Tagged: kyc

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

August 26, 2019 @ 9:30 am By JD Alois  |  

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

August 8, 2019 @ 10:31 am By JD Alois  |  

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

August 8, 2019 @ 7:39 am By Cali Haan  |  

A hacker has started leaking KYC (know your customer) data he or she claims is from Binance, the world’s largest crypto exchange by volume. The data, which includes photos of passports and other IDs, is now being circulated on a Telegram channel with 10 000 users that… Read More

July 4, 2019 @ 2:18 am By Cali Haan  |  

The Dutch Finance Ministry and Ministry of Justice have vowed to regulate cryptocurrencies as part of the Netherland’s comprehensive new plan to combat money-laundering in the region. “Our goal is to guarantee an honest and safe financial system,” co-authors Minister of Finance Wopke Hoekstra and Minister… Read More

June 27, 2019 @ 1:42 am By Cali Haan  |  

Blockchain forensics firm Chainalysis, which recently expanded into providing KYC/AML support services to cryptocurrency businesses, has added another member to its powerful compliance team. According to a company release, Michael Mosier, former high-ranking employee at the Department of Justice (DOJ), the Office of Foreign Assets Control… Read More

May 30, 2019 @ 3:03 pm By Cali Haan  |  

Though cryptocurrencies were created to offer an alternative to traditional banking -and to affront it- the past two years have been characterized by crypto’s quest for legitimacy. To be fair, cryptocurrency exchanges with long-term interests, including Coinbase and Gemini, have attempted to be compliant from… Read More

February 12, 2019 @ 9:54 am By Samantha Hurst  |  

SWIFT, a global member-owned cooperative and provider of secure financial messaging services, announced on Tuesday it is set to launch Know Your Customers (KYC) Registry for corporates. SWIFT reported that in a first step, from the fourth quarter of 2019, all 2,000 SWIFT-connected corporate groups… Read More

January 29, 2019 @ 10:37 am By JD Alois  |  

CipherTrace is out with a report on cryptocurrency scams and fraud. It is widely known that crypto suffers from rampant acts of theft and cons as these digital assets have become the targets of global criminals seeking an easy payday or simply to launder illicit… Read More