Once a bogeyman for anti-money laundering compliance departments, the technology underlying virtual currency platforms may one day be among the most important tools to identifying financial crime, industry experts say. Since its inception in 2008, the digital ledger system known as the "blockchain" has served to underpin Bitcoin and other virtual currencies by establishing a public and largely tamperproof record of transactions made over a given network. But the potential advantages of such data networks extend far beyond the creation of digital currencies operating outside of the purview of central banks, market players now believe. Over the past three years,...
Anti-money laundering, fraud prevention and cybersecurity personnel should more frequently collaborate to guard their institutions and their customers against online intrusions by criminals and state-sponsored groups, U.S. officials said Tuesday.
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.
With greater regulatory clarity, U.S. banks would embrace the digital currency companies they currently turn away due to compliance concerns, Bitcoin investors told New York State regulatory officials Tuesday.
The regulatory concerns of Bitcoin and other digital currency platforms may extend beyond the anti-money laundering requirements outlined by the U.S. Treasury Department earlier this year, lawmakers and congressional witnesses said Tuesday.