxton

Analysts predict the robo-advisor market could grow to $2.2 trillion in assets under management by 2020 Before Bernie Sanders blazed his way into the hearts of millions, the ...

Richard Paxton

— Excerpt from an article published at www.cutimes.com on August 4, 2016. The list of potential crimes taking place within a used car dealership could include, but ...

Richard Paxton

Ruling contradicts federal money laundering statutes This week, financial criminals are likely strategizing money laundering schemes involving Bitcoin. On Monday, a Florida j...

Richard Paxton

If you have to search for a salesperson on a used car lot, a mental trigger should go off that something is amiss Ever wondered where the all the salespeople were on a used c...

Richard Paxton

The Panama Papers data leak rocked the financial world by lifting the veil on the secret financial dealings of world leaders, relatives of world leaders, celebrities and other w...

Richard Paxton

Both candidates are fighting against accusations of corruption, fairly or unfairly thrown at them by the opposition party Last fall we published a video that featured data ga...

Richard Paxton

When the victims of money laundering crimes are students, our entire education system is affected Victims of money laundering exist in great numbers and run the gamut from ho...

Richard Paxton

Friendly, but big stakes betting amongst a few PGA Tour players raises questions about the potential for financial shenanigans Professional golfer Phil Mickelson (a...

Richard Paxton

From Simon Cowell to David Cameron’s father, the Panama Papers offer up a rogue’s gallery of wealthy UK citizens Which country/region has seen its highest profile citizens, c...

Richard Paxton

Banks should embrace process improvements now in order to improve the bottom line and pave a smooth road to the future As the financial industry continues to evolve in the fa...

Richard Paxton

Regardless of industry, today’s consumer-centric world requires organizations to challenge the status quo and move into a new way of looking at how to better deliver products an...

Richard Paxton

How much do you really know about your neighbor? In the course of analyzing the ins and outs of financial crimes for the world’s banks, I’ve studied enough cases of money lau...

Richard Paxton

All eyes should be on the emerging technology’s disruption of the banking technology instead of finding the Bitcoin founder The financial industry is increasingly shadowed by...

Richard Paxton

The Big Buddha, the nightlife and other reasons drug kings love to stash cash in The Pearl of the Orient Latin American drug cartels have apparently infiltrated Hong Kong wit...

Richard Paxton

Canadian authorities creative in shutting down financial crimes A few weeks ago, I warned readers about the money laundering avalanche that could be headed straight for our n...

Richard Paxton

Has Erik Prince fallen from a trusted provider to the U.S. government to a known bad actor? Erik Prince’s real life reads like fiction. Son of a wealthy industrialist, he’s b...

Richard Paxton

The soft underbelly of rural America provides perfect hiding places for even the most unusual schemers If you want to find bison roaming freely on the prairie or long, dusty ...

Richard Paxton

If you believe some of today’s headlines, the answer is yes According to a report issued by Transparency International, Canada is one of the least corrupt countries in the wo...

Richard Paxton

42 major banks have now tested five blockchain technologies If 2015 was the year everyone was talking about blockchain, this will be the year that everyone builds on it. In t...

Richard Paxton

Banks and the media that covers them are crying wolf on money laundering cases, here’s why that could be bad We’ve all heard the Aesop fable about the ‘boy who cried wolf,’ t...

Richard Paxton

Is Goldman Sachs in trouble in the tropics? One of its top executives, Tim Leissner, the Singapore-based chairman of Goldman’s Southeast Asia operations, remains under investiga...

Richard Paxton

Data proves some existing FATF member countries have much deeper AML issues than Israel The worldwide Financial Action Task Force (FATF) on money laundering recently announce...

Richard Paxton

The good, the bad and the ugly of the legal marijuana business With medical marijuana now legal in 23 states and recreational marijuana legal in Colorado, Washington, Alaska ...

Richard Paxton

Banking the proceeds remains a crap shoot for legal pot shops Despite the fact that federal statutes make it illegal, a growing number of states (23 and the District of Colum...

Richard Paxton

Mexico develops a U.S. dollar transfer business to thwart money laundering and encourage international commerce Bloomberg Business broke the news last week that Mex...

Richard Paxton

When discussing money laundering, I rarely dig into the details of the victims. Instead, I’ve focused on the actions and possible motives of the criminals, the size of their cri...

Richard Paxton

Turns out, it’s not that difficult I frequently talk about money laundering and how financial services industries are required to guard against it, but I’m consistently asked...

Richard Paxton

Did Kate del Castillo Go Gangster to Launch Tequila Brand? Kicking off the New Year actor Sean Penn, best known for his roles in Fast Times at Ridgemont High, Milk&...

Richard Paxton

[Excerpt via American Banker’s BankThink] In addition to anti-money-laundering scandals involving global banks and worldwide organizations such as FIFA that grabbed he...

Richard Paxton

U.S. applying anti-money laundering rules to digital currencies Digitally encrypted cryptocurrencies are hot, particularly as consumer confidence in the current global money ...

Richard Paxton

When I was a kid, the Magic 8 Ball was a quirky toy used to tell fortunes or predict the future. The answers to yes-no questions were often vague enough to be accurate...

Richard Paxton

Thanks to technology, KYC is evolving to Know Your Country To the average American, the acronym KYC probably sounds like a misspelling of the infamous KFC, but those of us in...

Richard Paxton

5 ways to identify suspicious activity with safe deposit boxes Swiss banks are synonymous with anonymity. But the threats of money laundering and terrorist financing are enou...

Richard Paxton

Two Secret Service agents, both of whom were members of the Baltimore Silk Road Task Force charged with breaking Silk Road’s ring of illegal online activity ...

Richard Paxton

When you think of financial fraud, you might envision money laundering activities conducted by members of organized crime syndicates. Or you might think of how a stolen identity...

Richard Paxton

We talk a lot about money laundering, but exactly what is it and how did it become a popular topic of conversation? According to the U.S. Treasury, money laundering is simply...

Richard Paxton

5 things you need to know about the fourth anti-money laundering directive underway in the European Union. It isn’t always easy to get multiple stakeholders to agree to chang...

Richard Paxton

The story unfolding in Poland, with politicians running electoral campaigns based on promises to curb bank profits, could have a profound effect on other countries, dependi...

Richard Paxton

Know Your Customer (KYC) programs as a risk management tool aren’t all that easy to implement. One bank improved their KYC process and simultaneously saved $1.4 million. It s...

Richard Paxton

Study shows public perception of corruption is often higher than actual corruption “I think our childish, simplistic view of corruption has become, like a youngster’s fascina...

Richard Paxton

When we think of risk management within a financial institution, we usually associate it with the operational risks related to fraud, money laundering, damage to reputation, etc...

Richard Paxton

As a banking behemoth, JPMorgan is frequently the target of lawsuits and allegations of suspicious activities. None of them have proved as problematic as the Lond...

Richard Paxton

Risk management procedures for financial institutions vary from country to country… and are often thought to be less stringent in areas of the world where the economy is not as ...

Richard Paxton

The statistics are out and while the Financial Industry Regulatory Authority has so far issued fewer fines to banks and other organizations in 2015 as opposed to this ...

Richard Paxton