Every industry fine and regulatory penalty widens the gap between customer-friendly new account set-up processes and financial centers’ anti-money laundering (AML) and Know Your Customer (KYC) compliance methods. Regulators are wearing magnifying lenses, thanks to the rise of cryptocurrency initial coin offerings (ICOs), past banking behaviors, large scale data breaches, and smarter criminals. Consumers are […]
We know that the online world is different from the physical world in where and how -people interact. The centerpiece of the digital world, as it is in the physical world, is trust, and ultimately, identity. Do you know who you are doing business with… and do you trust them? Identity is fundamental to the […]
In November 2017, Chairman of the Securities and Exchange Commission (SEC) Jay Clayton said he has “yet to see an ICO that doesn’t have a sufficient number of hallmarks of a security.” This statement, along with a marked uptick in regulatory action at both the state and federal level have caused many to speculate that […]
We’re looking forward to exhibiting next week at the sixth annual LendIt FinTech USA conference in San Francisco on April 9-10. The conference was focused on online lenders when it was first started in 2013 and has expanded to include FinTech, digital banking, and a co-located event covering blockchain in financial services.
The identity industry’s flagship industry, the KNOW Identity Conference, is only a few days away. We’ve been looking forward to sharing our ideas and expertise with the community shaping the future of the industry. Hosted by One World Identity, the conference brings together a unique combination of leaders in the cybersecurity, trust & safety, and […]
In one of our recent webinars, Sarah Hody, of the law firm Perkins Coie stated that “If a token is administrating or exchanging virtual currencies, FinCEN could deem the ICO issuer a money transmitter, which would require them to be registered under the federal BSA guidelines.” Well, FinCEN recently revealed a letter where they state […]
Regulated institutions are required to screen potential and existing client data against lists of people, countries and business entities they are forbidden from working with. These lists are provided by domestic and international regulatory bodies, such as the US Treasury’s Office of Foreign Asset Control (OFAC), or the UK’s Office of Financial Sanctions Implementation (OFSI). […]
Last week, the SEC asked to speak with us. The SEC has been very active recently, issuing numerous subpoenas. Interestingly, we are not conducting an ICO, presale or SAFT. Instead, we support companies who are, providing Know Your Customer (KYC) support, sometimes called AML/KYC.
The latest release of the IdentityMind platform, version 1.37, is out. This release boosts the coverage we provide through sanctions screening lists, adds an advanced statistical analysis tool for transaction monitoring, and delivers a few bug fixes with document verification.
Next week’s inaugural Money20/20 Asia in Singapore is shaping up to be a great conference, bringing together the vibrant payments and FinTech community from some of the world’s most dynamic markets. Established incumbents will be rubbing shoulders with scrappy start-ups, regulators, and thought leaders to share and shape their thoughts on the existing and potential […]