U.S. Authorities Seize Funds from Deltec Bank Amid Money Laundering Investigation
In June, U.S. authorities seized funds belonging to Deltec, a Bahamian bank that serves crypto firms, as part of an investigation into international money laundering, wire and bank fraud. Several seizure warrants were executed by the Secret Service to confiscate funds from the bank’s U.S. accounts. The investigation focused on “international criminal money laundering syndicates operating cryptocurrency investment and other wire fraud scams.”
Key Points:
- Deltec’s U.S. accounts were targeted by U.S. authorities during an investigation into money laundering and fraud.
- The Secret Service executed seizure warrants to confiscate funds from the bank’s accounts.
- The investigation focused on international criminal syndicates involved in cryptocurrency investment scams.
- The funds were fraudulently transferred through shell companies to conceal their source and ownership.
- The exact amount of funds seized remains unknown.
Neither the Secret Service nor Deltec Bank have provided any comment on the matter.
Hot Take:
This incident highlights the ongoing efforts of U.S. authorities to crack down on money laundering and fraud in the crypto industry. It serves as a reminder for crypto firms to remain vigilant and ensure compliance with relevant regulations to avoid being caught up in such investigations. The seizure of funds from Deltec’s accounts further emphasizes the need for transparency and accountability in the crypto space.
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