Tagged: kyc

Regtech Firm Encompass Acquires £2 Million Grant from Scottish Enterprise to Build AI Engine to Complement KYC Offering

Regulatory technology (Regtech) firm Encompass has reportedly won a £2 million grant from the Scottish Enterprise, in order to create an artificial intelligence (AI)-enhanced engine to complement its existing know-your-customer (KYC) product offering. The latest funding is part of an initiative with a total value… Read More

Jumio, an AI-enhanced ID Verification Service, Partners CIMB Bank Philippines’ All-Digital Bank to Offer User-Friendly Onboarding Platform

Jumio, an established provider of artificial intelligence (AI)-enhanced end-to-end identity verification and authentication services, has teamed up with CIMB Bank Philippines’ all-digital bank to offer a convenient and user-friendly digital onboarding solution to Filipinos. Having completed its first full year of business operations, CIMB Bank… Read More

New Jersey’s NICE Actimize Confirms CipherTrace has Joined Financial Crime and Compliance Platform X-Sight MarketPlace

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

Chainalysis: Binance, Huobi, other Major Exchanges Used to Transfer $2.8 Billion in Bitcoin to Criminals in 2019

Chainalysis, a leading blockchain analytics and cybersecurity firm, revealed on January 15, 2020 that it had managed to trace $2.8 billion in Bitcoin (BTC) being transferred to criminals via cryptocurrency exchanges in 2019, with the vast majority of these transactions going through Binance and Huobi,… Read More

Reserve Bank of India to Allow Local Banks and Fintech Firms to Use Video Calls to Complete Know Your Customer Checks

Indian banking institutions and Fintech firms have reportedly been given the green light to use video calls, in order to carry out know-your-customer (KYC) compliance checks, after a recent ruling by the nation’s central bank. The updated rules and guidelines will allow regulated entities to… Read More

Crypto Exchange Bitfinex Aims to Strengthen its KYC Processes and Guidelines

Digital asset exchange Bitfinex has reportedly been beefing up its know your customer (KYC) requirements and guidelines. The crypto trading platform sent an email to its verified users requesting additional identifying information. The purpose of Bitfinex’s email is to strengthen its due-diligence processes and to… Read More

InstaReM Adds “e-KYC” Service in Malaysia

Payments and transfer Fintech InstaReM, part of the  NIUM payments platform, has added an electronic-Know Your Customer or “e-KYC”. InstaReM’s e-KYC eliminates the need for in-person checks. The service is now available in Malaysia has enabled by the central bank the Bank Negara Malaysia (BNM)…. Read More

Regtech: Crypto Compliance Firm TRM Raises $4.2 Million in Funding from Blockchain Capital, PayPal Ventures, Others

TRM, a digital currency compliance and risk management service provider, recently revealed that it has acquired $4.2 million in funding from Blockchain Capital, Initialized Capital, PayPal Ventures, and Y Combinator. As noted in a release, TRM has raised a total of $5.9 million through its… Read More

Standard Chartered Partners Contextual Intelligence Decision Intelligence Software Firm Quantexa to Boost Anti-Financial Crime Efforts

London-based Standard Chartered, a multinational banking and financial services company with $688 billion in assets, has teamed up with Quantexa, a contextual decision intelligence software developer, in order to enhance the bank’s anti-financial crime efforts. Quantexa’s management says the company will support Standard Chartered’s financial… Read More

Malaysia to Strengthen AML and Counter Terrorism Financing Framework By Imposing $6,000 Limit on Cash Transactions

Malaysia is reportedly planning to impose a $6,000 limit on cash transactions next year, according to the deputy governor of the nation’s central bank. The restrictions on cash payments is being placed in order to reduce the number of illicit financial activities. The limit on… Read More

Andreessen Horowitz, Multicoin Capital, Union Square Ventures Lead Arweave’s $5 Million Investment Round

Silicon Valley-based venture capital firm Andreessen Horowitz recently led a $5 million investment round for Arweave, a blockchain firm that’s developing permanent online data storage solutions. On November 5, the developers of Arweave revealed that they had managed to receive investments from world-leading funds in… Read More

Binance to Offer Institutional-Grade AML Controls and Transparency with Support from CipherTrace

California-based blockchain analytics firm CipherTrace recently began supporting crypto exchange Binance’s native digital token, BNB, and its public blockchain platform, Binance Chain. As explained in the release, “Binance Chain is the underlying blockchain layer for Binance’s (decentralized/non-custodial exchange) DEX. Now, with support from CipherTrace, Binance… Read More

Regtech: London-based Crypto Firm Knabu Is Testing Bank Regulatory Reporting with Blockchain Firm Factom

London-based crypto firm Knabu is reportedly testing bank regulatory reporting with US-based Factom, Inc., a blockchain innovations company that provides various blockchain as a service (BaaS) platforms. In statements shared with Coindesk, the UK-based company revealed that it launched its 30-day pilot on October 31,… Read More

Dash Group’s Omar Hamwi Says Privacy Coin Dash Complies With FATF’s Guidelines, Including “Travel Rule”

A number of concerns have been raised by digital currency exchanges regarding whether certain cryptocurrencies comply with relevant Financial Task Force (FATF) guidelines, including the “travel rule.”  Dash (DASH), one of the largest privacy-oriented crypto assets, has been a popular target for some digital asset… Read More

Blockchain Secuirty Firm CipherTrace Launches Comprehensive Virtual Asset Tracing Capability

CipherTrace, the leading provider of cryptocurrency intelligence and blockchain security, announced on October 15 the launch of a comprehensive virtual asset tracing capability.  According to a press release shared with Crowdfund Insider, CipherTrace customers can trace Bitcoin (BTC) transactions and over 700 digital tokens following… Read More

Dutch Fintech Safened that Offers Digital KYC Checks Rebranded as Fourthline

Dutch Fintech firm Safened will be rebranding as Fourthline in order to comply with new know-your-customer (KYC) requirements. Safened has conducted digital identity checks for many clients, including established banks and financial services companies like Allianz, N26, and Wirecard. A team of experienced industry professionals… Read More

World’s Largest Crypto Exchange Binance to Use Confirm’s Anti-Money Laundering Compliance Tools

Binance, the world’s largest digital asset exchange by adjusted trading volume, has teamed up with crypto analytics company Confirm in order to enhance its anti-money laundering (AML) compliance procedures. Binance’s integration of Coinfirm’s blockchain-agnostic AML platform will improve the Malta-based exchange’s compliance with the relevant… Read More

Citing Money Laundering Concerns, South Korean Exchange UpBit Delists Privacy Coins Monero (XMR), ZCash (ZEC), DASH

South Korean digital asset exchange Upbit announced on September 20 that it will delist several privacy-oriented cryptocurrencies including Monero (XMR), Dash (DASH), and ZCash (ZEC). Upbit’s management noted in a blog post that it would also cease trading for PIVX, a privacy-focused proof-of-stake (PoS) currency… Read More

Switzerland: FINMA Re-Affirms Stringent Approach to Anti Money Laundering and Blockchain Technology

The Swiss Financial Market Supervisory Authority (FINMA) has published guidance as to the application of regulatory requirements for payments on the blockchain for financial services providers under FINMA supervision. Specifically, the guidance addresses anti-money laundering (AML) and know your customer (KYC) rules. In a release,… Read More

Regulated Japanese Crypto Exchange SBI VC is Now FATF Compliant in Partnership with CoolBitX

Regulated crypto exchange SBI VC (spun out from SoftBank), based in Japan, is now FATF compliant. Earlier this year FATF announced a set of requirements regarding “virtual asset service providers” or VASPs (mainly crypto exchanges). These new rules require the tracking and storing of all… Read More

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