9 Min Read
New York(Thomson Reuters Regulatory Intelligence) - To read more by the Thomson Reuters Regulatory Intelligence team click here: bit.ly/TR-RegIntel
A representation of virtual currency Bitcoin and U.S. One Dollar banknote are seen in front of a stock graph in this illustration taken January 8, 2021.
A new interpretive letter from the Office of the Comptroller of the Currency allowing the use of stablecoin cryptocurrency for bank payments opens a pathway for mainstream finance to live-test digital assets in a relatively safe corner of the market. The decision greenlights what some see as “training wheels” enabling the creation of compliance controls for more expansive uses of digital currencies in the future.
7 Min Read
NEW YORK(Thomson Reuters Regulatory Intelligence) - To read more by the Thomson Reuters Regulatory Intelligence team click here: bit.ly/TR-RegIntel
Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020.
The new year and new administration in Washington has brought uncertainty over what many see as potentially one of the most revolutionary developments in financial services, the broader acceptance and regulatory framework for cryptocurrencies.
Digital assets or currencies such as bitcoin have exploded in popularity. Some values increased nearly four-fold last year as the use cases for cryptocurrency and wider acceptance by traditional banks and financial institutions have gained traction. Many former skeptics, including regulators, have now flipped from a prior blanket opposition and are now beginning to test the crypto waters.
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The continuing modernization and digitization of the financial services industry made easier access to financial services more available to everyone, but it also has created the opportunity for illicit actors to concoct more complex, digitized crimes.
In an interview with Thomson Reuters Regulatory Intelligence, Rick McDonell, executive director of the Association of Certified Anti-Money Laundering Specialists (ACAMS), discusses this crucial development and notes how important it is for financial institutions to ensure that their compliance departments and officers are properly trained to detect this new strain of financial crime.
6 Min Read
New York(Thomson Reuters Regulatory Intelligence) - To read more by the Thomson Reuters Regulatory Intelligence team click here: bit.ly/TR-RegIntel
The headquarters of Germany s Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020.
Deutsche Bank AG on Friday agreed to pay more than $130 million to resolve a Justice Department investigation into violations of the Foreign Corrupt Practices Act and a Securities and Exchange Commission probe into a commodities fraud scheme.
This is the latest blow for the German bank that has faced a series of scandals over financial crimes compliance failures. In response to the announcement, the bank vowed to bolster its anti-financial crime compliance program.
9 Min Read
New York(Thomson Reuters Regulatory Intelligence) - To read more by the Thomson Reuters Regulatory Intelligence team click here: bit.ly/TR-RegIntel
A representation of virtual currency Bitcoin and U.S. One Dollar banknote are seen in front of a stock graph in this illustration taken January 8, 2021.
A new interpretive letter from the Office of the Comptroller of the Currency allowing the use of stablecoin cryptocurrency for bank payments opens a pathway for mainstream finance to live-test digital assets in a relatively safe corner of the market. The decision greenlights what some see as “training wheels” enabling the creation of compliance controls for more expansive uses of digital currencies in the future.