News 

Exness Partners With SumSub for KYC, AML

“Based in London, Sumsub provides technology and financial services companies with know-your-customer (KYC) and anti-money laundering (AML) technology” writes David Kimberley for financemagnates.com. Retail broker Exness has formed a new partnership with technology provider Sumsub.Sumbsub’s technology means that a user can visualise KYC and AML processes across several different jurisdictions.An individual will also have their entire history shown, enabling compliance workers to see why, for example, someone was prevented from opening an account. Source: financemagnates.com

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Crypto News 

Swiss Regulator Releases AML, KYC Guidance for Blockchain Payments

“The new guidance for virtual asset service providers, published on Aug. 26, applies to blockchain service providers including exchanges, wallet providers and trading platforms” writes Marie Huillet for cointelegraph.com. Switzerland’s Financial Market Supervisory Authority (FINMA) has released guidance on regulatory requirements for payments on the blockchain under FINMA supervision.Also announced today, social media sources have claimed that FINMA has approved banking licenses for two blockchain service providers, Sygnum and Seba.FINMA notes that it departs from the FATF guidance in refusing to exempt payments involving unregulated wallet providers from its requirements.FINMA…

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Binance Offers Lifetime VIP Membership to KYC Leak Victims

“Major cryptocurrency exchange Binance announced that it will offer a lifetime VIP membership to all its users affected by the recent Know Your Customer (KYC) images leak on the platform” writes Liam Frost for cointelegraph.com. Binance announced the leak on Aug. 7, stating that an unidentified individual threatened the platform and demanded 300 bitcoins (BTC) in exchange for withholding over 10,000 photographs of purported Binance KYC data.The exchange’s security and investigations team is purportedly trying to identify the source of KYC images similar to those leaked by an unidentified hacker.Cryptocurrency…

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Binance-Backed OTC Firm Releases Anti-Money Laundering Compliance-as-a-Service Product

“Binance-backed over-the-counter (OTC) desk Koi Trading has partnered with IdentityMind, a platform for online risk management, to develop an Anti-Money Laundering (AML) compliance-as-a-service product” writes Ana Alexandre for cointelegraph.com. The parties have reportedly released an AML compliance-as-a-service product dubbed “Koi Compliance,” supporting digital currency and targeting money services businesses.The move was purportedly taken to enable Binance Labs to utilize Koi’s quantitative research, data science, and compliance consulting services. Source: cointelegraph.com

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No KYC on MyEtherWallet’s Regulated Crypto-to-Fiat Exchange

“Both companies claim that despite the lack of required KYC checks, the platform is fully regulated” writes Rachel Mcintosh for financemagnates.com. KYC checks have become a regular part of nearly every cryptocurrency exchange, even those that don’t allow their users to exchange their crypto for fiat.One of the most recent examples of this is ShapeShift, a crypto-to-crypto exchange that was ordered to add KYC requirements after resisting pressure from regulators for months.Together, crypto finance platform Bity and Ethereum wallet provider MyEtherWallet (MEW) have revealed plans for a crypto-to-fiat withdrawal platform…

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Opus Accelerates KYC Automation For Banks

“Compliance and risk management technology provider Opus is launching a new Know Your Customer (KYC) workflow solution for banks” reports pymnts.com. A press release on Tuesday (Jan. 29) said Opus is rolling out its Clarity KYC solution to automate KYC workflows and enhance risk analysis.We are looking forward to helping all of our customers simplify their process, save time and reduce their risks.” Banks’ KYC compliance challenges have become a key focus in the emergence of RegTech.Clarity KYC integrates business identification, screening processes and due diligence, reporting, and customer monitoring into…

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Crypto News 

R3 Puts Blockchain KYC Tool To The Test With French Treasurers

“According to reports, the companies participating in the testing operate in a range of industries, including financial services, automotive, retail and more” reports pymnts.com. R3’s technology is powered by its Corda blockchain technology, with a prototype developed by Synechron, allowing companies to manage their KYC processes in a streamlined, secure platform.For financial institutions, (FIs) the solution lets firms request data from their clients and enables FIs to grant or deny access to data stored on the platform. Source: pymnts.com

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Crypto News 

Binance to Integrate KYC Software Via US Firm

“The software is to be provided by Refinitiv, a $26.4 billion company from New York that sells technology to financial companies” writes Simon Golstein for financemagnates.com. It was established in Beijing in June 2017, but moved to Hong Kong when its home government banned cryptocurrency exchanges.KYC is usually a minimum requirement for a licensed financial institution, and Binance’s new software is another sign of the the institutionalisation of digital currency.Join the iFX EXPO Asia and discover your gateway to the Asian Markets KYC is a customer check system which in…

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Bank Fines On Money Laundering Spotlight KYC Urgency

“Fortytwo Data, which offers an anti-money laundering (AML) platform, said money laundering is a growing problem across Europe” reports pymnts.com. The premise of money laundering — to mask criminal behavior and disguise funds tied to that behavior — may have an impact on B2B. That’s because shell companies are now among the more popular conduits of money laundering.The chain of commerce itself — far-flung across borders and between merchants or enterprises — may conceal money laundering.However, beyond the use of technology (which has its own costs), failure to uncover laundering…

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