Subject: SCN Daily News (HTML) Wednesday, 17 July 2019
Date: 17/07/2019, 09:55

Smart Card News Online

Wednesday, 17 July 2019

Drug Trafficking Group in Spain Used Crypto ATMs for Money Laundering

During a police investigation in Spain, Spanish police discovered that there is a loophole in these so-called Bitcoin ATMs that is readily exploited by money launderers. The Spanish police stumbled upon this discovery during the investigation of an ongoing money laundering case where a group of money launderers used two Bitcoin ATMs to finance their scheme.

Investigating how the group was able to execute this scheme without raising brows, the investigating police learned that Bitcoin ATMs do not fall under EU's money laundering rules, making it a very lucrative hideout for money launderers.

Link: All Stocks

Singapore to Exempt Virtual Currency Transactions From GST

Singapore is proposing that, from January 1, 2020, the use of digital payment tokens as payment for goods or services will be outside the scope of GST, and the exchange of digital payment tokens for fiat currency or other digital payment tokens will be exempt from GST.

Link: Wolters Kluwer Tax News

India May Want to Ban All Crypto, Except 'Digital Rupee'

More information has made its way to the surface regarding India's alleged position on cryptocurrencies. In June, reports of a new crypto bill, "Banning of Cryptocurrency and Regulation of Official Digital Currencies," surfaced that would completely ban digital currencies. At the time, the document that was presented for public review had not been confirmed as legitimate, but an update attempts to shed more light on the subject. India may ban crypto as illegitimate-except for a state-backed digital rupee.

Link: Coin Geek

Is your Boss Leaving your Organisation Vulnerable to Hackers?

CEOs and other senior board-level executives are exposing their organisations to cyberattacks and hackers because of a lack of awareness around cybersecurity, a new study has warned.

Research by cybersecurity company RedSeal surveyed hundreds of senior IT and security professionals and found that many of these personnel believe there's a disconnect between the CEO and the information security team, which could be putting organisations at risk.

Link: ZDNet

Synthetic Identity Theft is Fastest Growing Financial Crime in United States

Synthetic identity theft, where fraudsters create new identities by combining real and fabricated personal data is the fastest growing type of financial crime in the United States that is difficult to detect and often unreported, according to a white paper from the U.S. Federal Reserve.

Link: Employment Screening Resources

About 50,000 Bitpoint Japan Customers had Cryptocurrency Stolen

In addition to the Yen 3.02 billion hacked in Japan, Bitpoint has said an additional Yen 250 million worth of digital currencies have been stolen at overseas exchanges that use its trading system. The company said it reported the initial theft to police on Friday morning.

Link: The Japan Times

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