Compliance, cryptocurrency and Risk Management

U.S. Regulations to Consider When Managing a Cryptocurrency Fund

Perficient

MAY 27, 2022

However, in this blog, we will discuss the regulatory landscape surrounding cryptocurrency from an asset manager or fund manager perspective. For those wanting to start their own cryptocurrency fund, it’s important to be well informed about cryptocurrency regulations. Central Bank Digital Currency (CBDC) ).

cryptocurrency

cryptocurrency Regulation Management Bitcoin

AI Regulations for Financial Services: OCC

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.

Regulation

Regulation Risk Management Compliance Fraud

6 Digital Banking Trends for 2025

Perficient

FEBRUARY 27, 2025

The rise of digital banking, cryptocurrency, blockchain, and AI adoption across banking operations will prompt regulatory bodies to implement clearer frameworks and guidelines to ensure stability and consumer protection. Recommended Approach: Navigating constant changes in risk and regulatory environments is crucial for banks in 2025.

Banking Trends

Banking Trends Trends Digital Banking Customer Experience

Webinars

Book of Secrets on the Month-End Close

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Fraud typologies all financial institutions should know

Abrigo

FEBRUARY 28, 2025

Investment schemes : Investment scams lure victims with promises of high returns and little to no risk, only to steal their money. Variations include: Pig butchering scams Scammers build relationships with victims through social media or dating apps, persuading them to invest in cryptocurrency or other financial opportunities.

Fraud

Fraud social media Training Community

Everything You Need to Know About Crypto

Speaker: Ryan McInerny, CAMS, FRM, MSBA - Principal, Product Strategy

Cryptocurrency and non-fungible tokens (NFTs) - what are they and why should you care? With 20% of Americans owning cryptocurrencies, speaking "fluent crypto" in the financial sector ensures you are prepared to discuss growth and risk management strategies when the topic arises.

cryptocurrency

Wells Fargo Invests $5M In Blockchain Analysis Startup Elliptic

PYMNTS

FEBRUARY 13, 2020

The funding will enable Elliptic to expand across Asia and collaborate with financial institutions for an increased understanding of the cryptocurrency ecosystem. Elliptic, founded in 2013, has become known for cryptocurrency platform tools that help find and block illicit transactions.

Analysis

Analysis blockchain Risk Management cryptocurrency

Geolocation Puts A Pin In Anti-Fraud Solutions

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.

Fraud

Fraud Compliance cryptocurrency Security

Federal Reserve Issues Supervisory Letter on Crypto Activities for Banks

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. Financial risk.

Compliance

Compliance Risk Management System Regulation

Facebook Wants Engineers And Researchers For Blockchain Team

PYMNTS

DECEMBER 10, 2018

Facebook already has about a dozen people working on blockchain and cryptocurrency. Facebook CEO Mark Zuckerberg has been vocal about his support of cryptocurrency and blockchain, and the potential to use them to “take power from centralized systems and put it back into people’s hands.”.

blockchain

blockchain social media cryptocurrency Risk Management

IdentityMind Integrates With CipherTrace

PYMNTS

SEPTEMBER 30, 2018

1) that IdentityMind’s pioneering compliance, risk management and fraud prevention platform has integrated CipherTrace ’s digital currency risk assessment technology. Working together with CipherTrace, we bring transparency, integrity and compliance to the world of virtual currencies.”.

Compliance

Compliance cryptocurrency Risk Management Fraud

TRM Labs Raises $4.2M In Funding Led By PayPal Ventures

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.

cryptocurrency

cryptocurrency Risk Management blockchain Capital

Transactions: Banks select solutions from Chainalysis, Temenos and Teslar Software

BankInovation

MARCH 23, 2022

Cross River Bank announced Wednesday that it will use blockchain data company Chainalysis for cryptocurrency compliance. The $5 billion bank will integrate Chainalysis’ real-time transaction compliance platform, investigations technology and risk management software into its existing crypto build.

Software

Software Risk Management Compliance cryptocurrency

OCC announces national banks and federal savings associations can provide custody services for crypto assets

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.

National

National cryptocurrency Risk Management Regulation

Bitcoin Daily: Caymans Introduce Digital Asset Regulatory Framework; Reserve Bank Of Australia To Test CBDC; Huobi Expands Support For Visa And Mastercard

PYMNTS

NOVEMBER 2, 2020

During phase one, VASPs will have to demonstrate their compliance with these standards, according to the release. And, Huobi Group expanded its support for cryptocurrency purchases via Visa and Mastercard on Huobi Global , its digital asset exchange, now allowing cardholders to access a seamless fiat-to-crypto gateway.

Bitcoin

Bitcoin Policies Groups cryptocurrency

OCC Comptroller Offers Regulatory Guidance Toward AI

Perficient

JUNE 25, 2024

Learning from history, he referenced the lack of regulatory controls in derivatives and financial engineering before the 2008 financial crisis, and more recently, the unregulated growth of cryptocurrencies leading to the “Crypto Winter” of 2022.

Case Study

Case Study Risk Management Analysis Innovation

The top 10 2022 AML resources for financial crime fighters

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. A strong culture of compliance should be reflected in MA& plans, and critical areas should be considered. From crypto to cannabis.

Resources

Resources Training Fraud Compliance

Financial Crime: Technology can Transform Compliance

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

Compliance Technology Fraud Analytics

Regulators to Banks: Crypto Is a Contagion Risk

Banking Exchange

JANUARY 6, 2023

Regulators have started 2023 with warnings surrounding investment in crypto for banks Risk Management Feature Feature3 Blockchain Bitcoin Cryptocurrency Digital Compliance Compliance/Regulatory.

Regulation

Regulation Risk Management Compliance Bitcoin

Elliptic Raises $60M To Enhance Its Blockchain Analytics And Enterprise-Grade Compliance And Transaction Monitoring Tools

CB Insights

OCTOBER 13, 2021

Elliptic , an AI-enabled cryptocurrency surveillance service provider, has raised $60M in a Series C. UK-based Elliptic captures the blockchain sector’s analytical data to provide anti-money laundering and risk resiliency services to fintech firms, government agencies, and cryptocurrency organizations. Want the full post?

Analytics

Analytics Compliance blockchain Tools

Bitcoin Daily: BitBay Will No Longer Support Monero’s XMR; Bitcoin ATMs Coming To More Shopping Malls

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.

Bitcoin

Bitcoin ATM Risk Management Compliance

CEO Davies Exits Revolut After One Year

PYMNTS

JULY 27, 2020

Australia and Singapore … rolling out Revolut’s banking operations in Europe … strengthening risk management and compliance … multiple new product launches … $580m in new equity … and customer base up around 2.5x!” On July 15, Revolut began offering customers a way to buy cryptocurrency.

United States

United States Leadership Risk Management California

What to Expect in 2022: BSA/AML Regulatory Hot Topics

Abrigo

FEBRUARY 25, 2022

Overall, banks, credit unions, and NBFIs should modernize their BSA/AML programs with appropriate risk-based innovative solutions to streamline those processes and use resources efficiently and effectively. 10 NBFI AML Compliance Essentials. According to a 2021 Crypto Crime Report ? Learn More. BSA Rules and Regulation. BSA Training.

Regulation

Regulation Policies Compliance Washington

Mastercard and Visa Latest Companies To Step Back From Cryptocurrency

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.

cryptocurrency

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OCC targets BSA/AML compliance by Anchorage Digital Bank – only 15 months after granting bank charter to the crypto custodian

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.

Compliance

Compliance Digital Banking Training South Dakota

FinCEN’s AML/CFT Priorities: A risk assessment perspective

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. This checklist can help.

Fraud

Fraud United States Training Trends

What does risk-based CDD mean for your BSA program?

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." keep me informed.

ATM

ATM Regulation Fraud Policies

How to Protect Your Bank from Cryptocurrency Risks

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).

cryptocurrency

cryptocurrency How To blockchain Analysis

AML/KYC’s Data Confidence Crisis

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.

Data

Data cryptocurrency Regulation Compliance

Our 7 Questions to Prevent Bad Bank Technology

South State Correspondent

MAY 9, 2022

Technology platforms around cryptocurrency, student loans, or financial education may be cool and cheap. We all say the customer comes first, but our actions around innovation often put cost, compliance, or our present way of doing business first. Banks have limited resources and must carefully choose their projects and priorities.

Technology

Technology Customer Experience Data Training

Trade Disputes, Fraud Aren’t Treasurers Biggest Concerns

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. Most also said payments management is the most time-consuming process, followed by cash forecasting.

Fraud

Fraud Survey Taxes Regulation

Federal banking agencies Issue “Crypto Asset Roadmap” for 2022 guidance; OCC confirms prior interpretive letters on crypto (but adds no-objection requirement)

CFPB Monitor

NOVEMBER 29, 2021

The 2022 clarity promised by the “roadmap” presumably will supersede, once issued, Interpretive Letter #1179, which appears to function as a general stop-gap until the 2022 publications hopefully provide more detail regarding exactly how banks can attain compliance. Federal banking regulators have been busy in this space.

Compliance

Compliance cryptocurrency Regulation FDIC

Making The (High) Risk Worth The Reward

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. Not if you ask Jose Caldera, IdentityMind Global’s VP of Product.

Regulation

Regulation Guidelines Risk Management Operations

Financial crime in finance: Unlocking communications to find hidden risks

Insights on Business

DECEMBER 19, 2018

In addition, the Federal Reserve and a host of other regulators have released guidance on not only how to address the opportunities of artificial intelligence in financial crime as well as risk management, but what is expected once they look to apply innovative technologies. Heightened supervision expands the aperture.

Regulation

Regulation Innovation Risk Management Compliance

Canadian Fintech Market Map

CB Insights

NOVEMBER 21, 2019

This subcategory includes companies enabling the trading, storing, and/ or usage of cryptocurrencies, but excludes companies working on cryptoassets unrelated to financial services (e.g. For example, KNØX Custody (disclosed equity funding of US $6.2M) provides insured cryptoasset and cryptocurrency custody solutions. Capital markets.

Fintech

Fintech Marketing US Technology

Fed's Barr: No evidence of political debanking

American Banker

FEBRUARY 18, 2025

The Federal Reserve's top regulator said banks drop customers they see as too risky, and anti-money-laundering actions are "just straight-up-the-middle risk management and banking."

Risk Management

Risk Management Regulation Management Policies

Financial Crime Predictions 2021: More AI & Ransomware

FICO

DECEMBER 23, 2020

We predict that regulators will continue to emphasize financial crimes compliance by looking to close the gaps in existing frameworks and regulations. So will high-risk products/services such as correspondent banking and trade finance transactions. A number of proposed bills are also with law makers on Capitol Hill.”.

Compliance

Compliance Regulation Data Risk Management

2023 Money 20/20 USA Recap

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.

Conference

Conference Meeting Trends Fintech

The Role of Data in Managing Fraud and Financial Crime Today

FICO

JUNE 23, 2022

Already, 42% of the respondents (which comprised 26 compliance and AML executives) had some level of info and data sharing between fraud and AML, another 50% said they were likely to do this in next one to two years. Have lunch with your counterpart in fraud or compliance. Go to lunch,” I said. TJ holds a B.S.

Fraud

Fraud Management Data Analytics

Utah’s new regulatory sandbox

CFPB Monitor

JUNE 11, 2019

While Arizona’s law does not specifically mention blockchain technology, the State’s AG has said “certain blockchain or cryptocurrencies products or services might also be eligible.”. Further, neither Utah nor Arizona may exempt participants from compliance with federal laws and regulations.

Utah

Utah Arizona Innovation Regulation

One in 10 community banks planning to launch crypto services

ABA Community Banking

SEPTEMBER 29, 2022

Insights from the 2022 Federal Reserve/CSBS survey of community banks. The post One in 10 community banks planning to launch crypto services appeared first on ABA Banking Journal.

Community Bank

Community Bank Community Survey Risk Management