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. billion — 91 percent — of those penalties, while European regulators demanded $1.7 imposed a full $23.52

Fraud 189

Fraud Fintech Compliance Regulation 189

PYMNTS

FEBRUARY 18, 2019

Cryptocurrency has come a long way since bitcoin’s emergence as an unregulated, anonymous payment technology. Perhaps the most poignant moment in this evolution came about last week when JPMorgan Chase announced the development of the JPM Coin, the first bank-backed cryptocurrency in the U.S.,

cryptocurrency 175

cryptocurrency Payments blockchain Compliance 175

American Banker

AUGUST 28, 2023

The proposed regulations from the Treasury Department and Internal Revenue Service offer clarity on reporting rules enacted in 2021 to curb crypto-related tax evasion by offering more transparency into customer trades.

Taxes 36

Taxes Regulation Report cryptocurrency 36

PYMNTS

MARCH 14, 2018

” Oliver was discussing cryptocurrencies and blockchain on his show, highlighting the massive potential the world of FinTech has touted for the last year or so. Earlier this week, the head of the International Monetary Fund (IMF) described this dichotomy as the “peril that comes along with the promise” of cryptocurrencies.

blockchain 129

blockchain cryptocurrency Regulation Taxes 129

PYMNTS

OCTOBER 18, 2019

The Logic was the first to report that the country’s central bank is investigating both opportunities and challenges focused on the project, with some believing that creating a public central bank digital currency (CBDC) could help tackle direct threats related to cryptocurrency.

cryptocurrency 102

cryptocurrency Taxes Compliance Regulation 102

PYMNTS

JANUARY 8, 2020

Call it, perhaps, a New Year’s Resolution list — for regulators. 8), the Securities and Exchange Commission ’s (SEC’s) Office of Compliance and Examinations (OCIE) offered up a list of its priorities for the year that has just dawned. In documents released Tuesday (Jan.

blockchain 138

blockchain Phoenix Compliance cryptocurrency 138

PYMNTS

MARCH 14, 2019

Both corporates and banks have said Know Your Customer ( KYC ) regulations are their most pressing compliance concerns, with nearly three-quarters of businesses with more than $1 billion in revenues pointing to KYC as their top challenge. ” and an overall rise in complexity of current regulations.

Fraud 115

Fraud Survey Taxes Regulation 115

PYMNTS

MARCH 5, 2018

And so, the SEC might be shorthand for “Scare Every Cryptocurrency Firm.”. game have been drawing increased scrutiny from regulators … everyone from exchange operators to miners. game have been drawing increased scrutiny from regulators … everyone from exchange operators to miners. On the one hand, the move is hardly unexpected.

Bitcoin 123

Bitcoin cryptocurrency Regulation Course 123

PYMNTS

NOVEMBER 14, 2019

Time report collection, data aggregation across different formats and departments, data consolidation for processing, tax withholdings and benefits calculation must all be done, approved, and processed for on-time payroll. Compliance is still a major challenge.

Payments 127

Payments Compliance Taxes Technology 127

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

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.”. Obviously, there are tax issues and you’ve got the IRS involved,” said Patel. Asked by PYMNTS where U.S.

Regulation 117

Regulation Security Course blockchain 117

FICO

FEBRUARY 27, 2019

“Asia’s reputation for financial probity may take a long time to recover fully and it seems that our region’s bankers agree that we are just at the start of a compliance technology and process overhaul that may take many years to complete,” said Dan McConaghy, president of FICO in Asia Pacific. McConaghy added.

Compliance 45

Compliance Regional Survey Analytics 45

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.

Compliance 81

Compliance Technology Fraud Analytics 81

Tomorrow's Transactions

NOVEMBER 5, 2014

The topic of AML came up time and time again in the discussions around Money2020 in Las Vegas, whether in the sessions about cryptocurrency or remittances or innovation or anything else. According to a KPMG survey, the cost of compliance with anti-money laundering (AML) regulations grew “beyond expectations” for banks last year.

Las Vegas 55

Las Vegas Regulation Analysis Exercises 55

PYMNTS

JANUARY 15, 2021

To get a bit more granular, in an interpretive letter , the OCC said that regulated financial institutions (FIs) can participate in independent node verification networks (INVN for short – namely, a blockchain network). But those same payments mechanisms must be in compliance with various regulatory and legal frameworks.

Regulation 253

Regulation US Payments Compliance 253

PYMNTS

JANUARY 3, 2020

Jens Weidmann, president of Germany’s Bundesbank, is urging banks in the area to find and create alternatives to Facebook’s proposed cryptocurrency Libra. The year 2019 may go down as a landmark in the annals of tax policy. US 2019 Auto Sales Were Lowest In Five Years.

CA 130

CA Lending South Dakota Apple 130

PYMNTS

JANUARY 21, 2021

Janet Yellen, President Joe Biden's nominee for Treasury Secretary, is expected to take a hard stance on cryptocurrencies, calling digital currency a “particular concern” that is used “mainly for illicit financing,” Arstechnica and other news outlets reported on Thursday (Jan. Regulators in the U.S.

blockchain 281

blockchain cryptocurrency Bitcoin Taxes 281

Lex Sokolin

DECEMBER 25, 2019

Further, actually touching client funds immediately makes these apps into regulated custodians or money transmitters or financial advisors, which means a lot of compliance cost for little upside. Certainly, regulators will be asking the same question as the space grows more popular. all Fintech unicorns?—?that Sound familiar? (5)

blockchain 52

blockchain Bitcoin Software Lending 52

PYMNTS

DECEMBER 7, 2017

million in Series A funding, provides blockchain-native accounting, auditing and tax software for blockchain and crypto companies and the financial professionals that service them. There is a huge gap right now, and traditional accounting software doesn’t integrate with blockchains and cryptocurrencies.”.

blockchain 131

blockchain cryptocurrency Software Regulation 131

CB Insights

OCTOBER 26, 2020

This regulation reduced trading profits and created a need to cut costs, spurring investment banks to spin off unprofitable divisions or eliminate them entirely. And across equity research and sales & trading, poor performances and new regulations have led to widespread layoffs as banks have figured out they can do more with less.

Management 78

Management Capital Company Marketing 78

American Banker

DECEMBER 8, 2022

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Report 54

Report Data Taxes Industry 54

Fintech Labs Insights

AUGUST 14, 2015

It was another stellar week for Finovate alums with 6 fundings totaling $123 million: money transfer service Payoneer ($50 mil), AI innovator Kensho ($33 million), tax specialist VATBox ($24 million), , cash-back specialist Mogl ($7.9 VAT tax refund solution . Tags: 500 Startups (accelerator), bitcoin, security, regulation.

New York City 12

New York City Company Fintech New York 12

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.

Fraud 195

Fraud United States Training Policies 195

PYMNTS

JANUARY 26, 2018

The CFPB also announced that in the meantime, it would be providing waivers to banks hit by the implementation deadline so that compliance efforts would not be complicated by rule changes. South Korea is levying heavy duty taxes on trades. That decision drew markedly mixed reactions. . Those fights can be expected to continue. .

Lending 101

Lending Cards Millennials Data 101

American Banker

NOVEMBER 15, 2021

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Report 32

Report Taxes cryptocurrency Compliance 32