Tagged: kyc

ThetaRay, Provider of Big Data and AI-enhanced Analytics Tools, Joins Microsoft’s Partner Program to Offer AML Solution

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

Bitcoin Exchange Paxful Becomes First P2P Crypto Trading Platform to Work with Chainalysis to Enhance Compliance Processes

Chainalysis, a leading blockchain analytics and security company, has teamed up with Paxful, a major peer-to-peer (P2P) digital asset exchange. The partnership involves Chainalysis helping  Paxful with enhancing its compliance and KYC processes. Paxful will reportedly be using Chainalysis’ know your transaction (KYT) and “reactor”… Read More

Digital Assets: Tokeny, a Tokenization Platform, Partners with Cynopsis on AML and KYC

Luxembourg based Fintech Tokeny Solutions has partnered with Cynopsis to provide a streamlined compliance solution to its customers. Cynopsis Solutions was established in Singapore in 2014 and offers services designed to automate KYC processes. It has operations in Singapore, UK, Taiwan, and Vietnam. Cynopsis Solutions… Read More

Switzerland’s Stock Exchange Operator SIX Group to Integrate Know Your Customer in Order to Perform Improved Financial Risk Assessement

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

South Korean National Assembly Introduces Amendment to Officially Bring Cryptocurrencies Under Country’s Legal System

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

Dubai International Finance Center and UAE’s Mashreq Bank Are Promoting the Use of a Secure Blockchain-enabled KYC Data Sharing Solution

Dubai International Finance Center (DIFC) and Mashreq Bank, the oldest privately-owned bank in the United Arab Emirates (UAE) with over $2.2 billion in annual revenue, are trying to encourage  other banks in the Middle East to take part in a blockchain-enabled know-your-customer (KYC) data sharing… Read More

Social Media Firms that Support Cryptocurrencies Must Look Out for Illicit Financial Activities, Says FinCEN Deputy Director

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

BaFin, Germany’s Financial Supervisory Authority, Clarifies How New Digital Assets Law Applies to Firms Operating Outside of the Country

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

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

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