Customer Due Diligence or ‘CDD’ is a process to assess all of the risks associated with a client or relationship, including KYC, and that requires that the overall client conduct, and transactions are assessed to determine if this is unusual and reportable. CDD requires that obliged entities assess the risks before entering into a relationship,
What is DarkSide? DarkSide, a Ransomware-as-a-Service model, first appeared in August 2020. The DarkSide group was previously heavily present on hacking forums and used to regularly update ‘customers’ with news of the ransomware (before the Colonial Pipeline attack). To hit as many victims at the same time, the gang had created a programme for affiliates.
Decentralized exchanges or DEXes are a subset of decentralized finance protocols that enable users to trade in cryptocurrencies and tokens without a central organizing body. Whilst centralized exchanges rely on their compliance departments and Money Laundering Reporting Officer (MLRO) to counter fraud, deploy AML/KYC/CFT checks and maintain proper risk management procedures – DEXs rely on
Decentralized Finance or ‘DeFi’ is the “reinvention of the financial system” which does not use any financial intermediary. Typically running on the Ethereum network, DeFi protocols include decentralized exchanges (DEXs), lending and borrowing markets. In 2020, DeFi experienced rapid growth of 2000%+ Related Articles DeFi Webinar: The Fine Line Between ‘Software’ and ‘Service’ Provider DeFi
Decentralized Virtual Currencies (cryptocurrencies) are distributed, open-source, mathematically-based peer-to-peer virtual currencies that have no central administering authority, and no central monitoring or oversight. Examples include: Bitcoin, Ethereum, Litecoin and Namecoin. Related Articles Are cryptocurrency reclaim cases defining that Bitcoins constitute property? DeFi Webinar: The Fine Line Between ‘Software’ and ‘Service’ Provider DeFi Webinar: Can Blockchain
The Department of Justice or ‘DOJ’ is the federal department of the United States of America tasked with “enforcing the law and the administration of justice.” If the DOJ becomes involved in a case rather than for the SEC for instance is a sign that the case has moved further from financial crime such as
Destination of Funds is part of the anti-money laundering process that aims to identify the final destination account of funds. In relation to cryptocurrency AML practices, such as those employed by Coinfirm, it is blockchain addresses that hold or received funds originating from misappropriated wallets, as well as evidencing transaction paths (chains of consecutive transactions) between them. To
Digital Assets are any assets that are stored digitally. This could mean photos, videos, files containing messages, spreadsheets, etc. However, the definition has been broadened to become a synonym of cryptocurrencies as more financial institutions have become involved in the market, under ‘financial digital assets’. Non-Fungible Tokens or ‘NFT’s, running on the ERC-721 token standard,
‘Ledgers’, or put simply, records of activity, were historically maintained on paper, more recently these were transferred to bytes on computers, and are now supported by algorithms in blockchains. They are essentially an asset database that can be shared across a network of multiple sites, geographies or institutions. All participants within a network can have
E-Discovery is a set of analyses, typically in relation to litigation or criminal proceedings, that seek to collect, preserve, review, and exchange information in electronic formats for the purpose of using it as evidence. In cryptocurrency fraud cases conducted by investigative analytics by companies such as Coinfirm E-Discovery is aimed to extract blockchain addresses, transactions or private keys from the
