Banking Exchange

JANUARY 18, 2022

Pseudo-anonymity and decentralization are main characteristics of cryptocurrencies Compliance Compliance Management Compliance/Regulatory Feature3 Feature Bank Performance Cryptocurrency Bitcoin Blockchain Cyberfraud/ID Theft Security.

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PYMNTS

SEPTEMBER 12, 2019

Facebook’s Libra project has renewed focus on how cryptocurrencies are regulated, with current rules on the sector patchy and varying from country to country. The Cost of Compliance. The projected 2020 cost of AML compliance across all U.S. financial institutions (77 percent) for AML compliance.

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Bank Innovation

OCTOBER 12, 2017

The People’s Republic of China will likely re-legalize cryptocurrency trading, ending its nation-wide ban on crypto exchanges from early September, as reported by cnLedger, a well-known source on cryptocurrency news in China.

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Perficient

MAY 25, 2023

PEC was approved as a special purpose broker-dealer (“SPBD”) for digital asset securities. The approval allows Promethium to custody digital asset securities on behalf of both retail and institutional clients. The significance of this is two-fold.

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Bank Innovation

FEBRUARY 6, 2018

EXCLUSIVE – When it comes to cryptocurrencies and Initial Coin Offerings (ICOs), it seems that the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have their work cut out for them to balance technological innovation with protecting investors.

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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 […].

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Bank Innovation

OCTOBER 16, 2017

Russian Minister of Communications and Mass Communications Nikolai Nikiforov has announced that the Russian state will “quickly” issue its own cryptocurrency, called the “CryptoRuble,” as reported by the Russian publication AIF.

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Bank Innovation

SEPTEMBER 25, 2017

Even after shutting down dozens of bitcoin exchanges and banning bitcoin executives from leaving its borders, the“mouthpiece” for the People’s Bank of China, Financial News, published an article declaring that Beijing should “accelerate the process of launching a digital currency after it curbed the risks of [en]cryptocurrencies.”

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Abrigo

JULY 13, 2023

Avoid fraud losses from pig butchering scams FinCrime professionals looking to prevent pig butchering scams in the age of cryptocurrency can follow these steps to tighten security. Today’s pig butchering scams usually involve investment schemes and cryptocurrency fraud. Would you like other articles like this in your inbox?

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PYMNTS

JULY 30, 2019

Blockchain-based payment system PumaPay has announced the launch of a new cryptobilling solution which has secured PCI (payment card industry) compliance. Lawmakers said that the reason for the exclusion was to prevent the disappearance of cryptocurrencies from the local economy and interfere with innovation.

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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.

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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.

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PYMNTS

JULY 15, 2020

with an app and debit card, is expanding its range of services into the realm of cryptocurrency trading with a big assist from Paxos. According to New York-based Paxos, the API-based solution is designed to enable companies to “integrate cryptocurrency buying, selling, holding and sending capabilities into their own applications.”.

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PYMNTS

NOVEMBER 29, 2018

MovieCoin aims to deploy blockchain, smart contract and cryptocurrency technologies in a wide range of use cases, all geared toward the global movies and entertainment market — one that Grand View Research recently estimated to be worth nearly $1.15 trillion by 2025.

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Bank Innovation

APRIL 27, 2018

EXCLUSIVE - Technology services provider Synechron launched a regtech program focused on helping its financial services clients on regulatory compliance issues. The program, which Synechron refers to as its Regtech Accelerator Program, went live yesterday.

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PYMNTS

SEPTEMBER 6, 2018

Compliance and risk? Automating that compliance is now a “need to have.”. Take cryptocurrencies, for instance. Compliance and risk officers have the unenviable task of finding out, sometimes after the fact, that not all the boxes are checked — if they even knew the boxes were there for checking in the first place.

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PYMNTS

JUNE 27, 2018

Digital money platform Uphold announced that it has reached an agreement to acquire New York Stock Exchange member JNK Securities Corp. If the deal is finalized, Uphold’s compliance footprint will be expanded, as well as its customer base and service offering.

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Bank Innovation

SEPTEMBER 26, 2017

Several banks in Singapore have closed the accounts of an estimated 10 firms specializing in cryptocurrency and payments services.

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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

DECEMBER 29, 2020

Securities and Exchange Commission ( SEC ) has prompted Coinbase to suspend all XRP trading. Paul Grewal , chief legal officer of the cryptocurrency trading platform Coinbase, said in a press release that trade limits went into effect on Monday (Dec. billion “through an unregistered, ongoing digital asset securities offering.”.

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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.,

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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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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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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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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

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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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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PYMNTS

AUGUST 16, 2020

The bill originally set out to distinguish digital assets from securities. In other news, the Association of Cryptocurrency Enterprises and Start-ups Singapore ( ACCESS ) has rolled out an official Code of Practice, to help standardize the industry and aid players in meeting regulatory compliance, according to a press release.

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PYMNTS

OCTOBER 13, 2016

Regulation and compliance can be a tough space for many to wrap their heads around. As technology advances, the threat to digital security and identity protection becomes greater, forcing regulations to quickly adapt. Compliance Decoded. Why Compliance Is Going Social.

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The Paypers

JANUARY 31, 2019

(The Paypers) Gemini , a cryptocurrency exchange and custodian, has passed a security compliance review conducted by “Big Four” auditing company Deloitte , according to CoinDesk.

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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 This includes $2.8 by Sebastian Hetzler.

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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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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

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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PYMNTS

JANUARY 25, 2019

Chainalysis unveiled an anti-money laundering (AML) compliance solution for stablecoins called Know Your Transaction (KYT), the company said in an announcement. The product seeks to track stablecoins through every transaction, with the inclusion of redemption and issuance.

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PYMNTS

OCTOBER 16, 2019

Mastercard has outlined its intentions with blockchain after its high profile exit from the Libra Association, a coalition of many successful companies meant to help guide and foster oversight of Facebook’s proposed cryptocurrency. The company said that a good portion of the 2,600 cryptocurrencies available right now don’t do that at all.

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Payments Source

APRIL 25, 2018

When regulators recognize ICOs as securities offerings, they will likely require issuers to fully comply with standard Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, increasing compliance pressure, according to Ron Teicher, CEO of EverCompliant.

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