Tag: AML

Singapore fx
January 28, 2020 BY Mariela Naydenova

MAS introduces new PSA framework for the crypto sector

The financial regulator in Singapore, the Monetary Authority (MAS) has just announced the introduction of the Payment Services Act (PSA), which aims to serve as the new regulatory framework for cryptocurrency payments. The new framework will promote and boost the consumer confidence in transaction with digital assets, believes the regulator. The legislation was passed in…

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ECB rate move
December 26, 2019 BY Mariela Naydenova

ECB proposes "Controllable Anonymity" crypto payment system

The European Central Bank has proposed a new model to deal with cryptocurrencies, especially the AML risks associated with them. The ECB also clarified that it it not looking to creating its own coin. The new proposed payment system is called EUROchain and is a simplified CBDC payment type of service. Under this new model, all…

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MetaQuotes teams up with KYC/AML provider Sumsub
December 17, 2019 BY Valentina Kirilova

MetaQuotes teams up with KYC/AML provider Sumsub

Forex trading platform developer MetaQuotes has announced yesterday that it has partnered with the KYC/AML provider Sumsub (Sum&Substance). The trading platform integration with the Sumsub KYC service will enable the validation of client personal data and documents with one click. The new functionality now provides further automation of client onboarding procedures for MetaTrader 5 brokers and the…

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Current trends and pain-points in the KYC process and the on-boarding of customers
March 27, 2019 BY Valentina Kirilova

Current trends and pain-points in the KYC process and the on-boarding of customers

LeapRate Exclusive... As the technology landscape matures, so does the demand for adequate security measures. Consumers are demanding that information-collecting processes are less arduous and convenient, and corporates are answering. Just recently announced, IBM decided to streamline its KYC process by implementing blockchain technology to provide added efficiency for consumers to conduct interactions that require…

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Japan
March 04, 2019 BY Valentina Kirilova

Japanese police report tenfold increase in crypto money laundering cases

According to guidelines instituted in April of 2017, the National Police Agency (NPA) of Japan has reported its findings for suspicious financial transactions. The results for potential money laundering cases where cryptocurrencies was the “detergent” of choice rose tenfold, escalating from 669 cases in 2017 to 7,096 in 2018. Although crypto cases constituted only 1.7%…

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Morgan Stanley fined $10m for AML program
December 27, 2018 BY Valentina Kirilova

Morgan Stanley fined $10m for AML program

FINRA, a not-for-profit organization dedicated to investor protection and market integrity, has announced that it has fined Morgan Stanley Smith Barney LLC $10 million for anti-money laundering (AML) program and supervisory failures that spanned a period of more than five years. Susan Schroeder, FINRA Executive Vice President, Department of Enforcement, commented on the news: As…

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iComply releases University of British Columbia research on ICO and STO compliance
November 21, 2018 BY Valentina Kirilova

iComply releases University of British Columbia research on ICO and STO compliance

iComply Investor Services, a RegTech platform for global digital finance and cryptocurrencies, has announced the launch of a new research paper: The Compliance Trilemma: Challenges for ICOs. The research was conducted by PhD candidates from the University of British Columbia (UBC), who analyzed the challenges that ICO issuers face meeting the regulatory standards for issuing…

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B2Broker expands liquidity, adds 61 crypto CFD pairs
November 13, 2018 BY Valentina Kirilova

B2Broker selects SaaS-based IdentityMind for KYC and AML compliance

IdentityMind, Digital Identities You Can Trust, has just announced that B2Broker, a provider of liquidity and technology solutions for the foreign exchange and cryptocurrency markets, has selected IdentityMind to meet its know your customer (KYC) and anti-money laundering (AML) compliance requirements for itself and its global business-to-business (B2B) clients. In our line of business, KYC…

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