Tagged: anti money laundering

May 15, 2020 @ 4:56 pm By Omar Faridi  |  

US-based Deep Labs, a company that leverages artificial intelligence (AI) to develop  “persona-based” risk assessment solutions, has reportedly managed to secure $16 million in commitments from several Fintech investors. Gunnar Overstrom, partner at Corsair Capital, Gramercy Ventures, and Serendipity Capital led the firm’s funding round…. Read More

May 1, 2020 @ 7:30 pm By Omar Faridi  |  

The legislative assembly of the Cayman Islands has introduced five new pieces of legislation that may be used to regulate local firms dealing in cryptocurrencies. The proposed rules have mainly been created to monitor the operations of digital asset exchanges. The Virtual Asset Service Provider… Read More

April 25, 2020 @ 5:52 pm By Omar Faridi  |  

Netherlands-based Bittr, a Bitcoin (BTC) savings service, is reportedly closing down its business. Ruben Waterman, the company’s founder, said that newly-enforced financial regulations were the main reason why Bittr decided to shut down its services. The AMLD5 became effective July 9, 2018, and required the… Read More

April 19, 2020 @ 6:55 pm By Omar Faridi  |  

TruNarrative, a solution for financial fraud detection, prevention, anti-money laundering (AML), know-your-customer (KYC), behavioral monitoring and identity verification, has teamed up with AccountScore, a London-based analytics firm offering actionable insights and analytics on banking processes. The partnership involves adding open banking capabilities to the TruNarrative… Read More

April 14, 2020 @ 8:16 am By Omar Faridi  |  

New York-based BitOoda, a digital asset and Fintech firm, recently published its cryptocurrency market regulatory analysis report. Governments throughout the world are struggling to deal with the devastating economic consequences of the deadly Coronavirus (COVID-19) pandemic. The BitOoda team reveals: “We’ve noted an uptick in… Read More

April 11, 2020 @ 10:52 am By Omar Faridi  |  

The European Parliament suggests that the EU should consider broadening the existing definition of digital assets or cryptocurrencies and expand its current list of blockchain or crypto-related organizations that may need to follow financial regulations. The EU adopted the Fifth Anti-Money Laundering Directive (AMLD5) back… Read More

March 31, 2020 @ 10:19 pm By Omar Faridi  |  

ThetaRay, a provider of Big Data and artificial intelligence (AI)-enhanced analytics tools, has joined Microsoft’s (NASDAQ:MSFT) partner program, One Commercial Partner, which provides various cloud-powered solutions. ThetaRay’s anti-money laundering (AML) solution for correspondent banking can be accessed through Microsoft’s Azure Marketplace. A large US bank… Read More

March 23, 2020 @ 3:15 pm By Omar Faridi  |  

Tao Zhang, deputy managing director at the International Monetary Fund (IMF), has argued that issuing central bank digital currencies (CBDCs) may lower costs and enhance the overall efficiency of the financial system. Zhang, whose comments came during a keynote presentation, held at the London School… Read More

March 9, 2020 @ 7:46 am By Omar Faridi  |  

Zürich-based Swiss Infrastructure and Exchange (SIX) Group AG, the operator of Switzerland’s stock exchange, will be integrating a platform developed by Know Your Customer, in order to enhance its existing procurement process and to be able to perform a better assessment of risks when dealing… Read More

March 5, 2020 @ 11:37 pm By Omar Faridi  |  

The South Korean National Assembly introduced an amendment on March 5, 2020 which will officially bring decentralized cryptocurrencies under the $1.5 trillion economy’s legal system.  The amendment, as drafted, makes changes to the established Act on Reporting and Use of Specific Financial Information, in order… Read More

March 2, 2020 @ 7:35 am By Omar Faridi  |  

Ireland-based DX, a Regtech firm focused on developing compliance software, aims to introduce flexible anti-money laundering (AML) checks and processes for Fintech companies. Simon Dix, a lawyer who previously worked at Germany-based digital bank Fidor Bank, has extensive experience dealing with AML compliance matters in… Read More

February 22, 2020 @ 3:09 pm By Omar Faridi  |  

A New Jersey lawmaker has proposed a new bill that, if approved and made part of the state’s law, could require digital currency companies to acquire an operational license before offering their products and services. The new bill, called the “Digital Asset and Blockchain Technology… Read More

February 20, 2020 @ 12:27 am By Omar Faridi  |  

NICE Actimize, a NICE company (Nasdaq: NICE) business offering autonomous financial crime management solutions, has reportedly been chosen by TONIK, an Asian pure-play regulated digital bank, to develop its Essentials anti-money laundering platforms and also to assist in the creation of secure banking environments for… Read More

February 13, 2020 @ 11:58 pm By Omar Faridi  |  

Jamal El-Hindi, deputy director at the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury Department that analyzes information about financial transactions in order to prevent illicit activities, is calling on firms interested in bridging the cryptocurrency space with social media networks and… Read More

February 9, 2020 @ 3:08 am By Omar Faridi  |  

BaFin, Germany’s financial supervisory authority, recently clarified how the leading European nation’s new crypto-asset custody law would apply to companies that are operating outside of the country, yet still serve local markets. BaFin’s latest guidance, published last month, notes that firms which are currently custodying… Read More

January 29, 2020 @ 8:07 am By Omar Faridi  |  

The Israeli Securities Authority (ISA) has reportedly issued a Request For Information in order to identify regulatory policies that could hinder the ongoing development of distributed ledger technology (DLT)-focused projects in Israel. The country’s regulator is also planning to look closely into the potential use… Read More

January 24, 2020 @ 12:51 pm By Omar Faridi  |  

New Jersey-based NICE Actimize, a subsidiary of Israel-headquartered NICE Ltd, recently confirmed that CipherTrace, a leading provider of digital currency intelligence and blockchain security, has joined the X-Sight Marketplace – which is an established platform for combating financial crime and ensuring compliance. The X-Sight Marketplace… Read More

December 18, 2019 @ 3:40 pm By Samantha Hurst  |  

RDC (Regulatory DataCorp) announced on Wednesday it has renewed its agreement with UK-based digital banking group Monzo to help fight against anti-money laundering for the bank’s U.S. launch. According to RDC, the partnership will build on the success of the past two years in the… Read More

November 29, 2019 @ 6:00 pm By Omar Faridi  |  

Zilliqa, a blockchain-based platform that aims to deliver high-throughput and high-security, has teamed up with Elliptic, a provider of digital asset risk management software for crypto firms and financial institutions. According to a press release shared with Crowdfund Insider, the partnership between Zilliqa and Elliptic… Read More

November 28, 2019 @ 10:18 am By Omar Faridi  |  

CipherTrace, an established crypto and blockchain intelligence company, has published its Q3 2019 Cryptocurrency Anti-Money Laundering (AML) report. The report addresses “cryptocurrency regulation, nefarious actors within the ecosystem, impending legislation, international trends and prevailing sentiments,” according to a press release shared with CrowdFund Insider. The… Read More