Google And US Department Of Justice Agreement To Enhance Data Loss Compliance Program
Google has reached an agreement with the US Department of Justice to improve compliance procedures to resolve a data loss dispute related to the DOJ’s 2016 investigation into a cryptocurrency exchange. BTC-e, a Russian cryptocurrency exchange has been shut down for money laundering.
This ends the debate over the provision of data stored in overseas systems by US tech companies since 2016.
According to information released by the US Department of Justice on the 26th (local time), Google has promised to respond promptly to future legal proceedings, including subpoenas and search warrants as well. like upgrading its compliance program in this regard.
Google is reported to have spent more than $90 million in additional resources, systems, and personnel to upgrade its compliance program. In addition, Google is required to hire independent external compliance experts to assess contract compliance and receive up-to-date reports.
“In the filed stipulation, Google represented to the court that it spent over $90 million on additional resources, systems, and staffing to implement legal process compliance program improvements,”The DOJ said
In 2016, the US Department of Justice issued a search warrant against Google and asked Google for data related to BTC-e. At the time, Google insisted that it could not provide data stored outside of the United States.
Congress then passed the CLOUD Act (a law obligated to make all data available regardless of where it is stored) in this regard. However, the data originally sought by the Justice Department was lost.
According to Decrypt, BTC-e cofounder Alexei Bilyuchenko went on to establish another exchange called WEX, which subsequently failed in 2018. In 2020, New Zealand Police frozen $90 million in funds connected to Bilyuchenko’s partner, Alexander Vinnik. The police accused him of personal laundering roughly $4 billion worth of Bitcoin, and had “no anti-money laundering controls and policies,” in place at BTC-e.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu