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Latest articles tagged:

AML

2906, 2019

Crypto lawyers weigh in on new FATF guidance

|29 Jun 2019|News|

Representatives from 36 of the world's most influential jurisdictions met last week under the Financial Action Task Force (FATF) banner to consider guidelines that could shape how governments around the world regulate the use of cryptocurrency.

1505, 2019

Dapps and DEXs in FinCEN crosshairs

|15 May 2019|News|

As the crypto asset regulatory environment begins to firm up, crypto’s reputation as the ‘wild west’, is fading. New guidance by FinCEN makes it clear that in the US, virtual currencies are subject to the same AML requirements as fiat currency.

1403, 2019

Malta’s banks not as ‘crypto friendly’ as first thought

|14 Mar 2019|News|

Malta has become a leading hub for crypto startups – marketing itself as a go-to destination for blockchain businesses looking to capitalize on the country’s pro-crypto stance. Nonetheless, many crypto businesses are struggling to open bank accounts, and new guidance from the IMF may make that process even more difficult.

212, 2018

Brexit agreements set to target anonymous cryptocurrencies

|2 Dec 2018|News|

A European Commission task force document that sets out the framework for the post-Brexit relationship between the European Union and the UK has revealed a commitment to “ending the anonymity associated with the use of virtual currencies”.

903, 2018

Impacts of the Blockchain on fund distribution

|9 Mar 2018|Resources|

This White Paper describes Blockchain technology and explores the impacts on fund distribution and settlement. Blockchain technology is likely to disrupt almost all activities where there are intermediaries. In particular, the asset servicing value chain would be completely redesigned in the near future to eliminate intermediaries and therefore lower transaction time and costs, as well as increase transparency via a distributed and publicly available ledger.

2807, 2017

The key to overcoming the AML challenge in crypto-currency

|28 Jul 2017|News|

In what some are coining a landmark case, an Israeli District Court recently ruled that Israeli banks are not obligated to provide financial services to companies whose primary business is trading in crypto-currencies, such as Bitcoin or Ethereum. The Court reasoned that banks should not have to assume the risks associated with providing a financial platform to these digital currency businesses when the leading Israeli authorities on the subject, namely the Central Bank, the Securities Authority and the Anti-Money Laundering and Terror Financing Authority, themselves have been struggling to delineate clear measures to minimize them. One of the primary risks noted by the Israeli authorities, along with regulators around the globe, is the pseudo-anonymous nature of crypto-currency. Regulators view the digital token transfer method as a "black box", low in accountability and virtually impossible to subject to existing anti-money laundering (AML) and anti-terror financing regulations. However, inflexibility may be clouding judgment: built-in features of crypto-currency, particularly Blockchain technology, have the potential to improve, not harm, AML efforts, even surpassing mechanisms already in place today.

1209, 2016

The $5 billion opportunity for reinsurers

|12 Sep 2016|Resources|

New research commissioned by PwC highlights the extent to which blockchain could reduce the processing time and cost of placement, claims settlement and key processes such as compliance checks, e.g. sanctions (other compliance checks noted for wholesale insurance include AML/KYC). The research also showed that blockchain solutions can provide a better view of identity and risk. And given the amount of data flowing between client, broker, reinsurer and outsource service providers, all of which requires multiple data entry and reconciliation, the transformational potential within reinsurance is even greater.

1705, 2016

Blockchain identity management

|17 May 2016|News|

Having moved to the Department of the Prime Minister and Cabinet, following Prime Minister Malcolm Turnbull, Australia’s Digital Transformation Office is looking for vendors to contribute identity management solutions. The endeavor was rumored last year, which either inspired or provoked AusPost to search for blockchain identity management solutions.

1204, 2016

Social KYC for Cryptocurrencies

|12 Apr 2016|Resources|

This paper offers some ideas about identity verifi cation in an online world. It explores some common challenges when using traditional methods, and will introduce a new approach — social KYC, using a person’s digital footprint and online social identities to instantly verify and authenticate their identity with a high degree of confidence. This approach can also be used to reduce fraud and to manage compliance requirements as a complementary approach with other forms of KYC and IDV as required.

801, 2016

Sharing ledgers for sharing economies: an exploration of mutual distributed ledgers (aka blockchain technology)

|8 Jan 2016|Resources|

The InterChainZ project was a consortium research project to share learning on MDLs during the summer of 2015. The study found that InterChainZ showcased several distributed ledger configurations and numerous variants, exploring how they might work in a set of agreed “use cases.” The outputs were a series of functioning, interlinked MDLs along with software, explanatory materials and website information. The research consortium concluded that MDLs incorporating trusted third parties for some functions had significant potential in financial services, such as know-your-customer (KYC), antimoney-laundering (AML), insurance, credit and wholesale financial services.

111, 2015

Sharing ledgers for sharing economies: an exploration of mutual distributed ledgers (aka blockchain technology)

|1 Nov 2015|Resources|

The InterChainZ project was a consortium research project to share learning on MDLs during the summer of 2015. The study found that InterChainZ showcased several distributed ledger configurations and numerous variants, exploring how they might work in a set of agreed “use cases.” The outputs were a series of functioning, interlinked MDLs along with software, explanatory materials and website information. The research consortium concluded that MDLs incorporating trusted third parties for some functions had significant potential in financial services, such as know-your-customer (KYC), antimoney-laundering (AML), insurance, credit and wholesale financial services.

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