Money Laundering

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US judge says cryptocurrencies are commodities

/Money Laundering

US judge says cryptocurrencies are commodities

US lawmakers continue to wrestle with how to approach cryptocurrencies, as a federal judge says the likes of bitcoin can be treated as commodities by the CFTC, FinCEN says money transmitter rules apply to ICOs, and Wyoming's state legislature clears a bill exempting some crypto assets from securities laws.

DNB tests mobile passporting for international clients

/Money Laundering

DNB tests mobile passporting for international clients

DNB is experimenting with a mobile app that scans user passports and faces to identify customers from across borders for ID verification and digital onboarding.

Swiss watchdog tweaks digital onboarding rules

/Money Laundering

Swiss watchdog tweaks digital onboarding rules

Swiss financial markets regulator Finma has updated its rules for digital client onboarding to reflect advances in technology such as the ability to authenticate a user with a "selfie with liveness detection".

UAE banks and regulators to explore blockchain-based KYC utility

/Money Laundering

UAE banks and regulators to explore blockchain-based KYC utility

Regulatory authorities in Abu Dhabi are kicking off a programme with a consortium of the region's banks to develop a shared KYC utility, possibly underpinned by distributed ledger technology.

Cambridge Blockchain and IHS Markit join forces to bring DLT to KYC data collection

/Money Laundering

Cambridge Blockchain and IHS Markit join forces to bring DLT to KYC data collection

Cambridge Blockchain and IHS Markit have teamed up to bring distributed digital identity technology to the collection and management of know-your-customer information.

Signicat snags EUR1.6 million in EU funding to create digital ID framework

/Money Laundering

Signicat snags EUR1.6 million in EU funding to create digital ID framework

Norway's Signicat has secured €1.36 million in phase two funding from the EU's Horizon 2020 programme with the objective of creating a fully-compliant ID assurance and digital onboarding toolbox for use by European financial institutions.

China regulator says fintech must serve real economy

/Money Laundering

China regulator says fintech must serve real economy

One of China's senior financial regulators has stated that the government will only support fintechs that serve the real economy, casting further doubt on the future of virtual currencies and related technologies within China.

Australian Government amends AML rules to cover digital currencies

/Money Laundering

Australian Government amends AML rules to cover digital currencies

The Australian Senate has passed legislation extending anti-money laundering and counter-terrorism financing regulation to digital currency exchanges.

Big data and software robots crunch compliance costs for Credit Suisse

/Money Laundering

Big data and software robots crunch compliance costs for Credit Suisse

Credit Suisse says that a new big data platform and the intelligent deployment of software robots is reversing years of rising compliance costs.

SEC and exchanges in spat over surveillance system

/Money Laundering

SEC and exchanges in spat over surveillance system

A row has broken out between the US capital markets watchdog and a number of exchanges over the plan to impose a new market surveillance system on the US equities and options market.

Can regtech and CLM save the customer experience? - new Finextra report

/Money Laundering

Can regtech and CLM save the customer experience? - new Finextra report

Increased regulatory burden is hampering smooth and timely onboarding of customers, as banks struggle with technology implementation and budget parameters, according to financial industry professionals surveyed in a new paper by Finextra Research.

Accuity partners R3 for financial crime screening on DLT

/Money Laundering

Accuity partners R3 for financial crime screening on DLT

Compliance and KYC specialist Accuity has integrated its financial crime screening suite with R3's distributed ledger technology platform, Corda.

Asean banks complete trial of KYC blockchain

/Money Laundering

Asean banks complete trial of KYC blockchain

OCBC Bank, HSBC and Mitsubishi UFJ Financial Group (MUFG), together with Singapore's Infocomm Media Development Authority (IMDA), have completed a proof-of-concept for a Know Your Customer (KYC) blockchain.

Overstock unit preps ATS for trading digital coins issued in ICOs

/Money Laundering

Overstock unit preps ATS for trading digital coins issued in ICOs

The blockchain subsidiary of online retailer Overstock is teaming up with RenGen and Argon Group to launch an SEC-compliant Alternative Trading System (ATS) for trading digital coins issued in initial coin offerings (ICOs).

Australia blames bitcoin for rise in organised crime

/Money Laundering

Australia blames bitcoin for rise in organised crime

The growth of online banking and digital currencies haver been cited as the main causes of a massive rise in organised crime in Australia's financial sector according to the country's criminal intelligence agency.

Australia regulates digital currencies

/Money Laundering

Australia regulates digital currencies

The Australian government has announced plans to strengthen its anti-money laundering rules with new reforms that will include digital currencies for the first time.

CBA blames money laundering reporting failures on ATM coding error

/Money Laundering

CBA blames money laundering reporting failures on ATM coding error

Commonwealth Bank of Australia has blamed a three-year coding error in its intelligent deposit machines (IDM) for breaches of anti-money regulations.

Cryptocurrency exchange operator indicted over massive bitcoin laundering scam

/Money Laundering

Cryptocurrency exchange operator indicted over massive bitcoin laundering scam

A US jury has indicted a Russian man arrested earlier this week in Greece accused of helping to launder more than $4 billion in bitcoin, including some obtained from the infamous Mt. Gox hack. In a coordinated move, the bitcoin exchange he operated has been slapped with a $110 million fine by American authorities for AML law violations.

4th EU AML Directive will make curbing crime easier, but cost banks millions

/Money Laundering

4th EU AML Directive will make curbing crime easier, but cost banks millions

As the 4th EU AML Directive comes into force today, a pair of studies suggests that while most UK FS industry financial crime professionals think the new rules will make it easier to prevent money laundering, they are likely to cost banks millions in inefficient KYC checks.

Monzo may have to freeze some accounts under new money laundering rules

/Money Laundering

Monzo may have to freeze some accounts under new money laundering rules

Digital challenger bank Monzo is warning 20,000 customers that it may have to temporarily freeze their accounts if they fail to provide additional verification information under new money laundering regulations.

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