KYC

Connecting disparate payment platforms is the Holy Grail of cryptocurrencies. The path to building such a system is not always clear, but must start at the core of the protocol.

Departing New York state regulator Benjamin Lawsky revealed the final version of the BitLicense, the regulatory framework for digital currency businesses his department has developed over the past 18 months.

The Department of Justice is looking into whether the two dozen banks that facilitated bribes allegedly paid to FIFA officials knew they were doing so. The case is also a test of how much liability banks have over illegal payments they allow.

Global financial inclusion efforts have made big strides, but documentation requirements continue to hinder access to financial services, and women and the poor remain disproportionately underserved, according to the World Bank's annual study.

A statement by a foreign regulator that it might penalize banks that drop businesses due to heightened supervisory risk has spooked U.S. institutions who worry domestic agencies could follow suit.

U.S. authorities have fined the San Francisco startup $700,000 over violations of the Bank Secrecy Act, according to the Financial Crimes Enforcement Network's Tuesday press release.

For more than a decade, U.S. regulators have been advising bankers to know more about their customers than who they are. In the next five years that may become the global norm as technology allows more granular transaction monitoring.

The dialogue comes as the central bank is mulling a potentially momentous application by an upstart credit union that hopes to serve the marijuana industry.

PayPal will pay a $7.7 million fine for processing payments from customers that have ties to sanctioned parties on a U.S. Government list.

Claire Cockerton of U.K. trade group Innovate Finance explains how technology can rehabilitate the global banking industry's reputation, how London became a financial technology hub and why Mayor Boris Johnson was plugging startups in New York last month.

Apple Pay and cryptocurrencies such as Bitcoin have a lot of appeal for banks looking to stay at the cutting edge of digital payments. But security and compliance risks are part and parcel of these innovations.

Capital One has received requests for information from federal regulators about its anti-money-laundering program and check casher clients, as authorities lean on banks to do a more thorough job policing their customers — and their customers' customers.

U.S. Century Bank inDoral, Fla., has received regulatory approval for its plan to raise $65 million in capital, according to a news report.

Stephen Platt, regulatory investigations consultant and author of "Criminal Capital: How the Finance Industry Facilitates Crime," explains his misgivings about the idea of a shared know-your-customer registry for the industry.

The Obama Administration's issued looser rules Thursday for transactions in the small island nation, but banks still face impediments.

Regulators want banks to police MSBs for illicit activity, but they do not view all such businesses as high-risk, said David Cohen, Treasury's top AML official.

The KYC Registry is the next flagship in financial crime compliance, delivering on our commitment to provide community-wide solutions for the industry, says SWIFT CEO Gottfried Leibbrandt.