Perficient

DECEMBER 27, 2023

This particular scam involves criminals building trust with victims in digital relationships before persuading them to invest in cryptocurrency platforms, ultimately leading to financial losses. Other, traditional financial crime risks, especially fraud, continue to demand banks’ vigilance.

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PYMNTS

JULY 8, 2019

and compliance teams would manually check onboarding customers to make sure their records were clear. Wiping out the manual process and handling compliance in an automated fashion can propel companies forward,” Meier said. A client who passed through compliance checks on day one might not be compliant on day 500, for example.

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PYMNTS

JANUARY 28, 2020

10, with new regulations for cryptocurrencies, wallets and exchanges. Some operators said no way, moving to countries with more relaxed rules, or simply shuttering. Customer security and rigorous AML/KYC compliance are shaping up to be an amalgam of better systems, stricter procedures and a multi-layered safety approach to payments.

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PYMNTS

DECEMBER 26, 2019

Chinese technology company Tencent has announced it’s going to start researching cryptocurrency and its implications for an ongoing project in blockchain, according to reports. Tencent is also currently looking for a leader of the research group. The apps must comply by Dec.

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PYMNTS

APRIL 29, 2020

The volatility of cryptocurrencies and their existence in what’s often a grey area of regulatory compliance make businesses operating in this sector an unattractive target for traditional financial institutions. FIs themselves struggle with fully understanding how this industry operates, too. As Karalevi?ius

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Perficient

OCTOBER 24, 2024

As noted at the time by the OCC, advances in computing capacity, increased data availability, and improvements in analytical techniques have significantly expanded opportunities for banks to leverage AI for risk management and operational purposes. Co-pilots: Software supported and enabled traders to operate more efficiently and swiftly.

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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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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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Perficient

MAY 25, 2023

First, as digital asset securities, should the SEC classify digital assets such as cryptocurrencies and NFT as securities rather than derivatives, Promethium will be well positioned to offer the related custody services. The approval allows Promethium to custody digital asset securities on behalf of both retail and institutional clients.

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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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PYMNTS

APRIL 13, 2018

Intense industry hype and alarming cryptocurrency volatility have led regulators the world over to perk up their ears to the growing number of cryptocurrency exchanges. The company’s business model as a cryptocurrency exchange operator means the company takes the position that some digital assets are securities.

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PYMNTS

OCTOBER 12, 2020

BitMEX has announced a new Chief Compliance Officer in Malcolm Wright, who will serve in the role for 100x Group, which operates HDR Global Trading Limited, which runs BitMEX. Bank of England governor Andrew Bailey said he doesn’t see the value of Bitcoin as a mode of payment, cautioning it as a legitimate use, Reuters reports.

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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

SEPTEMBER 10, 2019

Netki announced that it has upgraded its digital identity service so that cryptocurrency firms can meet AML recommendations by the Financial Action Task Force (FATF) for fighting money laundering. In other news, crypto trading platform BitMEX has lost its chief operating officer (COO).

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PYMNTS

JANUARY 1, 2021

Indian FinTech Cashaa and the country's United Multistate Credit Cooperative Society teamed up to launch what they say is the world's first cryptocurrency bank branch through a joint-venture bank called Unicas, according to a release. The operation also will provide traditional banking services, according to the backers.

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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.

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PYMNTS

DECEMBER 2, 2020

Facebook's cryptocurrency project on Tuesday (Dec. Diem Networks will operate the actual payments system, which will oversee a new currency called the Diem Dollar. Diem Networks will operate the actual payments system, which will oversee a new currency called the Diem Dollar. Goodbye Libra and hello Diem.

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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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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

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

OCTOBER 13, 2020

And, while terrorist use of cryptocurrency is still evolving, certain terrorist groups have solicited cryptocurrency donations running into the millions of dollars via online social media campaigns.”. billion of cryptocurrency reportedly was lost to theft or fraud – double that of the previous year.

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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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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. But this trend toward crypto doesn’t stop there.

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Perficient

SEPTEMBER 16, 2022

The letter highlighted mandatory compliance with the following federal regulations: The Bank Holding Company Act. These systems, risk management, and controls must cover: Operational risk , including: the risks of new, evolving technologies, the risk of hacking, fraud, theft, the risk of third-party relationships). Financial risk.

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Abrigo

DECEMBER 19, 2022

Given the demands of day-to-day duties, however, it can be challenging for BSA officers and other financial crime compliance staff to find time for training and education on fraud and money laundering. The whitepapers, checklists, and guides cover everything from regulatory guidance to operational considerations.

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PYMNTS

DECEMBER 9, 2020

Cryptocurrency platform startup Circle has overhauled its network to advance mainstream trading, while its stablecoin USDC has surpassed three billion in circulation, growing by nearly 500 percent in 2020. “At

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Payments Source

MARCH 8, 2018

Japan’s financial regulator ordered further improvements at embattled cryptocurrency exchange Coincheck Inc. and penalized six others, including one operated by publicly listed GMO Internet Inc.

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PYMNTS

JULY 24, 2020

with an app and debit card, expanded into cryptocurrency trading with Paxos Trust Co., Last week, Revolut, which recently debuted in the U.S. the New York-based settlement platform.

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PYMNTS

SEPTEMBER 2, 2019

Although regulation could make it hard for some crypto firms to continue operations, Murray said it’s not the BSA’s job to accommodate everyone. The testimony further stated that cryptocurrency regulations could be strengthened by creating a new class of financial institution: virtual asset transaction validators. financial system.

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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.

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Payments Source

APRIL 17, 2018

New York Attorney General Eric Schneiderman asked 13 cryptocurrency exchanges for detailed information about their operations as part of a "fact-finding inquiry.".

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Abrigo

DECEMBER 28, 2022

Cybercrime, sanctions compliance, and cryptocurrency troubles are bound to be trends for anti-money laundering/countering the financing of terrorism (AML/CFT) and fraud professionals to track in the coming months. Those read most often in the past year include several that offer practical advice for operating AML and fraud programs.

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Banking Exchange

OCTOBER 14, 2019

Banks should not learn the wrong lessons, however Payments Technology Risk Management Financial Trends Cards Online Mobile Security Checks/Remote Deposit Capture Tech Management Operational Risk Compliance/Regulatory Cyberfraud/ID Theft Blockchain Fintech Feature Feature3.

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PYMNTS

SEPTEMBER 18, 2020

Merchants using a qualified debit card can schedule card receivables payouts and apply that cash toward inventory, bill pay and other requirements to continue operating and survive through the volatility. “In The company is using Visa 's Visa Direct solution, which wields Visa's card rails to push funds to debit cards.

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PYMNTS

JUNE 2, 2020

In the first five months of the year, cryptocurrency thefts, hacks and frauds totaled $1.4 Crypto intelligence company CipherTrace’s “ Spring 2020 Cryptocurrency Anti-Money Laundering and Crime Report ” revealed the thefts have escalated in the wake of the COVID-19 pandemic and ensuing global economic crisis. On average, U.S.

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PYMNTS

SEPTEMBER 29, 2020

Jumio said it plans to integrate Beam’s AML screening and transaction monitoring services into its KYX platform to help flag financial crime and streamline regulatory compliance. The Palo Alto-based firm on Tuesday (Sept. The announcement comes on the heels of Jumio’s Sept.

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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.” It makes the “suggestion” to confer first with the OCC before onboarding any cryptocurrency clients. The key phrase above is “any lawful business.”

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