PYMNTS

DECEMBER 29, 2020

With it, financial institutions need to strengthen their compliance to mitigate the risk of running afoul of the law. Certainly, the use and availability of cryptocurrencies is another emerging area that is contending with its own unique set of compliance issues, but it is also one Wingert said appears to be closing gaps in regulation.

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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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Perficient

SEPTEMBER 16, 2022

Legal status – There is some question regarding the legal status of many crypto-assets – is it a security, is it fungible, is it a derivative – as well as the very limited legal precedent regarding how crypto-assets would be treated in varying contexts, including, for example, in bankruptcy court. The Home Owners’ Loan Act. Financial risk.

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PYMNTS

AUGUST 27, 2018

The initial verdicts of General Data Protection Regulation (GDPR) are in, at least in terms of compliance – or lack thereof. In news this past week, studies have shown that compliance rates are indeed low, three months in. are in compliance. How low are the rates? Isolated by a few countries, only 21 percent of firms in the U.K.

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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.

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Abrigo

MARCH 11, 2022

Takeaway 2 Planning now and informing executive management of expected changes will enable NBFIs to move forward with anticipated rules and guidance. As sanctions become more complex and require constant diligence, Office of Foreign Assets Control (OFAC) compliance should be a high focus for your business. Regulatory Focuses in 2022.

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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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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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FICO

DECEMBER 17, 2020

Cryptocurrency exchange rates have skyrocketed in the past month. According to a recent report , the total of cryptocurrency related frauds and thefts stands at a staggering $7.69b. billion lost in exchange theft and security breaches, and $4.8 billion lost in exchange theft and security breaches, and $4.8

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FICO

MARCH 6, 2020

Visma Connect recently interviewed Jürgen Krieg, FICO's head of global compliance sales. In this excerpt from that article, Jürgen elaborates on the importance of compliance. . At FICO, I am responsible for planning and implementing growth strategies to develop new markets, and the expansion of our compliance business globally.

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PYMNTS

JULY 15, 2019

billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. Thwarting fraud and making usage as secure as possible are key concerns for Canadian trading platform Bitbuy. More than $1.2

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Abrigo

MARCH 7, 2022

Takeaway 2 Planning ahead and informing management of expected changes will help financial institutions adapt to anticipated rules and guidance. Office of Foreign Assets Control (OFAC) compliance should be a high focus as sanctions become more complex and require constant diligence. 2022 Regulatory Focus.

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FICO

AUGUST 12, 2021

Financial Institutions’ compliance officers and teams should be concerned that Open Banking may render their existing AML/CTF and KYC compliance programs inadequate. They provide added services to customers ranging from personal budgeting and spending alerts to personal funds transfers and cryptocurrency wallets.

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Banking Exchange

OCTOBER 14, 2019

Banks should not learn the wrong lessons, however Payments Technology Risk Management Financial Trends Cards Online Mobile Security Checks/Remote Deposit Capture Tech Management Operational Risk Compliance/Regulatory Cyberfraud/ID Theft Blockchain Fintech Feature Feature3.

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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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CFPB Monitor

JULY 27, 2020

cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys associated with cryptocurrency.” Through intermediated exchanges of payments, banks facilitate the flow of funds within our economy and serve important financial risk management and other financial needs of bank customers.

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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

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PYMNTS

NOVEMBER 11, 2019

Cryptocurrency companies that previously let customers remain anonymous will have to change their tunes in some countries, as will online gambling sites that provided fast onboarding at the expense of rigorous identity verification approaches. Find more on these and other recent headlines in the Tracker.

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PYMNTS

DECEMBER 10, 2018

Facebook already has about a dozen people working on blockchain and cryptocurrency. Facebook CEO Mark Zuckerberg has been vocal about his support of cryptocurrency and blockchain, and the potential to use them to “take power from centralized systems and put it back into people’s hands.”.

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PYMNTS

JANUARY 7, 2020

In other crypto news , cryptocurrency tax automation software TaxBit has raised $5 million in funding. Investors in the venture include TTV Capital, Dragonfly Capital Partners, Collaborative Fund, Winklevoss Capital, Valar Ventures, Global Founders Capital, Table Management, Album VC and more. . ”

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PYMNTS

JULY 22, 2020

Brex , the San Francisco financial technology startup, is offering FDIC insurance on its no-fee cash management account, the company announced Wednesday (July 22). Her role will include legal and compliance oversight including the company affiliate, Brex Treasury LLC, a Securities and Exchange-registered broker-dealer.

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PYMNTS

APRIL 19, 2019

The big news in B2B FinTech investment this week came from Airbnb , which is bolstering its presence in the business travel market with new funding, while corporate card startup Brex also secured a prominent debt capital investment. Lyric plans to use the investment to expand its operations as it continues to focus on regulatory compliance.

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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. Be ready for AMLA-related changes.

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PYMNTS

SEPTEMBER 29, 2020

Jumio said it plans to integrate Beam’s AML screening and transaction monitoring services into its KYX platform to help flag financial crime and streamline regulatory compliance. Another key component of the platform is helping companies manage various KYC and AML regulations in different jurisdictions across the world.

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PYMNTS

MAY 3, 2019

.” XWallet is the firm’s mobile app that connects digital asset wallets to the Pundi X payment ecosystem for streamlined management of digital assets, including top-up and balance inquiry functionality. The firm’s compliance team will review all custom tokens designed on the platform.

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PYMNTS

SEPTEMBER 30, 2018

1) that IdentityMind’s pioneering compliance, risk management and fraud prevention platform has integrated CipherTrace ’s digital currency risk assessment technology. Working together with CipherTrace, we bring transparency, integrity and compliance to the world of virtual currencies.”.

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PYMNTS

JANUARY 15, 2018

Chinese companies are flocking to blockchain and cryptocurrency technology despite regulators’ efforts to contain risks, reports in Reuters said Friday (Jan. Reuters noted that Beijing has banned the controversial funding strategy of the initial coin offering (ICO) and forced several cryptocurrency exchanges to close.

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PYMNTS

NOVEMBER 26, 2019

Compliance with market standards and regulations allows us to provide our clients with legal security and convenience of using the exchange, with the participation of a friendly banking system and the availability of payment operators,” BitBay said. Department of Justice on illegal financial issues affecting national security.

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Abrigo

FEBRUARY 25, 2022

Virtual currency on the rise One of the most notable reforms of the AMLA is that it revised the BSA to clearly include cryptocurrency and other digital assets within its regulatory scope.? House of Representatives advanced the Secure and Fair Enforcement (SAFE) Banking Act to the Senate for the sixth time. This month, the U.S.

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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 responsibility of casinos managing all of those new transactions.

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Abrigo

MARCH 4, 2022

In addition to receiving Q6’s assistance, other ways banks and credit unions can help protect the financial system in the current situation include close monitoring for wire fraud involving overseas transactions and completing sound due diligence of cryptocurrency transactions tied to overseas exchanges. Guidance from CISA.

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PYMNTS

MARCH 25, 2019

In other statistics cited by Karen Webster in a recent podcast with Trulioo General Manager Zac Cohen , the share of intercepted proceeds from financial crimes is paltry, at about 1 percent, and as many as 50 percent of firms are compromised by fraudsters. One microcosm of fraud and regulatory scrutiny is cryptocurrencies.

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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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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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PYMNTS

MARCH 20, 2019

And in one example, Nash — a financial services platform registered in Liechtenstein — looks to provide a funds management service tied to digital wallets that will help users create and operate accounts across several blockchains while retaining custody of their assets. Blockchain for Trading .

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BankInovation

FEBRUARY 24, 2022

The Biden administration plans to increase anti-corruption efforts in financial services with new anti-money laundering (AML) regulations in corporate banking and cryptocurrency.

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CB Insights

SEPTEMBER 7, 2021

For example, online exchanges are making cryptocurrency trading and investing more accessible to consumers. Custody, wallet, & digital asset services: These companies provide crypto asset storage, security, management, and investment products for institutions and consumers. download our best of blockchain research.

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