Bank Innovation

DECEMBER 26, 2017

The Israeli government is creating its own “digital shekel,” according to multiple reports. The move is apparently driven by the desire to reduce black market activity, which makes up 22% of the country’s GDP, the report says. Hand in hand with this is a move to reduce paper cash, a great deal of which is […].

cryptocurrency 257

cryptocurrency National Report Marketing 257

Bank Innovation

OCTOBER 3, 2017

The Acting Comptroller of the Currency of the United States, Keith Noreika, has stated that he is considering imposing a nationwide licensing program for cryptocurrency exchanges, similar to the licensing program recently enacted in Japan. Last week, Japan’s […].

United States 284

United States cryptocurrency Bitcoin National 284

Bank Innovation

OCTOBER 18, 2017

The Russian government is poised to launch the world’s first national cryptocurrency, the CryptoRuble, in the next few weeks, after which it will likely ban all other cryptocurrencies, effectively establishing a state monopoly over the Russian cryptocurrency market.

cryptocurrency 236

cryptocurrency National Marketing Compliance 236

Perficient

DECEMBER 27, 2023

This particular scam involves criminals building trust with victims in digital relationships before persuading them to invest in cryptocurrency platforms, ultimately leading to financial losses. Other, traditional financial crime risks, especially fraud, continue to demand banks’ vigilance.

Compliance 221

Compliance FDIC Regulation Fraud 221

PYMNTS

JANUARY 28, 2020

10, with new regulations for cryptocurrencies, wallets and exchanges. The United Nations (UN) actually wants to use identity to help end poverty, calling for a digital ID for every living person by 2030. The European Union’s Fifth Anti-Money Laundering Directive ( 5AMLD ) went into force on Jan. Know Your Criminals.

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Compliance cryptocurrency Fraud Regulation 151

CFPB Monitor

JULY 27, 2020

The OCC issued a letter last week stating that “a national bank [and a federal savings association] may provide. cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys associated with cryptocurrency.” The key phrase above is “any lawful business.”

National 113

National cryptocurrency Risk Management Regulation 113

PYMNTS

AUGUST 13, 2018

Blanco told a conference last week that FinCEN, which operates as part of the Treasury Department, sees as cryptocurrency gains traction. Over the past few years, he stated FinCEN has issued a number of rules that have helped clarify how firms should operate within cryptocurrency spheres. States’ Rights?

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PYMNTS

SEPTEMBER 14, 2020

The United States may have some of the world's best cryptographers working for the National Security Agency and other spy shops, but the Internal Revenue Service (IRS) is crowdsourcing at least part of its effort to beat the algorithms that cloak information about certain cryptocurrencies. 1 have just taken effect.

blockchain 160

blockchain cryptocurrency Bitcoin Compliance 160

CFPB Monitor

APRIL 25, 2022

Anchorage is not any regular entity overseen by the OCC: it is a cryptocurrency custodian. As we will discuss, the timing of the Consent Order indicates that even when regulators permit crypto activities by financial institutions, they remain cautious, particularly as to BSA/AML compliance.

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Compliance Digital Banking Training South Dakota 78

BankInovation

JULY 1, 2021

Chainalysis and other cryptocurrency risk and compliance firms like Elliptic and CipherTrace are benefiting from accelerated cybercurrency enforcement actions by U.S. regulators related to anti-money laundering (AML) concerns and national security.

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Regulation cryptocurrency Compliance National 98

PYMNTS

OCTOBER 13, 2020

Across the globe, terrorists and criminals are leveraging cryptos in what is gearing up to be a significant national security threat to the United States. billion of cryptocurrency reportedly was lost to theft or fraud – double that of the previous year. That’s according to the U.S. Cryptos also help bad actors avoid sanctions.

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cryptocurrency United States social media Regulation 206

PYMNTS

OCTOBER 18, 2018

The global regulatory framework of cryptocurrencies and blockchain remains either fragmented, vague or simply nonexistent. Part of the initiative includes the SBA’s guidelines to the nation’s traditional financial services market on how to service these industry players while maintaining compliance.

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Guidelines cryptocurrency blockchain National 213

PYMNTS

MARCH 3, 2020

The appointed organizer for the initiative, SFB Technologies, tapped the Algorand protocol because of its scalability, speed, security and its “ability to effectively implement required compliance controls and the transaction finality needed for a national currency.”

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ATM Bitcoin National Miami 168

PYMNTS

JANUARY 1, 2021

Indian FinTech Cashaa and the country's United Multistate Credit Cooperative Society teamed up to launch what they say is the world's first cryptocurrency bank branch through a joint-venture bank called Unicas, according to a release. The operation also will provide traditional banking services, according to the backers.

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Miami Bitcoin cryptocurrency Florida 201

Abrigo

APRIL 18, 2022

Cryptocurrencies are a subset of digital assets and are decentralized networks based on blockchain technology. Bitcoin and other digital assets have remained volatile without regulation, with generally more risk-tolerant investors using cryptocurrencies as an alternative payment method. National objectives in cryptocurrency policy.

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cryptocurrency Fraud United States Leadership 195

American Banker

JULY 20, 2023

The Crypto-Asset National Security Enhancement and Enforcement Act would increase regulatory oversight of cryptocurrencies traded on public blockchains and guard against money laundering and sanctions evasion, particularly by holding the largest crypto investors accountable for compliance.

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cryptocurrency Compliance blockchain National 55

PYMNTS

OCTOBER 14, 2020

The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. This in the wake of the OCC’s Sept.

cryptocurrency 323

cryptocurrency Regulation Trends Bitcoin 323

PYMNTS

SEPTEMBER 8, 2019

Founder Jack Dorsey said in an interview he has no interest in developing a cryptocurrency for either Twitter or Square , according to The Sydney Morning Herald. As I look at all cryptocurrencies that could fill that role of being the native currency for the internet, [Bitcoin is] a pretty high probability.”.

cryptocurrency 167

cryptocurrency Bitcoin Compliance National 167

PYMNTS

APRIL 18, 2019

The last several years have seen a surge in efforts among the cryptocurrency community to legitimize the technology. Once seen as a tool for the dark web and black markets, cryptocurrencies like bitcoin now want to be a part of the broader economy. Rather, it’s to pay off a cyberattacker.

Bitcoin 143

Bitcoin cryptocurrency Compliance Community 143

PYMNTS

SEPTEMBER 21, 2018

The SBA issued guidelines to Swiss banks in an effort to support those innovators’ access to bank accounts, reports said, noting that financial institutions (FIs) have been reluctant to provide banking services to these startups for fear of anti-money laundering (AML) non-compliance.

blockchain 187

blockchain Guidelines cryptocurrency Innovation 187

Abrigo

JANUARY 31, 2023

Recap and forecast The current state of AML/CFT regulations Terminology change Financial crime professionals have long referred to Bank Secrecy Act (BSA) compliance in conjunction with anti-money laundering efforts as “BSA/AML.” However, the regulatory movement since then has been slow. That represents nearly 2.8 So far, that is.

Fraud 195

Fraud Training Regulation Trends 195

PYMNTS

NOVEMBER 2, 2020

During phase one, VASPs will have to demonstrate their compliance with these standards, according to the release. And, Huobi Group expanded its support for cryptocurrency purchases via Visa and Mastercard on Huobi Global , its digital asset exchange, now allowing cardholders to access a seamless fiat-to-crypto gateway.

Bitcoin 160

Bitcoin Policies Groups cryptocurrency 160

CFPB Monitor

JANUARY 7, 2021

On January 4, 2021, the Office of the Comptroller of the Currency (“OCC”) published an Interpretive Letter clarifying the authority of national banks and federal savings associations to participate in independent node verification networks (“INVN”) and use stablecoins to conduct payment activities and other bank-permissible functions.

cryptocurrency 78

cryptocurrency blockchain Payments National 78

PYMNTS

MARCH 25, 2019

Consider the fact that, as noted in the most recent AML/KYC Tracker produced as a collaboration between PYMNTS and Trulioo , money laundering is estimated by the United Nations Office on Drugs and Crime to be an $800 million to $2 trillion-per-year problem, equivalent to 2 percent to 5 percent of the global GDP.

cryptocurrency 196

cryptocurrency Compliance Fraud System 196

PYMNTS

AUGUST 23, 2019

Some early supporters of Facebook’s proposed cryptocurrency Libra , spooked by the intense regulatory scrutiny both national and worldwide, want to distance themselves from the project, according to a report by The Financial Times.

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PYMNTS

JULY 5, 2019

The Bank of Japan ( BOJ ), Japan’s central bank, has joined in with other regulators and officials around the world in its worry over Facebook’s proposed cryptocurrency Libra , according to reports. . The bank is worried that the currency will be difficult to regulate and that it could potentially harm the existing financial system. “It

Regulation 102

Regulation cryptocurrency United States Policies 102

Payments Source

JANUARY 7, 2020

Facebook’s Libra cryptocurrency project has drawn vast political pushback, but also more tangible government action as nations globally consider central bank supported digital currencies. It’s also sparking a potential bottom-up approach in New York.

New York 112

New York cryptocurrency National blockchain 112

PYMNTS

SEPTEMBER 29, 2017

Switzerland is the latest nation to take a harder look on this new crowdfunding method, which allows cryptocurrency entrepreneurs to raise millions by creating and selling digital “tokens.”. Bancor Protocol, a Zug-based foundation enabling the creation of other cryptocurrencies, raised over $150 million in June.

cryptocurrency 124

cryptocurrency Bitcoin Regulation blockchain 124

CFPB Monitor

NOVEMBER 29, 2021

The 2022 clarity promised by the “roadmap” presumably will supersede, once issued, Interpretive Letter #1179, which appears to function as a general stop-gap until the 2022 publications hopefully provide more detail regarding exactly how banks can attain compliance. Federal banking regulators have been busy in this space.

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Compliance cryptocurrency Regulation FDIC 78

Abrigo

JUNE 27, 2023

According to the National Association of Realtors, there were more than 106,000 real estate brokerage firms in the United States. The institutions are the ones shouldering the costs of compliance, examinations, and fines. Including rental and leasing licensees, as of 2021, the industry comprises approximately 16.7% In 2017, over 5.51

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El Paso Miami United States New York City 195

PYMNTS

FEBRUARY 9, 2018

The rapid global proliferation of initial coin offerings has become an issue of mounting concern among regulators and central banks around the world – in particular, the growth of ICOs has fueled massive growth in the cryptocurrency market in general. Last year saw ICOs rake in a remarkable $3.7

Regulation 106

Regulation cryptocurrency United States Security 106

PYMNTS

AUGUST 4, 2019

Cryptocurrency compliance company Elliptic has released the Elliptic Data Set, which aims to identify crypto transactions associated with money laundering. A big problem with compliance, in general, is false positives. And Busan has issued a “regulation-free” zone for blockchain development by South Korea’s national government.

Bitcoin 115

Bitcoin Study Data Massachusetts 115

Abrigo

FEBRUARY 15, 2023

Develop your risk assessment with the AML/CFT priorities in mind Evaluating each FinCEN priority and addressing them in your financial institution's risk assessment is key to compliance. Institutions should also monitor virtual currency or cryptocurrency transactions for unusual activity. These networks exploit the U.S.

Fraud 195

Fraud United States Training Policies 195

PYMNTS

AUGUST 14, 2019

The second was the rise of cryptocurrency (though during his remarks he tended to refer to it as Convertible Virtual Currency or CVC). It concerns me when I hear about some compliance budgets being cut by casinos looking to trim costs and retain gamblers,” he noted. The Team Oriented Nature Of Compliance .

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Compliance Las Vegas Mobile Data 163

PYMNTS

FEBRUARY 6, 2018

Reuters reported news on Tuesday that banking regulators from seven states across the United States are working to, as the newswire reported, “streamline” the FinTech reporting process, with an eye on those tech firms having an easier road toward offering their products and services across the nation.

Fintech 118

Fintech US Tennessee Washington 118

Bank Innovation

SEPTEMBER 29, 2017

In an announcement released today, South Korea’s Financial Service Commission stated that tighter control over cryptocurrencies is necessary, as ICOs are increasing the risk of financial scams. Following in China’s footsteps, South Korea has banned all ICOs. It also announced that businesses issuing ICOs will face “stern penalties.”

cryptocurrency 218

cryptocurrency National Bitcoin Compliance 218

PYMNTS

SEPTEMBER 23, 2020

A study from the Cifas National Fraud Database found that identity theft against consumers over the age of 61 rose by 22 percent in 2019, contributing to an 18 percent increase in identity theft overall. Large investments in security measures are necessary for banks to protect themselves and their customers from this menace. billion ($8.9

Technology 208

Technology Report Fraud Study 208