Dozens of technology-based financial services firms, or fintechs, are establishing robust anti-money laundering programs to boost their credibility with banks and avoid regulatory penalties, even as regulatory expectations for the industry remain uncertain, say sources.
Technology-based financial service providers are struggling to obtain accounts at global banks which, despite investing millions of dollars to develop the industry, remain skeptical of their ability to manage its risks, say analysts.
British officials will soon review the promises and risks of alternative payment systems, including virtual currencies, as part of a broad initiative to promote advances in financial technology.
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