Alex Newhouse is a Data Governance Analyst at PlayStation where his role includes developing processes and policies for operationalizing legal and ethical privacy requirements. Alex also works at the Center on Terrorism, Extremism, and Counterterrorism as a Data Analyst and Researcher working on online extremism.
"Fortnite and Video Game Money Laundering"
Join us, and our expert guest Alex Newhouse, as we discuss the break-out multiplayer video game Fortnite, and how it's in-game currency V-Bucks are being used in money laundering and fraud schemes around the globe.
Predicate Crime: The initial crime that earned the illicit funds which are being laundered.
Micro-transactions: a business model, often used in free-to-play video games, where players purchase virtual goods (at relatively low prices) to augment their gaming experience.
Platform: The console, and corresponding network used to play video games (i.e. Playstation, Xbox, PC)
FinCEN: (Pronounced "fin-sin") The Financial Crimes Enforcement Network is a bureau of the US Treasury Dept. that collects and analyzes information about suspicious and illicit transactions
Bank Secrecy Act (BSA): A U.S. law passed in 1970 that requires financial institutions to collaborate with regulators in cases of suspected money laundering and fraud, especially by requiring institutions to report suspicious transactions (SARs), high-value cash transactions (CTRs), and high-value foreign transactions.
Sarbanes-Oxley Act (SOX): Federal law passed in 2002 that protects shareholders, employees, and consumers from fraudulent accounting practices.