For Blockchain Adoption, FIs Have to Solve Compliance First
Bank Innovation
MAY 26, 2017
The next big thing in financial services won’t make it very far off the ground if FIs don’t innovate with an eye towards compliance.
blockchain Compliance Regulation 
U.S. Regulations to Consider When Managing a Cryptocurrency Fund
Perficient
MAY 27, 2022
For those wanting to start their own cryptocurrency fund, it’s important to be well informed about cryptocurrency regulations. Regulatory cryptocurrency regulations are most fluid at the state level. State Regulations. SEC Regulation. Central Bank Digital Currency (CBDC) ).
cryptocurrency 
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5 Startups Rebooting Regulation
Bank Innovation
APRIL 24, 2017
The rise of insurtech is running parallel to the rise of regtech, as financial firms and startups apply artificial intelligence, blockchain, and other technologies to the dizzying world of financial regulation.
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Will AI Lead to Open Banking in North America?
Bank Innovation
APRIL 30, 2018
EXCLUSIVE— As open banking sweeps through Europe with the launch of PSD2, GDPR, and other regulations focused on transparency, North American financial institutions might want to consider looking to blockchain or artificial intelligence for their own compliance challenges.
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The Compliance Beast Of Food Retail Supply Chains
PYMNTS
FEBRUARY 7, 2019
Tightening regulations have introduced loftier compliance burdens to global supply chains, made even more complex and challenging as companies do business with thousands of vendors across borders. The burden of regulatory compliance came to a head in the U.S. regulations, even if a vendor is not in the U.S.
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NYDFS stresses use of blockchain analytics for AML compliance by virtual currency businesses
CFPB Monitor
MAY 3, 2022
On April 28, 2022 the New York Department of Financial Services (“NYDFS”) issued its Guidance on Use of Blockchain Analytics , a document directed to all virtual currency business entities that either have a NYDFS Bitlicense or are chartered as a limited purpose trust company under the New York Banking Law.
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Deep Dive: Cracking Down On Cryptocurrency Exchange Cybercrime With AML/KYC Compliance
PYMNTS
DECEMBER 10, 2020
Thousands of other cryptocurrencies began circulating on crypto exchanges in recent years, such as Ethereum, Monero and Ripple, many of which leverage blockchain technology to serve as a transaction database. Enforcing AML/KYC Compliance At Cryptocurrency Exchanges. in 2015 and a staggering $13,421.44 The same year saw $2.8 or the U.S.,
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Is ‘Embedded Regulation’ The Key To Stablecoins’ Success?
PYMNTS
NOVEMBER 25, 2020
The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Regulators and lawmakers, however, can latch onto digital currency efforts as they must monitor and also supervise such stablecoins. In a paper that debuted Tuesday (Nov. The Value Of CBDC .
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How Visa’s Using Blockchain Tech To Simplify X-Border Payments
PYMNTS
JULY 30, 2019
Differing regulations between sending and receiving countries are challenging to navigate, and cross-border transactions can take up to several days to complete as they are routed through intermediary banks. The collaboration will allow DAML to work with several different blockchain networks, including Hyperledger Fabric and Corda.
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CULedger, IBM To Bring Blockchain-Based Services To Credit Unions
PYMNTS
MARCH 11, 2019
CULedger , a credit union, has inked a partnership with IBM to create blockchain services geared toward credit unions. According to a report in Fintech Futures , the idea behind the project is to use permission-based blockchain technology so credit unions can reach more members that don’t have access to financial services.
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How Do Countries Decide How to Regulate Cryptocurrency?
Bank Innovation
SEPTEMBER 12, 2017
Joshua Klayman, who heads the Blockchain + Smart Contracts Group at International Law Firm Morrison Foerster, points out in an interview with Bank Innovation that, so far, all governments that have issued statements on cryptocurrencies […].
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Bitcoin Daily: Ethereum Protocol Aave Raises $25M; BOE Head Takes Stance Against Bitcoin
PYMNTS
OCTOBER 12, 2020
regulators cracked down on the firm Oct. regulators not coming as a surprise. The round was led by Blockchain Capital, Standard Crypto, Blockchain.com Ventures and more. Mishra said he’d already been seeing the “Wild West”-like nature of the crypto derivatives space, with the new activity from U.S.
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Bitcoin Daily: China Launches Blockchain For Trade Finance, Coinbase Exec Jumps To Stablecoin
PYMNTS
JANUARY 6, 2019
The China Banking Association (CBA) has announced the launch of a blockchain-based platform for trade finance. In other news, Vaishali Mehta, who worked as a senior compliance manager at Coinbase, has left the company to become the head of compliance for TrustToken , which produces the TrueUSD stablecoin. and European markets.
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South Korea Examines Blockchain For Shipping
PYMNTS
DECEMBER 19, 2018
Blockchain has been steadily making inroads in the B2B realm as a way to help boost supply chain transparency and efficiencies. To that end, in South Korea, a number of government ministries are looking into blockchain, eyeing the potential boost distributed ledger technology can give to marine logistics.
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Regulation, Data Management Top Industry Concerns
Bank Innovation
JANUARY 6, 2017
Professionals in the financial services industry are focusing their energy on regulation and data management, according to a survey from consulting firm and technology services provider Synechron.
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Bitcoin Daily: UK Wants Blockchain Rules With US; Figure Completes $150M In Home Loans Using Blockchain
PYMNTS
MARCH 11, 2020
The alliance, a Libra competitor, provides an avenue for developers to create decentralized apps based on Celo blockchain technology as well as U.S. According to reports, the biggest element that sets Celo’s network apart from other blockchains is that Celo Dollar stablecoin payments can be sent to phone numbers instead of complex addresses.
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Bitcoin Daily: Deribit Crypto Exchange Flees Netherlands’ Tight Regulation; Illinois Now Recognizes Blockchain Contracts As Legally Binding
PYMNTS
JANUARY 10, 2020
Deribit , a popular global cryptocurrency options exchange, is moving to Panama in February to sidestep the Netherlands’ upcoming regulation changes on the industry, according to Bloomberg. Illinois’s Blockchain Technology Act went into effect on Jan. In other news, blockchain compliance startup Securrency has received $17.65
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Blockchain Lending Firm Figure Seeks National Bank Charter
PYMNTS
NOVEMBER 6, 2020
Figure says it has already built out the capacity to reduce the time it takes to originate a loan by a significant amount, and has sizably cut expenses in financing, origination, servicing and capital services market execution with blockchain technology. Financial services firm Figure Technologies, Inc. 6) announcement.
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Switzerland Eases Blockchain Firms’ Access To Corporate Bank Accounts
PYMNTS
SEPTEMBER 21, 2018
Switzerland is reportedly exploring ways to make it easier for blockchain companies to open corporate bank accounts as the government moves to prevent those innovators from leaving the country. Experts said blockchain innovators struggling to access the traditional financial services sector have been pushed out because of it.
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Bitcoin Daily: Huobi Group Announces Argentine Crypto Exchange Launch; BIS Research Favors Blockchain Regulation
PYMNTS
SEPTEMBER 17, 2019
In other news, the World Blockchain Initiative (WORBLI) said its protocol eliminates any concerns that a token can be used for illegal activities. Compliance is actually one of the biggest barriers to entry for small businesses in any highly regulated industry,” the company wrote in a blog post.
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Mastercard Outlines Blockchain Principles After Leaving Libra Association
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. We believe in the transformative power of blockchain.
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Gold: Sourced Digitally, Ethically And Via Blockchain
PYMNTS
OCTOBER 1, 2018
In the age of blockchain, all manner of physical assets are making the leap to bits and bytes. Blockchain can track transactions of all sorts and create a connected record — and that blockchain is rapidly cleaving from the cryptocurrency clamor to which it was once inextricably linked. percent pure.
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182 New York Times Posts Blockchain Job
PYMNTS
MARCH 13, 2019
The New York Times newspaper posted a job called “Lead, Blockchain Exploration” on Wednesday (March 13), and later took it down, according to reports. The posting said the organization was looking for someone to “design a blockchain-based proof of concept for news publishers.”.
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The Crypto Brat Pack Just Earned Themselves Regulation
Gonzobanker
NOVEMBER 22, 2022
Well, Gonzobankers, the smart, idealist and self-declared revolutionary crypto kids just bought themselves a future of regulation — intricate, overbearing, and frustrating regulation, and regulation that the market will now demand. The blockchain is here to stay – learn it, know it, live it. What’s Next?
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Report: $50B In Cryptocurrency Moved Out Of China
PYMNTS
AUGUST 21, 2020
While Chinese traders are limited to the purchase of up to $50,000 of foreign currency annually, the volume suggests stablecoins could be being used to circumvent the regulation, according to Chainalysis , the New York-based provider of regulatory compliance software.
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Explaining China’s ICO Ban
Bank Innovation
SEPTEMBER 6, 2017
EXCLUSIVE – China just jumped on the bandwagon of governments regulating ICOs… by banning them. Joshua Klayman, an expert in the legal aspects of blockchain technology, confirms that new regulations are already changing the global cryptocurrency ecosystem. Klayman, a founding partner and head of […].
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Bitcoin Daily: American Express Ventures Invests In FalconX; Malta's Banks Skeptical Of Blockchain
PYMNTS
DECEMBER 16, 2020
Meanwhile, banks in Malta are skeptical of jumping on the blockchain bandwagon, according to Cointelegraph. users to avoid running into potential compliance issues. regulators have not shied away from using long arm jurisdiction to go after exchanges and protocols allowing investments or participation by U.S.
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151 Libra Forces Cryptocurrency Regulators To Reexamine Procedures
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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Crypto Gets A Second Look From Corporate Investors Seeking Yield And Hedge
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. The Pandemic Pop.
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Banks Test KYC App Based On R3’s Blockchain Platform
PYMNTS
JUNE 29, 2018
Through a four-day test of a know-your-customer (KYC) compliance system, a group of 39 participants were able to make 300 transactions in 19 countries with an app from Synechron built on R3’s Corda blockchain platform. Rutter said in a statement.
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152 $20M Real Estate Sale Looks To The Blockchain
PYMNTS
NOVEMBER 28, 2018
Fortune reports that “in the first offering of its kind” blockchain tokens are being used to buy a piece of real estate. It’s been well noted in this space that blockchain advocates state the immutable distributed ledger system allows for efficient and relatively cheaper transfers of assets and information.
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153 The ‘Peril And Promise’ Of Blockchain
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. This balance of optimism and realism is taking over the blockchain space as of late. But the segment also warned to temper the hype with healthy skepticism.
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Bitcoin Daily: Venezuelan Department Stores To Launch Blockchain POS; Blockchain Analysis Firm Debuts Real-Time Fraud Alerts
PYMNTS
AUGUST 23, 2019
Blockchain firm Pundi X has announced that Venezuela’s largest chain of department stores will implement the XPOS, the blockchain-powered point-of-sale device, across its 49 stores around the country. It is the first compliance alerts solution available across 15 cryptocurrencies.
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Blockchain, Ready For Bank Supervision?
PYMNTS
SEPTEMBER 18, 2019
To that end, the Bank for International Settlements (BIS) said in a paper titled “Embedded supervision: how to build regulation into blockchain finance” that distributed ledger technology (DLT) could be a part of bank infrastructure and could be used to automate supervision.
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Bitcoin Daily: IRS Offers $625K For Help Cracking Cryptocurrency Secrecy; Kuala Lumpur's IBF Net Eyes Blockchain For Recurring Payments
PYMNTS
SEPTEMBER 14, 2020
French multinational auto manufacturer Groupe Renault is looking to revolutionize compliance of vehicle parts via blockchain, a press release says. The new program, entitled XCEED (eXtended Compliance End-to-End Distributed) blockchain program, will cover the entire process of compliance from design to production, the release says.
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160 PayCommerce Taps Dow Jones For Compliance Boost
PYMNTS
JUNE 1, 2017
Cross-border B2B payments company PayCommerce is strengthening its compliance position through a new partnership with Dow Jones. PayCommerce said Wednesday (May 31) that it is working with Dow Jones Risk & Compliance to add enhanced screening and compliance features to its global corporate payments offering.
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Cryptocurrency Exchanges Turn To Mobile Verification To Stop AML
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. Some exchanges even deliberately avoid having KYC systems by obfuscating their country of origin to make it harder for regulators to impose national compliance guidelines.
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The Architecture of Stablecoins
Perficient
JUNE 10, 2022
One of the greater concerns, in both the crypto community as well as financial regulators and government, is the value stability of the crypto asset. Regulators must therefore balance the need for stability and regulatory control with the need to allow innovation in the crypto marketplace. Separability. Stablecoin Issuer. Stablecoin.
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A Look Inside Switzerland’s Plans To Bank Crypto Businesses
PYMNTS
OCTOBER 18, 2018
The global regulatory framework of cryptocurrencies and blockchain remains either fragmented, vague or simply nonexistent. However, Swiss officials recently took steps to get ahead of the regulatory uncertainty surrounding the world of blockchain, focusing on a particularly large hurdle for companies in the industry.
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213 Blockchain Tracker: How Blockchain Tech Is Evolving Financial Services
PYMNTS
MAY 26, 2017
The latest technological finance breakthrough, blockchain technology, has been a slow burn over the past eight years, since 2009 when it popped up as the power behind bitcoins. With the various advances in technology, many issues have come to light from the use of blockchain. years away) if blockchain technology were implemented.
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Decoding The Alphabet Soup Of Compliance
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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Getting Accountants Ready For The Potential Of A Blockchain Future
PYMNTS
DECEMBER 7, 2017
Blockchain and crypto companies may be operating with cutting-edge technology, but in the back-office, accounting and bookkeeping strategies are stuck in the stone age. There is a huge gap right now, and traditional accounting software doesn’t integrate with blockchains and cryptocurrencies.”. Libra, which recently announced $7.8
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131 Potential $20M Real Estate Sale Looks To The Blockchain
PYMNTS
NOVEMBER 27, 2018
Fortune reports that “in the first offering of its kind,” blockchain tokens are being used to buy a piece of real estate. It’s been well-noted in this space that blockchain advocates state the immutable distributed ledger system allows for efficient and relatively cheaper transfers of assets and information.
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The top 10 2022 AML resources for financial crime fighters
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. . This whitepaper explains the basics of crypto and blockchain technology.
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