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

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

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. This in the wake of the OCC’s Sept.

cryptocurrency 323

cryptocurrency Regulation Trends Bitcoin 323

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. In the report from the U.S.

cryptocurrency 206

cryptocurrency United States social media Regulation 206

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. . Some lawmakers wrote a letter to Facebook expressing concern about past issues with data and privacy. “It

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Regulation cryptocurrency United States Policies 102

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

PYMNTS

FEBRUARY 9, 2018

The world’s first ICO regulations are coming, care of Gibraltar. 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.

Regulation 106

Regulation cryptocurrency United States Security 106

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

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.

Guidelines 213

Guidelines cryptocurrency blockchain National 213

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.

cryptocurrency 65

cryptocurrency Compliance blockchain National 65

Abrigo

JUNE 27, 2023

Regulations such as Geographic Targeting Order updates help identify AML risks by requiring identification for certain real estate purchases. The limited regulation around the real estate industry has made it especially easy for these bad actors to cycle their dirty money into the financial system using this avenue. In 2017, over 5.51

El Paso 195

El Paso Miami United States New York City 195

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

American Banker

JULY 6, 2023

Long, founder and CEO of Custodia Bank, has pushed for digital-asset regulation in her home state of Wyoming. Now she's working on a national scale.

Wyoming 56

Wyoming Regulation National cryptocurrency 56

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.”. China, Hong Kong, Singapore and Russia, have warned that lack of regulations has made ICOs popular with scammers.

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cryptocurrency Bitcoin Regulation blockchain 124

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. Shaping Regulations. Rather, it’s to pay off a cyberattacker.

Bitcoin 143

Bitcoin cryptocurrency Compliance Community 143

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.

Compliance 78

Compliance cryptocurrency Regulation FDIC 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. The Crypto Factor.

cryptocurrency 196

cryptocurrency Compliance Fraud System 196

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

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

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

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 .

Compliance 163

Compliance Las Vegas Mobile Data 163

CFPB Monitor

JULY 6, 2021

The Priorities have been much-anticipated because, under the AML Act, regulators will review and examine financial institutions in part according to how their AML/CFT compliance programs incorporate and further the Priorities, “as appropriate.”. A prime example of this problem is the inclusion of “fraud” as a Priority.

United States 78

United States Fraud Regulation Compliance 78

PYMNTS

AUGUST 20, 2018

Three months in, the European Union’s General Data Protection Regulation still stymies some firms seeking to comply with new rules and regulations governing data protection and privacy. As many as 85 percent of firms are boosting budgets over the previous year’s, tied to data privacy and compliance.

Fintech 101

Fintech Survey Regulation Resources 101

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

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.

Bitcoin 141

Bitcoin ATM Risk Management Compliance 141

PYMNTS

JULY 22, 2019

And there is no shortage of interest in the region in that ability, with particular interest coming from the financial services sector, the cryptocurrency markets and in the healthcare vertical. Part of that, he added, is across-the-board high standards when it comes to compliance and verification. Opportunity, he noted, abounds.

Innovation 161

Innovation Payments Regional America 161

PYMNTS

MARCH 12, 2018

And yet: How and why to regulate? And where – and just who should do the regulating? federal agencies that are trying to figure out if something is under their purview and should they [even] be regulating this.”. Japan, of course, has taken the leap to require exchanges to be registered with regulators.

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Regulation Security Course blockchain 117

PYMNTS

FEBRUARY 21, 2018

A former cryptocurrency exchange and its founder are facing charges from the Securities and Exchange Commission (SEC), the agency announced in a press release on Wednesday (Feb. We will continue to focus on these types of platforms to protect investors and ensure compliance with the securities laws.”.

Fraud 102

Fraud Bitcoin New York Regional 102

CFPB Monitor

SEPTEMBER 19, 2022

The Report posits that there are three principal categories of illicit uses of digital assets: 1) cryptocurrency as a means of payment for or manner of facilitating criminal activity; 2) the use of digital assets as a means of concealing illicit financial activity; and 3) crimes involving or undermining the digital asset ecosystem. .

Report 78

Report cryptocurrency Training Guidelines 78

Abrigo

NOVEMBER 11, 2021

The June 2021 release of the Financial Crimes Enforcement Network ( FinCEN) Priorities makes this clear in naming cybercrime as one of the eight national anti-money laundering and countering the financing of terrorism (AML/CTF) priorities. Usually, the ransom is a substantial amount of money or cryptocurrency. financial institutions.

Fraud 195

Fraud cryptocurrency System Trends 195

Abrigo

NOVEMBER 11, 2021

The June 2021 release of the Financial Crimes Enforcement Network ( FinCEN) Priorities makes this clear in naming cybercrime as one of the eight national anti-money laundering and countering the financing of terrorism (AML/CTF) priorities. Usually, the ransom is a substantial amount of money or cryptocurrency. financial institutions.

Fraud 195

Fraud cryptocurrency System Trends 195

PYMNTS

DECEMBER 8, 2020

Cybercriminals are constantly one step ahead of government regulators, developing new and inventive schemes faster than the authorities can quash them. The latest arena for money laundering is through cryptocurrency , a burgeoning market expected to be valued at $1.4 Experts estimate that cryptocurrency-related crimes totaled $4.3

cryptocurrency 261

cryptocurrency Mobile Compliance Analysis 261

PYMNTS

SEPTEMBER 17, 2018

For airlines and hotels, catering to customers from around the world means dealing with a long list of complications, including accepting payments in a host of local currencies, complying with national and international regulations, and finding ways to afford or offset the high price of processing fees.

Data 122

Data Analytics Security Payments 122

PYMNTS

DECEMBER 6, 2017

That includes the ability of faster payments initiatives to address corporate, cross-border transactions in addition to consumer, national transactions, he said. The CEO admitted that he was skeptical of the technology at first, especially considering the complexity and inevitable regulation surrounding cryptocurrencies.

Payments 183

Payments blockchain Innovation Fintech 183

American Banker

OCTOBER 12, 2021

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National 94

National Fintech cryptocurrency Compliance 94

PYMNTS

JANUARY 28, 2020

10, with new regulations for cryptocurrencies, wallets and exchanges. Issuers, merchants, payments service providers (PSPs) and other interested parties are closely watching developments in AML/KYC and counter terrorist financing (CTF) regulations, as governments worldwide clamp down strongly on identity scams.

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Compliance cryptocurrency Fraud Regulation 151