KYC

Senators holding private bipartisan discussions on AML reform deal

11/28/18

Four members of the Senate Banking Committee are trying to reach a compromise on legislation to revamp Bank Secrecy Act procedures after prior legislative efforts failed.

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Mastercard’s blockchain patents — what’s in it for banks?

11/01/18

The credit card company's filings mirror patents Bank of America, Barclays and TD Bank have submitted in the past two years that focus on how funds transfers and data security would augment blockchain technology.

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Liquineq launches distributed ledger for cashiers’ checks

10/29/18

The idea of digitizing cashiers' checks is likely to meet resistance, but the Swiss startup says at least two U.S. banks are already showing interest.

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This library’s sole subject: Keeping up with financial criminals

10/15/18

The regtech firm Arachnys, which in 2010 entered a field dominated by established data providers, recently raised $10 million after gradually building a collection of 23,000 data sources that helps bankers protect themselves from money launderers and other criminals.

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From 'How can we help?' to 'Here's what we can do'

10/01/18

The data strategy at Citizens Bank takes "know your customer" to another level, as Chief Marketing Officer Beth Johnson explains.

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Refund checks sent to more than 430,000 NetSpend prepaid card users

09/17/18

The payments, which total more than $10 million, stem from a 2017 settlement with the Federal Trade Commission. The agency charged that NetSpend deceived consumers by advertising that they could get immediate access to their funds.

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Banks network to flag human traffickers

08/20/18

Bank of America and several other large U.S. financial services companies, as part an effort organized by the Thomson Reuters Foundation and Western Union, have published resources to help smaller banks spot signs of forced labor and kidnapping.

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Can this tech make banks better at spotting money launderers?

08/16/18

IBM claims that by monitoring customer behavior first and foremost, banks can make suspicious activity reporting far more accurate.

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BofA faces backlash over questions about customers' citizenship

08/06/18

The bank's predicament suggests that the Trump administration's hard-line stance on immigration can cause headaches for financial institutions.

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Bending rules isn’t worth the risk

07/13/18

Bankers should resist the urge to skirt financial regulations, including know-your-customer and lending standards, to make a sale. The danger of penalties and a possible reputational hit is too great.

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