In this episode of "Financial Crime Matters," Kieran talks live from The ACAMS Assembly Las Vegas with Ned Conway, Executive Secretary at the Wolfsberg Group, an association of 12 of the world's largest banks that focuses on managing financial crime and money laundering risks.
Ned discusses Wolfsberg's recommendations for banking stablecoin producers, pointing to the group's recent guidance "Provision of Banking Services to Fiat-backed Stablecoin Issuers." The guidance adapts some of Wolfberg's seminal recommendations for correspondent banking relationships and can be "flipped" to serve banks considering dealing in stablecoin in various capacities.
Commenting on remarks earlier in the day by Undersecretary of the Treasury for Terrorism and Financial Intelligence John Hurley, Ned welcomeds promises of simplified suspicious activity reporting, greater information sharing by the public and private sectors, and regulatory oversight primarily focused on getting law enforcement what it needs to effectively fight crime.
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In this episode of "Financial Crime Matters," Kieran talks live from The ACAMS Assembly Las Vegas with Ned Conway, Executive Secretary at the Wolfsberg Group, an association of 12 of the world's largest banks that focuses on managing financial crime and money laundering risks.
Ned discusses Wolfsberg's recommendations for banking stablecoin producers, pointing to the group's recent guidance "Provision of Banking Services to Fiat-backed Stablecoin Issuers." The guidance adapts some of Wolfberg's seminal recommendations for correspondent banking relationships and can be "flipped" to serve banks considering dealing in stablecoin in various capacities.
Commenting on remarks earlier in the day by Undersecretary of the Treasury for Terrorism and Financial Intelligence John Hurley, Ned welcomeds promises of simplified suspicious activity reporting, greater information sharing by the public and private sectors, and regulatory oversight primarily focused on getting law enforcement what it needs to effectively fight crime.
Understanding North Korea’s $1.5 Billion Bybit Theft, with Geoff White
Financial Crime Matters
30 minutes 51 seconds
8 months ago
Understanding North Korea’s $1.5 Billion Bybit Theft, with Geoff White
In this episode of “Financial Crime Matters,” Kieran talks with Geoff White, the author of three crucial books on financial crime, including “The Lazarus Heist: From Hollywood to High Finance: Inside North Korea's Global Cyber War.”
Drawing from “The Lazarus Heist” and a plethora of recent information, Geoff details North Korea’s $1.5 billion theft of ether in February from Bybit, a large global cryptocurrency exchange.
During their discussion, Geoff provides a decades long history of North Korea’s efforts to steal foreign currency, particularly dollars, and describes how its hackers used a third-party vendor and long-term surveillance to empty Bybit’s Ethereum wallet. Geoff also describes Bybit’s ongoing efforts to recover the lost cryptocurrency and argues for a concerted worldwide effort to prevent future hacks.
“If North Korea gets its hands on this money it’s fairly obvious what it’s going to do,” Geoff says. “It’s going to be spending on, well perks for the regime partly, but its going to be spending on missile parts and nuclear weapons material.”
In addition to “The Lazarus Heist,” Geoff is the author of “Rinsed: From Cartels to Crypto How the Tech Industry Washes Money for the World's Deadliest Crooks” and “Crime Dot Com: From Viruses to Vote Rigging, How Hacking Went Global.”
Financial Crime Matters
In this episode of "Financial Crime Matters," Kieran talks live from The ACAMS Assembly Las Vegas with Ned Conway, Executive Secretary at the Wolfsberg Group, an association of 12 of the world's largest banks that focuses on managing financial crime and money laundering risks.
Ned discusses Wolfsberg's recommendations for banking stablecoin producers, pointing to the group's recent guidance "Provision of Banking Services to Fiat-backed Stablecoin Issuers." The guidance adapts some of Wolfberg's seminal recommendations for correspondent banking relationships and can be "flipped" to serve banks considering dealing in stablecoin in various capacities.
Commenting on remarks earlier in the day by Undersecretary of the Treasury for Terrorism and Financial Intelligence John Hurley, Ned welcomeds promises of simplified suspicious activity reporting, greater information sharing by the public and private sectors, and regulatory oversight primarily focused on getting law enforcement what it needs to effectively fight crime.