AML
Non-Hyped Look at FATF Announcement of June 2019 with Respect to Crypto Compliance
First important point – FATF guidelines are NOT for companies or businesses or private sector, they target national authorities of FATF member countries. Which means, until FATF recommendations are implemented into the national law, they are not binding. So – What Needs to Change in the National Legislation? VASPs Read more…
AML
New AML Circular Arrived To Liechtenstein – and It’s Great!
Liechtenstein recently confirmed its place as one of the most FinTech-friendly jurisdictions by adopting a new circular on digital verification of customers! What’s changed: In addition to 2-way video verification of customers, more options are made available to FinTech platforms. From now on you can also verify individual customers Read more…
AML
3 Helpful Developments in Digital Verification of Customers to Boost Your Conversions
Photo by Isaac Smith on Unsplash As you’ve probably noticed, new solutions in digital verification of customers pop up every week, and I’d like to share with you 3 important trends that help tremendously with customer conversions. Reliance on 2-way human interaction during digital video onboarding or “liveliness tests” is Read more…
AML
Regulated or Non-Regulated? That is the Question
It is not uncommon to see regulatory requests for cryptocurrency-focused businesses to split activities into 2 parts: regulated and non-regulated. For example, the licensed (e.g. regulated) entity may be dedicated to operations with fiat funds and fiat deposits, and non-regulated entity would be facilitating transactions with cryptocurrencies or managing Read more…
AML
How To Prepare for the Audit?
I was recently preparing a team for an external on-site audit visit and the basic guiding principle I declared was: “You are going to do all the work and they are going to get paid”. I meant it. It sounds a bit odd and potentially provocative, but the truth of Read more…
AML
My Transaction Monitoring is Becoming Too Expensive – How to Optimize?
Many startup founders ask me how to optimize the cost of transaction monitoring or blockchain tracking. Is it really necessary to send all transaction for monitoring and all blockchain transactions for risk-scoring? No! You can be selective and apply a risk-based approach 🙂 It might indeed be very costly to Read more…
AML
KYC for ICO
The majority of ICOs that happened earlier in 2018 and in 2017 did not use any KYC tools, and had no idea who their participants were (here we don’t count ICO pre-sales and private sales, where ICO organizers obviously had personal contacts with early contributors and knew them well). This Read more…
AML
10 Key Things You Need to Know About EU 4th AML Directive
1. It’s good. It’s mostly good news. The majority of its new requirements were applied by the industry participants log ago, and it gives much more flexibility to obliged parties in terms of customer due diligence and risk categorization. 2. Timing It’s original implementation was planned by June 26th 2017, Read more…