PYMNTS
JULY 8, 2019
and compliance teams would manually check onboarding customers to make sure their records were clear. The system has always had its flaws, noted Alain Meier, CEO of Cognito – but in a pre-digital banking world where onboarding was a multi-day process, it wasn’t completely out of step with modern practices.
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. The Consent Order.
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PYMNTS
JULY 15, 2019
The rapid growth of cryptocurrency has come with closer scrutiny and a call for tighter anti-money-laundering (AML), know-your-customer (KYC) regulations. The anonymous nature of cryptocurrency, coupled with its irreversible transactions, is especially attractive to scammers and fraudsters.
PYMNTS
OCTOBER 12, 2020
BitMEX has announced a new Chief Compliance Officer in Malcolm Wright, who will serve in the role for 100x Group, which operates HDR Global Trading Limited, which runs BitMEX. Bank of England governor Andrew Bailey said he doesn’t see the value of Bitcoin as a mode of payment, cautioning it as a legitimate use, Reuters reports.
PYMNTS
JULY 22, 2020
TradeCore’s aim is to handle and accelerate the back-end processes and technological integrations, such as regulation compliance, so the emerging FinTech can focus on growing its business. For too long FinTechs have faced too many barriers to market in the form of regulation, compliance or costly processes to reach the market,” Pajkovic said.
PYMNTS
SEPTEMBER 12, 2019
Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. The growing prevalence of cryptocurrencies is also complicating the finance sectors’ security efforts.
PYMNTS
JULY 27, 2020
Banking veteran Richard Davies is leaving his role as CEO of banking at digital-banking shop Revolut , one year after coming aboard to bring his seasoned skills to the startup, the Financial Times reported. On July 15, Revolut began offering customers a way to buy cryptocurrency.
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