News Topic: KYC

The legislation unveiled this week left out a requirement — included in an earlier version — for new companies to report their true owners. ... Read full article

The House Financial Services Committee is preparing to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information. ... Read full article

The bank sought to evade the consequences of compliance failures including weak scrutiny of transactions that could be tied to North Korea, the N.Y. banking superintendent said in demanding access to communications between the bank and its new supervisor, ... Read full article

Deadlines imposed by U.S. and EU regulators are giving banks intercontinental whiplash. ... Read full article

A long-anticipated financial rule could help law enforcement root out illegal activity, but it requires banks to keep extra-close tabs on certain business clients. That won't be easy. ... Read full article

Prometheum wants to win the SEC’s approval of its own token offering, paving the way for others shortly afterwards. ... Read full article

Efforts by financial institutions to track "beneficial ownership" data in advance of a regulatory deadline next month is complicated by the challenge of getting customers to cough up the information. ... Read full article

Everytown for Gun Safety says that its recommended guidelines are similar to banks' know-your-customer principles. ... Read full article

A startup called Spring Labs has launched a blockchain network with the goal of getting lenders and data providers to share data to help verify customers' identity. ... Read full article

Aspiration Bank relies on software tools to pull data from diverse sources to prevent fraud in account applications. ... Read full article

Foreign operatives' alleged use of fraudulent financial accounts to try to influence the U.S. political system shows again how difficult it is for banks to truly know their customers. ... Read full article

The people-helping-people model proffered by LendingClub and others quickly foundered, but several startups aim to bring it back with the help of distributed ledger technology. ... Read full article

The Senate Banking Committee's first hearing of 2018 will focus on anti-money-laundering efforts and counter terrorist financing, which could be a precursor to legislative reforms. ... Read full article

A U.S. alcohol maker's $191 million investment in Canadian cannabis could raise difficult questions for the banks that have lent big sums of money to the company. ... Read full article

The federal banking regulators should create a working group that, rather than propose new rules and regulations, would clarify the application of existing rules to blockchain technology. ... Read full article

As more startups turn to ICOs to raise capital, financial institutions will seek reassurance that their blockchain and other fintech partners are aboveboard. ... Read full article

Banks that find true innovation hard to accomplish can take heart — it’s no picnic for startups either. To hear both sides share their challenges is an argument for collaboration. ... Read full article

Nothing like revelations of a client’s Ponzi scheme that lead to your bank paying $4 million in anti-money-laundering fines. That’s what happened at Gibraltar Private Bank & Trust, but its CEO argues its compliance overhaul has given the bank a ... Read full article