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.
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.
