Perficient

SEPTEMBER 16, 2022

To counteract and minimize such risks, the Fed’s Supervisory Letter required that prior to engaging in any crypto-asset-related activity, a supervised banking organization must first ensure such activity is legally permissible and determine whether any filings are required under applicable federal or state laws. The Home Owners’ Loan Act.

Compliance 275

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PYMNTS

NOVEMBER 19, 2019

Cryptocurrency risk management platform TRM Labs announced that it has raised $4.2 Founded in 2018, TRM helps financial institutions across the US, Latin America, Asia and Europe to measure, monitor and mitigate their cryptocurrency risk exposure, enabling them to simplify customer due diligence and meet regulatory requirements.

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PYMNTS

MARCH 29, 2019

It isn’t known if the partnership will include cryptocurrency or not, especially since the Reserve Bank of India (RBI), the country’s central bank, issued a statement saying it wouldn’t support the digital currency. Regardless of its position on cryptocurrency, the country is very pro-blockchain.

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Bobsguide

APRIL 7, 2022

London (5 April 2022): TS Imagine , the leader in trading, portfolio and risk management solutions for capital markets, today announces that it has successfully integrated with crypto platform Gemini. Gemini is a platform that allows customers to buy, sell, store, and earn cryptocurrencies like bitcoin, ether, and DeFi tokens.

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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. At the same time, all top US banks now have customers transacting in cryptocurrency through virtual asset service providers (VASP’s).

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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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FICO

APRIL 19, 2021

Last month, too, JPMorgan Chase launched a structure note offering to give clients a way to gain exposure to Bitcoin and other cryptocurrencies. In an interesting choice of words, Forbes refers to the offering as a potential “gateway drug,” presumably to direct cryptocurrency investing. And with that comes regulation.

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Bobsguide

JUNE 25, 2022

New York, 23 June 2022: TS Imagine , a global leader in trading, portfolio and risk management solutions for capital markets, has successfully connected with Coinbase Prime, the prime broker for digital assets, to offer institutional clients a fully regulated path to trade cryptocurrencies. About TS Imagine.

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PYMNTS

FEBRUARY 15, 2018

He said that in his own state of Washington, state regulators have been looking at those issues for some time to determine the possibility of some sort of reciprocity or sharing of information. “It The pilot being run with those initial seven states will provide some answers for how state regulators can streamline the process.

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Abrigo

AUGUST 19, 2022

Joint s tatement emphasizes understanding a customer’s risk profile for BSA/AML An individualized, risk-based CDD approach is best when it comes to creating your BSA program protocols. You might also like this webinar, "Balancing compliance risk & reward with high-risk businesses." Record-keeping.

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Abrigo

DECEMBER 19, 2022

Checklists, guides, and more to help you and your AML-CFT staff Thousands of FinCrime professionals have accessed these guides, checklists, and other resources produced in 2022 by Abrigo's team, which includes former bankers, BSA officers, and regulators. . Would you like other articles like this in your inbox? From crypto to cannabis.

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PYMNTS

JANUARY 13, 2021

The OCC conditionally approved the charter, meaning Anchorage had to agree to comply with certain capital and liquidity requirements, as well as the OCC’s risk management rules, the release stated. The clarity of being regulated by the oldest regulator for banks in the United States … sends a very clear message.”.

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PYMNTS

MARCH 7, 2018

Japan’s Financial Services Agency is sending what Reuters terms “administrative punishment notices” on several of the nation’s cryptocurrency exchanges and some may be forced to suspend operations, the newswire reported , citing Nikkei’s business daily.

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PYMNTS

JUNE 18, 2020

This raises the necessity of increased regulation of digital money,” he said, per the outlet. Kellermann said there has been a rise in the instances of thefts and hacks at cryptocurrency exchanges. He noted that a number of payment technologies and digital currencies provide real anonymity or some degree of it.

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PYMNTS

DECEMBER 9, 2020

Gangs in Latin America are increasingly turning to cryptocurrency to operate illegal trades of drugs, guns, sex and people, Reuters reported. Additionally, institutional customers of crypto lending platform BlockFi can now use bitcoin as collateral in risk-managed loan agreements executed on Fidelity Digital Assets, the release stated.

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PYMNTS

MARCH 12, 2018

As cryptocurrencies fuel discussions on forums and news websites, a new version of a Thomson Reuters Corp tool will capture online chatter around bitcoin. Last Thursday (March 8), bitcoin slid again by 7 percent over a 24-hour period as regulators cracked down on cryptocurrency exchanges.

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Abrigo

FEBRUARY 25, 2022

Codified risk-based approach The AMLA codified the risk-based approach for the first time, and a thorough risk assessment is necessary to justify businesses to your regulators. ?As While FinCEN has provided no specific, written regulations yet, more clarification is expected soon.?

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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

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. As a licensed exchange, BitBay has to follow the market standards.

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Abrigo

FEBRUARY 15, 2023

From a transaction-monitoring perspective, the risk and fraud departments should look for rapid transfers between accounts, money mule activity, and transactions with no reasonable explanation for action or source of funds. Institutions should also monitor virtual currency or cryptocurrency transactions for unusual activity.

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CFPB Monitor

AUGUST 1, 2022

On July 18, the Federal Housing Finance Agency (“FHFA”) announced the launch of a new Office of Financial Technology with the goal of advancing effective risk management as it evaluates fintech developments in the housing finance space.

Financial Technology 78

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CFPB Monitor

NOVEMBER 29, 2021

Federal banking regulators have been busy in this space. President’s Working Group on Financial Markets, which delineated perceived risks associated with the increased use of stablecoins and highlighted three concerns: risks to rules governing anti-money laundering (“AML”) compliance, risks to market integrity, and general prudential risks.

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PYMNTS

NOVEMBER 25, 2019

To that end, in France a number of media enterprises — ranging from the APIG press alliance, which represents dozens of national and regional papers, to AFP and the union of magazine editors — have filed complaints with EU regulators over copyright laws. In Japan, Crypto Scrutiny.

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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. ” Technological Troubles.

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PYMNTS

JUNE 22, 2018

Our management and all employees are united in our understanding of how serious these issues are, as well as how serious we are in responding to them,” bitFlyer said on its website. “In The exchange also clarified that the order was only directed at bitFlyer Japan — and not its entities in Europe or the U.S. —

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Alex Jimenez

NOVEMBER 4, 2023

Regulation and Compliance: Not one of the more exciting topics, but there seems to be a growing emphasis on FinTech regulation and compliance, particularly around industry stability and consumer protection. Two years ago, the buzz was all about cryptocurrency and blockchain/DLT. The application of AI was highlighted many times.

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Insights on Business

DECEMBER 19, 2018

FINRA and other regulators have informed firms of their expectation to adopt practices of “heightened supervision” to isolate high-risk brokers and activities, including those who have previously committed financial crimes. Heightened supervision expands the aperture. Join the discussion.

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PYMNTS

JUNE 20, 2019

The last thing that anyone wants to hear in almost any financial organization is that the people tasked with risk management is feeling less than fully confident about their ability to actually do that job — because they aren’t sure if their data is good.

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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 January 2021 Operating Agreement .

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CFPB Monitor

AUGUST 23, 2022

1828(a)(4), and its implementing regulation, 12 C.F.R The FDIC also alleges that FTX is identified as an “FDIC-Insured” cryptocurrency exchange on other websites, including Cryptosec.info, which also received a cease and desist letter. According to the FDIC’s press release , “[b]ased upon evidence collected., Part 328, Subpart B.

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PYMNTS

JUNE 27, 2016

“Over the past few years, the rise of new financial marketplaces, globalized eCommerce, cross-border payments, international remittances, and cryptocurrencies have become significant opportunities for banks,” Caldera wrote in a recent report. The regulations were vague, and were more like guidelines.

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FICO

JUNE 1, 2023

Thu, 06/01/2023 - 09:03 Saxon Shirley by TJ Horan Vice President, Product Management expand_less Back to top Thu, 06/01/2023 - 09:00 Up until just a few years ago, artificial intelligence (AI) was something you mainly heard about in movies like 2001: A Space Odyssey , Terminator and Chappie. Is ChatGPT the Weight Loss Wonder Drug of AI?

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FICO

DECEMBER 23, 2020

It has also opened new doors for criminals, who have rushed to exploit the uncertainty in a pandemic world and devised new money laundering and terrorist financing schemes by taking advantage of loopholes in the regulations, new ways of working aided by advances in technology, and electronic payment innovations.

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Gonzobanker

DECEMBER 14, 2023

Meanwhile, technology changes continued at a breakneck pace, with generative AI the biggest topic around management tables. Importantly, Huntington has continued to focus on digital investments and its strong legacy of product management to remain a progressive regional bank. The Bank Regulator Working for Merchants Award!

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FICO

MARCH 6, 2020

I also manage the partner channels and programs for our financial crime compliance solutions. In 2014, I joined Tonbeller as Head of Sales & Channel Operations and became Management Board member shortly thereafter. FICO brings AI and advanced analytics to risk management, fraud detection, collections and much more.

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American Banker

MARCH 12, 2023

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Independent Banker

NOVEMBER 25, 2015

Meanwhile new competitors regularly emerge, including person-to-person facilitators such as digital wallet provider Venmo, crowd-funding loan provider Lending Club and real-time cryptocurrency settlement company Ripple. FinTech customers have no idea they are exposing themselves to identity and financial risk. Siphoning customers.

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