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.
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.
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.
The U.S. government has not taken appropriate steps to address the growing use of mobile payment systems to launder money and finance terrorism, according to a State Department report.
print