Tagged: kyc

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

February 5, 2020 @ 8:24 am By Omar Faridi  |  

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

February 3, 2020 @ 8:21 am By Omar Faridi  |  

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

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

January 16, 2020 @ 9:58 am By Omar Faridi  |  

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

January 11, 2020 @ 12:04 pm By Omar Faridi  |  

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

December 29, 2019 @ 10:36 am By Omar Faridi  |  

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

December 10, 2019 @ 10:35 pm By JD Alois  |  

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

November 22, 2019 @ 4:00 pm By Omar Faridi  |  

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

November 15, 2019 @ 1:24 pm By Omar Faridi  |  

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

November 9, 2019 @ 10:09 am By Omar Faridi  |  

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

November 6, 2019 @ 9:46 am By Omar Faridi  |  

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

November 6, 2019 @ 7:18 am By Omar Faridi  |  

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

November 1, 2019 @ 9:08 am By Omar Faridi  |  

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

October 27, 2019 @ 4:26 pm By Omar Faridi  |  

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

October 16, 2019 @ 3:14 pm By Omar Faridi  |  

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

October 14, 2019 @ 9:34 am By Omar Faridi  |  

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

October 4, 2019 @ 4:53 pm By Omar Faridi  |  

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

September 21, 2019 @ 11:52 am By Omar Faridi  |  

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