KYC

With policymakers casting doubt on Facebook's cryptocurrency and some of the social media giant's partners pulling out, a Federal Reserve governor continued the drumbeat of criticism.

Though a draft has been circulating since this summer, eight senators on Thursday officially released a bill to require companies to disclose their true owners at incorporation.

The Gulf region poses significant and unique challenges in AML, KYC and other compliance checks, according to Accuity's Nirhjar Daripa.

The technology can help banks get the most out of the vast amounts of information at their disposal.

Know Your Customer and open banking create tough barriers for 'near real-time' account opening, says Entersekt's Jennifer Singh.

Join us to learn the latest in KYC!

Democrats called on the social media company to halt its Libra project, while Republicans said Congress should keep the door open to innovation.

Banks can fine-tune their apps so the customer doesn't give up halfway through a cumbersome sign-up process.

A new project backed by the government of Luxembourg could ultimately be influential in the U.S., where banks have been slow to develop a shared platform for digital identities.

Synapse is working to refine its application programming interfaces to meet know-your-customer and other complex requirements, but it's a tall order, the head of the back-office-services platform says.

Bills to fix the National Flood Insurance Program and combat the money-laundering risks from shell companies enjoyed bipartisan support during a House Financial Services Committee debate.

The good news for financial firms is Congress has moved closer to reforming anti-money-laundering rules. But left behind in the effort is the reform most coveted by the industry.

Democrats pressed law enforcement on whether senior Deutsche Bank executives quashed suspicious activity reports filings related to President Trump.

Banks would be better able to comply with anti-money-laundering laws if all 50 states collected information on the owners of new corporations and published it in a national database, Comptroller Joseph Otting said Monday.

Rep. Carolyn Maloney said Tuesday that her legislation aimed at restricting anonymous shell companies could get a vote in the Financial Services Committee as early as the end of June, after consideration was postponed last week.

House lawmakers postponed a committee vote on legislation to require beneficial ownership disclosures, nearly a year after a different anti-money-laundering bill stalled over a similar provision.

Lawmakers are poised to advance a bill requiring that commercial customers identify their beneficial owners — taking that burden away from their financial institution — but the anti-money-laundering reform arguably most favored by banks has fallen off the radar.

A new study shows credit unions are confident about their ability to comply with recent changes to FinCEN guidance, but a closer look shows some concerns linger, especially regarding training front line staff.

A recent study shows credit unions are likely to be increasingly reliant on vendor partners if they want to maximize efficiency and security in the account-opening process.

The objectives of a Financial Crimes Enforcement Network rule requiring financial institutions to collect “beneficial ownership” details are laudable, but the regulation can be subverted by unscrupulous customers.