Three Major Takeaways from Congress’ Recent Overhaul of AML Policy

Anti-Money Laundering programs in place today resemble a juggler with about twice as many balls in the air as they could reasonably handle. Over the years, evolving priorities have accumulated without considering whether monitoring for some older crime patterns may have become redundant. Compliance teams are spread thin, making it difficult to think about investing in innovation or keeping up with evolving trends. This accumulation is a byproduct of the mismatch between continuous innovation

April 20, 2021

In the News

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Digital Currency

Digital Transactions: Central Banks Are Pondering the Privacy/Transparency Balance of CBDCs

“We are looking very carefully at the question of whether we should issue a digital dollar,” said Federal Reserve chairman Jerome Powell in testimony before the Senate banking committee. “We are the world’s reserve currency and we have a responsibility to get this right.” As digital currency moves from the outer edge of crypto to a future replacement for fiat cash, governments have had to consider a complicated range of risks and benefits in issuing central bank digital currencies (CBDCs)... R

April 13, 2021

AML

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Best Practices

Setting Up an Anti-Money Laundering Compliance Program? Part I: Start Here

Part I of Setting Up an AML Compliance Program. There’s a moment of reckoning when a company determines—even though it may not be a bank—that it needs to put an anti-money laundering (AML) compliance program into place. This situation arises when fintech startups and other non-bank financial institutions offer products and services that fall under Bank Secrecy Act / Anti-Money Laundering (BSA/AML) regulation. Or, often the case, when a regulated bank requires an AML compliance program from

April 08, 2021

In the News

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Compliance

The Fintech Times: Why Modern RegTech is the Key to a Successful Fintech

Author: Matt Van Buskirk, Co-CEO and CoFounder, Hummingbird Learn more about RegTech for fintechs in this article from The Fintech Times: Creating a new fintech from scratch is an incredibly complex process. Founders need to define the concept, build the product, grow the team, attain approval from a bank partner, and get customers to try it out. From the founders’ perspective, all of these steps are necessary and require attention, but some could argue that compliance and regulation are some

April 08, 2021