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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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. Cloud-based KYC activities were among the new technologies most used by U.S.

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Bank Innovation

APRIL 5, 2018

The Reserve Bank of India (RBI) strikes cryptocurrency again. This time India’s central bank issued a statement today banning all entities that fall under its regulation, from dealing with any cryptocurrencies. Today’s statement read: Technological innovations, including […].

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PYMNTS

AUGUST 22, 2019

Austria’s major telecommunications firm A1 is now accepting payments in cryptocurrency as part of a pilot project, the company said in a recent blog post. He noted that this emergence has crept into just about every major economic sector, and as more people buy cryptocurrency, cash becomes obsolete.

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South State Correspondent

MAY 9, 2022

The most significant problem with bank innovation is that bankers see or hear about a sexy piece of technology at a conference or at another bank and then acquire it. The new piece of technology ends up solving a known problem but, in the process, creates more problems, and risks, than it solves.

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PYMNTS

DECEMBER 9, 2020

There are currently more than 5,500 different cryptocurrencies in circulation, but the biggest name in the business — and often a metonym for the industry itself — is bitcoin. compliance regulations or have the necessary equivalent documents for verification. The year 2020 saw 18.42 Transaction Monitoring Behind The Scenes.

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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

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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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

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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PYMNTS

NOVEMBER 29, 2018

The allure of blockchain was its potential to be a catch-all solution, but as innovators take a more practical approach to introducing the technology to the real world, its true opportunity may lie in addressing highly specialized, unique points of friction. trillion by 2025. trillion by 2025.

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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. 1 have just taken effect.

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PYMNTS

SEPTEMBER 23, 2020

Some fraudsters are even impersonating government officials and asking for personal information for stimulus payments, for example, while others are targeting cryptocurrencies. Technologies like video onboarding and AI have shown promise in facing this threat, but each is vulnerable when deployed alone. billion ($8.9 billion ($8.9

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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. In a recent interview with PYMNTS, Bankera Co-founder Vytautas Karalevi?ius

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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. In the introduction to the RFI, the FHFA noted President Biden’s March 2022 executive order.

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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. The apps must comply by Dec. 31 or face consequences, which could include fines or loss of licenses that could reduce revenue or depress share prices.

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Bank Innovation

SEPTEMBER 26, 2018

Cryptocurrency and blockchain are becoming boring -- not just because the media has covered them so much (ahem!) but because large well-funded companies are using the technology to make the world more efficient. That's what they are supposed to do, after all. It was never supposed to be the Wild West, though the days of […].

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Bank Innovation

NOVEMBER 16, 2018

And for banks, making sure regulatory and security compliance is met on each technology undertaking only makes those costs larger. Innovation is expensive. But innovation is a must for banks, who are not only competing with fintechs like neobanks, PFMs, and payment companies, but also with the likes of Amazon, Google, and even Walmart.

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Bank Innovation

NOVEMBER 16, 2018

And for banks, making sure regulatory and security compliance is met on each technology undertaking only makes those costs larger. Innovation is expensive. But innovation is a must for banks, who are not only competing with fintechs like neobanks, PFMs, and payment companies, but also with the likes of Amazon, Google, and even Walmart.

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Perficient

OCTOBER 24, 2024

This mitigates the risk of customer service representatives providing incorrect information and ensures compliance with regulatory disclosures, ultimately enhancing the overall customer experience while reducing costs. Hsu discussed the systemic risk implications of AI in banking and finance using a “tool or weapon” approach.

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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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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

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

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

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

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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FICO

DECEMBER 17, 2020

Cryptocurrency exchange rates have skyrocketed in the past month. As digital currencies grow, criminals are taking advantage of the emerging technology. According to a recent report , the total of cryptocurrency related frauds and thefts stands at a staggering $7.69b. This includes $2.8 by Sebastian Hetzler.

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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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Bank Innovation

FEBRUARY 15, 2018

EXCLUSIVE- Global technology company IBM is involved in more than 400 blockchain projects, according to its vice president of blockchain technologies, Gennaro “Jerry” Cuomo, who testified before Congress yesterday.

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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.

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Banking Exchange

MAY 19, 2021

Corporation is the latest regulator to respond to the rapidly growing fintech market Compliance Technology Feature3 Fintech Blockchain Feature Financial Trends Bitcoin Cryptocurrency Compliance Management Compliance/Regulatory.

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PYMNTS

DECEMBER 2, 2020

Facebook's cryptocurrency project on Tuesday (Dec. Along with the name change, the Diem Association also announced a bevy of top executive hires, filling a number of key compliance and legal positions. Goodbye Libra and hello Diem.

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Banking Exchange

JULY 5, 2021

American CryptoFed is the country’s first decentralized autonomous organization Compliance Technology Feature3 Feature Cryptocurrency Blockchain Bitcoin.

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PYMNTS

FEBRUARY 19, 2020

The IRS has invited cryptocurrency groups to meet for a regulatory summit March 3 to discuss how the two can work together going forward, published reports said Tuesday (Feb. The IRS has been trying to combat cryptocurrency tax evasion, and the agency has been working on establishing more concrete guidelines for digital currencies.

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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. This whitepaper explains the basics of crypto and blockchain technology. Ongoing training is vital for an effective AML/CFT program.

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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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The Paypers

JUNE 8, 2023

Ireland-based SaaS financial technology solutions provider Fenergo has partnered with Finland-based cryptocurrency service provider Coinmotion.

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