It is a sad truth: AML violations have cut the innovation practice at The Bancorp. The Bancorp, which released earnings yesterday, arguably has been a leading advocate for fintech over the last several years, notably providing the bank charter behind Simple. But The Bancorp is facing regulatory scrutiny for itsRead More
Post Tagged with: "AML"
Robots — or more precisely, software that takes data and turns it into natural language — may be producing the next report a bank regulator reads. That’s if Narrative Science‘s latest offering takes hold. The Chicago-based software firm launched a solution for AML (anti-money laundering) processes on Nov. 10 that is currently inRead More
Ripple Labs today earned the dubious distinction of being the first virtual currency exchange to be fined by FinCEN for failing to comply with anti-money laundering rules. This is sure to send a chill through the world of virtual currency. The San Francisco-based company, which allows for rapid inexpensive movementRead More
Compliance is a big ugly problem and it’s getting worse and nobody has nailed it yet. That should have entrepreneurs salivating. Investors say, “show me compliance deals”. Bankers say, “show me a solution”. Startup founders say, “we must spend our precious cash on lawyers and regulatory experts”. Nobody loves compliance. Everybody hates compliance. So it’s […]
The New York Department of Financial Services (NYDFS) released a proposal today to regulate bitcoins and other forms of virtual currency, making New York the first state to draft up regulatory legislation for virtual currencies. The NYDFS is proposing to issue “BitLicenses,” certificates allowing holders to transact in virtual currencies in NewRead More