Virtual Currency and Electronic Money Movers: AML Red Flags. John A. Beccia, Circle Internet Financial

Size: px
Start display at page:

Download "Virtual Currency and Electronic Money Movers: AML Red Flags. John A. Beccia, Circle Internet Financial"

Transcription

1 Virtual Currency and Electronic Money Movers: AML Red Flags John A. Beccia, Circle Internet Financial

2 Discussion Topics Background on Digital Currency and Emerging Payments Regulatory Update Assessing Risks and Red Flags Banking MSBs Digital Currency Compliance Programs

3 Payments Past, Present, Future Cash Money Order Check Credit and Debit Cards ACH Wire Prepaid cards Mobile payments P2P and B2B Bill Pay Digital wallets, PayPal, Apple Pay, etc. Open question: Where does digital currency fit in?

4 Rise of Mobile and Digital Age 90% of US households have 3 or more Internetconnected mobile devices In 2014, global smartphone subscriptions will reach 2.7 billion (up from 1.9 billion in 2013) By 2020, 90% of individuals over the age of six will have a mobile device Consumers will interact with their banks via Internetconnected mobile devices more than any other means

5 Millennials Changing the Landscape 2.5 billion Millennials worldwide (84 million in the US alone) $1.3 trillion annual purchasing power; 75% of global workforce 83% of Millennials have a smartphone and spend nearly 15 hours per week (two hours per day) using it 20% access the Internet exclusively on their smartphones 33% believe they won t need a bank in the future 70% believe payments will be totally different within next five years

6 Identity Theft Nearly 50% of American households were victims of credit card theft from data breaches in 2014 In the US, 11.5 million are victims of identity theft each year Financial losses from identity theft approaching $25 billion annually Consumers demanding payments platforms that are more resilient

7 Legacy Payments Credit Cards

8 Digital Currency Consumer Attitudes Source: TheStreet

9 Consumer Concerns Source: CSBS 2014

10 What is Bitcoin? Alternative payment system that allows consumers to transfer value Open source software Peer-to-peer financial transaction network and protocol Form of digital money that is held electronically (not legal tender, but similar attributes to currency) Movement of value from one user of the network to another via a chain of digitally signed transactions Independent of any central authority Transactions are recorded on a public ledger (block chain) and are anonymous

11 Blockchain Peer-to-peer transaction protocol; open source that anyone can use to send transactions to the network Public ledger viewable by anyone Public/private keys used to digitally sign transactions and identify users

12 Why is it Secure? Each Bitcoin address has a corresponding private key Bitcoin wallets protect and store the private key (and generate addresses) Only a person with a private key can send $ from the bitcoin address Source: preshing.com

13 Mining (Transaction Processors)

14 How to Get Bitcoin Mining Block reward is halved every 210,000 blocks or every four years Block reward started at 50 bitcoin in 2009 and is now 25 bitcoin in 2014 Use Bitcoin exchanges to exchange fiat currency (dollars, Euro, etc.) into bitcoin Purchased at the current exchange rate Subject to volatility Held in a digital wallet

15 Bitcoin Ecosystem Exchanges Merchant Services Payment Processors Wallet Services Miners Investment Vehicles ATMs

16 Digital Currency Key Metrics Bitcoin is primarily seen as a currency used for payments Only 21 million bitcoins will exist (but divisible into units) Currently 13 million bitcoin; market cap is around $3b Blockhain technology has unlimited potential $433m in venture capital invested to date ($335m in 2014)

17 Why Use Bitcoin? Method for payments (P2P, remittance, merchant transactions) Consumers Lower costs and fees Faster payments Improves privacy and security (no loss of PII) Merchants Avoid interchange No chargebacks (instant payments) Don t have to hold personal information

18 Digital Currency Merchant Transactions 90,000 merchants now accept Bitcoin Represents $85 billion in annual revenue Merchants include Dell, Expedia, Microsoft, Overstock In 2015, major digital payments providers Stripe, Square, PayPal and others launching commercial support for Bitcoin VC funded startups offering 0% fees, utility pricing, touchless POS integration and other innovations

19 Merchant Transactions

20 Consumer Adoption

21 Risks Recent regulatory guidance and reports from European Banking Authority, GAO, CFPB and state authorities address potential risks to users, market participants and financial system Risks include: o o o o o o Price volatility (no FDIC insurance) and lack of liquidity (exchange risk) Digital asset security (bitcoins can be lost or stolen) Transactions can t be canceled or reversed Lack of government control; regulation Mining and control of network (51% attack) Regulatory risks use of bitcoin for financial crimes

22 Price Volatility

23 Risks and Regulatory Considerations Financial crimes Security Consumer protection Tax issues

24 Risks Enforcement Actions Liberty Reserve Mt. Gox Silk Road U.S. v. Faiella and Shrem SEC v. Shavers (E.D. Tex.2013)

25 Regulatory Update FEDERAL FinCEN guidance March 2013 CFPB guidance and complaint protocol Potential rules from SEC and CFTC IRS guidelines Congressional hearings, but no significant legislation STATE CSBS Emerging Payments Task Force Some progress in key states (CA, TX) BitLicense proposal introduced by NY INTERNATIONAL EU reticent to take action (See recent EBA Report) Have seen government warnings and limited tax guidance Some recent progress (Canada, Luxembourg, FATF, FCA)

26 AML Regulations Focus of regulators are on and off ramps for Bitcoin to fiat exchange Concern over anonymity and counterparty risks FinCEN guidance (March 2013) Relates to convertible decentralized virtual currency Defined administrators and exchangers ( users are exempt) that must register as MSBs January 2014 guidance relating to miners and investors Special highlight discussion in July 2014 SAR update Open Issues Travel rule, OFAC

27 State Requirements Money transmitter statutes do not contemplate digital currency Licensing varies by state (may be considered money transmitter, payment instrument, stored value or none of the above) Barrier to entry capital requirements, bond, financial statements, background information, permissible investments Examinations/enforcement NYDFS BitLicense Proposal AML provisions over and above FinCEN rules Differ from other money transmitters Wide discretion over businesses

28 What to Consider When Banking MSBs Joint Guidance on Providing Banking Services to Money Services Businesses Operating in the United States (2005) Minimum due diligence requirements Risk assessment FinCEN Statement on Providing Banking Services to MSBs (11/10/14) Avoid De-Risking 2008 MSN exam manual; 2010 FFIEC BSA/AML manual FDIC FIL (1/28/15) Statement on Banking Services

29 Assessing Digital Currency Clients Comprehensive due diligence and risk-based review Risk/benefit analysis Costs to monitor/staff; reputational risks; potential fees for compliance Review the business activities of the digital currency firm Analyze types of accounts desired (operational, settlement, etc.) and anticipated activity Complete risk assessment of products, clients, and geo locations Are they a registered Money Service Business and licensed in states? Assess management, board, investors and culture of compliance Review entire AML program (4 pillars) and OFAC program Review beyond AML compliance (consumer protection, financials, security, etc.)

30 Banks - Ongoing Monitoring Risk Assessment - ongoing Information requests (quarterly reports and risk dashboards) Periodic reviews of account activity Site visits and requests for audit/compliance testing Special monitoring procedures and staffing (high risk division) Updates for material changes Changes in activity patterns Insight into firm s KYC/monitoring systems Utilize 314(b) for clients (and non-clients)

31 AML Program Digital Currency

32 AML Program Digital Currency

33 Onboarding Clients Customer fund accounts via ACH, debit/credit card or existing BTC wallet Risk-based approach to gathering KYC information Verification of information provided Utilize technology IP addresses, geo location, document validation, facial recognition Conduct OFAC and sanctions screening Determine high-risk countries based on factors (country, PEP, etc.) EDD (source of funds, validation questions, etc.) Use of transaction limits to mitigate risk

34 Red Flags Customer provides insufficient, incomplete or suspicious information that can t be verified Use of proxies, unverifiable IP address or geo location, disposable address Customers or transactions in high risk locations Unusual patterns of transaction activity (volumes, velocity, structure, etc.) Attempts for single user to purchase/sell digital currency from numerous different bank or card accounts Transactions involving known blacklisted addresses Attempts to conceal identity

Bitcoin: Virtual Currency, Real Risks and Real Opportunities

Bitcoin: Virtual Currency, Real Risks and Real Opportunities Bitcoin: Virtual Currency, Real Risks and Real Opportunities Jason Weinstein and Patrick Murck September 18, 2014 Overview What Bitcoin Is and How It Works in English Advantages of Bitcoin Bitcoin s Growing

More information

Addressing the Risk of Cryptocurrencies. 19 January

Addressing the Risk of Cryptocurrencies. 19 January Addressing the Risk of Cryptocurrencies 19 January 2015 9.35 10.50 Presenters David Cafferty Head of Compliance Advisory Services Kane LPI Solutions Brian J. Stoeckert, JD, CAMS, CFE Managing Director

More information

AML and cryptocurrencies background and threats to effective AML

AML and cryptocurrencies background and threats to effective AML AML and cryptocurrencies background and threats to effective AML Giles Dixon, CBP Senior Consultant, Cryptocurrencies, Financial Services Advisory Grant Thornton Canada The challenges blockchain technology

More information

PDX COIN.

PDX COIN. PDX COIN www.petrodollars.io www.pdxcoin.io DISCLOSURE STATEMENT The following presentation contains forward looking statements that may reflect our plans, estimates, and beliefs. Such forward looking

More information

PDX COIN

PDX COIN PDX COIN WWW.PDXCOIN.IO DISCLOSURE STATEMENT The following presentation contains forward looking statements that may reflect our plans, estimates, and beliefs. Such forward looking statements are dependent

More information

Corporate Presentation. Author: DIMPAY Foundation

Corporate Presentation. Author: DIMPAY Foundation Corporate Presentation Author: DIMPAY Foundation Table of Contents Table of Contents What is DIMPAY? 01 DIMPAY Foundation 02 DIMPAY Features 04 DIMPAY ICO 06 ICO Funds 08 DEPOTWALLET 10 DIMPAY Applications

More information

The Emergence of Bitcoin & Digital Currencies

The Emergence of Bitcoin & Digital Currencies The Emergence of Bitcoin & Digital Currencies Presented by: Anthony Di Iorio Bitcoin Alliance of Canada So what is Bitcoin? The world's first decentralized currency Payment system Protocol Open source software

More information

ProfytPro ICO CONTENTS

ProfytPro ICO CONTENTS 1 ProfytPro ICO CONTENTS ProfytPro ICO CONTENTS... 2 INTRODUCTION... 4 WHAT IS ProfytPro (PFTC) PLATFORM... 5 CORE OBJECTIVES... 6 ADVANTAGES OF BLOCKCHAIN... 7 WHY WE DO TOKEN SALE... 8 TOKEN FUNCTIONS

More information

Banking Money Services Business. Xenia Vieth, Esq. Banco Popular North America

Banking Money Services Business. Xenia Vieth, Esq. Banco Popular North America Banking Money Services Business Xenia Vieth, Esq. Banco Popular North America 847-994-5960 xvieth@bpop.com Banking Money Services Businesses (MSBs) Banking of MSBs» Allowed and encouraged by regulators

More information

BLOCKCHAIN TECHNOLOGIES IN PAYMENTS

BLOCKCHAIN TECHNOLOGIES IN PAYMENTS BLOCKCHAIN TECHNOLOGIES IN PAYMENTS OBSERVATIONS FROM INFORMATION SYSTEMS SCIENCE JUHO LINDMAN, UNIVERSITY OF GOTHENBURG, JUHO.LINDMAN@AIT.GU.SE VIRPI KRISTIINA TUUNAINEN, AALTO UNIVERSITY, VIRPI.TUUNAINEN@AALTO.FI

More information

Payment Processor Buying Guide. How to prepare for sending out an RFP

Payment Processor Buying Guide. How to prepare for sending out an RFP Payment Processor Buying Guide How to prepare for sending out an RFP Payment Processor Buying Guide This document is meant to provide potential customers a framework to evaluate payment processors. PRELIMINARY

More information

Digital Currencies. Virtual Currencies Cryptocurrencies

Digital Currencies. Virtual Currencies Cryptocurrencies Digital Currencies Digital Currencies An Internet-based medium of exchange No need for a physical representation Allow for instantaneous and borderless transactions Digital Currencies can fall into several

More information

zmint Blockchain Introduction

zmint Blockchain Introduction zmint Blockchain Introduction https://zmint.co Recorded November 2017 Introduction for Beginners We are going to introduce you to some new words, and try to make it simple When the Internet was first released

More information

BLOCKCHAIN & Digital Financial Services 29/11/17

BLOCKCHAIN & Digital Financial Services 29/11/17 BLOCKCHAIN & Digital Financial Services 29/11/17 Shiva Bissessar, BSc (Hons), MBA, MSc Managing & Technical Director shiva@pinaka.co.tt @PinakaTT www.pinaka.co.tt https://ripple.com/insights/kosta-perics-mission-to-reach-the-unreachable/

More information

Bitcoin: System Architecture, Opportuni5es and Challenges

Bitcoin: System Architecture, Opportuni5es and Challenges Bitcoin: System Architecture, Opportuni5es and Challenges Sascha Boehme sascha;@gmail.com March 9, 2015 The only way to confirm the absence of a transac4on is to be aware of all transac4ons. Source: S.

More information

Dual Blockchain Technology

Dual Blockchain Technology Dual Blockchain Technology Welcome to VeriCoin. The first dual blockchain digital currency supported by a purely digital asset, Verium. VeriCoin and Verium will be the first dual blockchain protocol technology

More information

Fintech Promises To Bring Payments Into The Future. By Mark Dubrow, CEO, Onyx CenterSource

Fintech Promises To Bring Payments Into The Future. By Mark Dubrow, CEO, Onyx CenterSource Fintech Promises To Bring Payments Into The Future By Mark Dubrow, CEO, Onyx CenterSource Hotel and travel distributor payments can be outdated, costly and timeconsuming. But a wave of innovation offers

More information

Because we ve been asked a time or two what s new in AML & digital currency in Canada

Because we ve been asked a time or two what s new in AML & digital currency in Canada Because we ve been asked a time or two what s new in AML & digital currency in Canada The following are a compilation of FINTRAC s policy positions 1 in relation to digital currency. This document is current

More information

E-Money in Russia. Legislation and practice. Jane Zavalishina, CEO Yandex.Money

E-Money in Russia. Legislation and practice. Jane Zavalishina, CEO Yandex.Money E-Money in Russia Legislation and practice Jane Zavalishina, CEO Yandex.Money Regulation of payments in Russia The beginning. Early 90s 1990 year - Banking Law - money transfer via bank accounts - remittance

More information

CRYPTOCURRENCIES, THE UNBANKED AND INTRINSIC VALUE

CRYPTOCURRENCIES, THE UNBANKED AND INTRINSIC VALUE CRYPTOCURRENCIES, THE UNBANKED AND INTRINSIC VALUE JA S M I N GÜNGÖR GUESTSPEAKER OF COINTED Facebook Post from an Austrian Banker So now we re involved in trying to make sure we get a very efficient digital

More information

Bitcoin: Back to the Future

Bitcoin: Back to the Future Bitcoin: Back to the Future About the course: This course is a general introduction to the emerging world of distributed ledgers and internet-based value exchange systems. We focus specifically on bitcoin

More information

Alternative Payments Perspectives

Alternative Payments Perspectives Peter Davey, VP Payment Strategy & Industry Robert Mau, Expert Alternative Payments Perspectives EastPay Information Interchange February 26, 2015 Welcome to Gringotts Wizarding Bank Established in 1474

More information

OLXA COIN WHITE PAPER DECENTRALIZED APPLICATIONS AND CROWD-PROJECTS THROUGH THE BLOCKCHAIN TECHNOLOGY.

OLXA COIN WHITE PAPER DECENTRALIZED APPLICATIONS AND CROWD-PROJECTS THROUGH THE BLOCKCHAIN TECHNOLOGY. OLXA COIN WHITE PAPER DECENTRALIZED APPLICATIONS AND CROWD-PROJECTS THROUGH THE BLOCKCHAIN TECHNOLOGY www.olxacoin.com info@olxacoin.com Table of Contents 1 Introduction 1.1 Introduction to BitCoin and

More information

Posted: 1/30/2018 by Fidelity Viewpoints Learn how this digital currency works, plus some risks to consider

Posted: 1/30/2018 by Fidelity Viewpoints Learn how this digital currency works, plus some risks to consider Bitcoin Primer Posted: 1/30/2018 by Fidelity Viewpoints Learn how this digital currency works, plus some risks to consider Key Takeaways Digital currencies like Bitcoin have surged to the forefront of

More information

What is Bitcoin and Why Does it Matter to You?

What is Bitcoin and Why Does it Matter to You? What is Bitcoin and Why Does it Matter to You? Paul David Marotta February, 2014 History Statistics How Bitcoin operates as a transaction system Opportunities and pitfalls in conducting Bitcoin Transactions

More information

5/28/14. History of Bitcoin

5/28/14. History of Bitcoin North American Gaming Regulators Association Annual Conference June 9-12, 2014 Presented by: Lawrence G. Walters, Esq. WWW.GAMEATTORNEYS.COM The Beginnings of Alternative Currency Virtual currency has

More information

Bitcoin and Payments Technologies

Bitcoin and Payments Technologies MIT SLOAN SCHOOL OF MANAGEMENT 15.483 CONSUMER FINANCE: MARKETS, PRODUCTS, AND FINTECH SPRING 2018 PROFESSOR JONATHAN A. PARKER Lecture Notes 11 Bitcoin and Payments Technologies Copyright 2018 Jonathan

More information

Use Case 1: Shared KYC / AML (Anti Money Laundering)

Use Case 1: Shared KYC / AML (Anti Money Laundering) Use Case 1: Shared KYC / AML (Anti Money Laundering) The Know Your Customer (KYC) processes are ever evolving and even more so the solutions around it in the eco-system. KYC is required for almost everything

More information

PAYMALOAD POWERED BY COREVAL

PAYMALOAD POWERED BY COREVAL PAYMALOAD POWERED BY THE BORDERLESS SOLUTION FOR THE GLOBAL ECONOMY 1 CARD PAYMENTS Coreval International allows businesses to streamline commission, business incentive, travel payments and control expenditures

More information

Rupaya Platform White Paper World-class cryptocurrency platform designed for South Asia

Rupaya Platform White Paper World-class cryptocurrency platform designed for South Asia Rupaya Platform White Paper World-class cryptocurrency platform designed for South Asia Released May 23, 2018 Revised May 24, 2018 Table of Contents Forward Looking Statements.... 3 Abstract.... 3 Overview....

More information

AdsCash Coin: Ethereum Smart Contract based Cryptocurrency for AdWorld

AdsCash Coin: Ethereum Smart Contract based Cryptocurrency for AdWorld AdsCash Coin: Ethereum Smart Contract based Cryptocurrency for AdWorld Version 1.2 April 01, 2017 Abstract: AdsCash is a multifunctional, next-generation cryptocurrency form developed on Ethereum blockchain,

More information

Payment Systems Developments and Fintech Payments

Payment Systems Developments and Fintech Payments Payment Systems Developments and Fintech Payments March 2017 NY2 786656 MORRISON & FOERSTER LLP 2017 mofo.com Payment Systems Challenges and Opportunities for Banks Digital Wallets that Can Store Funds

More information

MEGAMALL COIN WHITE PAPER

MEGAMALL COIN WHITE PAPER MEGAMALL COIN WHITE PAPER May 2018 Summary Introduction... 2 Problem definition... 2 Solution proposal... 2 Introduction to MEGAMALL Coin... 2 Smart Contracts... 3 What Are Blockchains?... 3 What Is a

More information

HOUTON TOKEN WHITE PAPER

HOUTON TOKEN WHITE PAPER HOUTON TOKEN WHITE PAPER W W W. H O U T O N. I N F O 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Abstract Introduction Our Vision Problems and Our Solution Technical Distribution Wallet Roadmap Conclusion Disclaimer

More information

Cryptocurrencies: Frequently Asked Questions

Cryptocurrencies: Frequently Asked Questions Cryptocurrencies: Frequently Asked Questions Question 1. What is a? - A is a digital or virtual currency that uses cryptography as a security. - One defining feature of cryptocurrencies is the fact that

More information

Decentralized Fiat & Crypto. Point of Sale Systems WHITE PAPER 1.0

Decentralized Fiat & Crypto. Point of Sale Systems WHITE PAPER 1.0 WHITE PAPER 1.0 Decentralized Fiat & Crypto Point of Sale Systems support@mimicoin.me Please Note: This is not a securities offering and we do not offer this token sale to citizens or residents of United

More information

CoinValidation Position Paper. W3C Web Payments Workshop March 24 th 25 th Paris, France

CoinValidation Position Paper. W3C Web Payments Workshop March 24 th 25 th Paris, France CoinValidation Position Paper W3C Web Payments Workshop March 24 th 25 th Paris, France Submitted by: Alex Waters alex@coinapex.com, CEO, CoinValidation Abstract The Internet was developed as a way of

More information

OceanPay. OceanPay Visa Prepaid Card. OceanPay Wire Services. Frequently Asked Questions

OceanPay. OceanPay Visa Prepaid Card. OceanPay Wire Services. Frequently Asked Questions OceanPay a direct deposit payroll card Your wages are deposited directly to your OceanPay Card, which can be used worldwide at over 20 million locations everywhere Visa debit cards are accepted. to pay

More information

7 Tips to Successful Check Cashing

7 Tips to Successful Check Cashing 7 Tips to Successful Check Cashing Now that you ve started cashing checks here is what you need to know to ensure success Use the following best practices to help make your check cashing business successful.

More information

HOW INTEGRATED RECEIVABLES OVERCOMES THE FOUR BIGGEST CHALLENGES IN ORDER-TO-CASH

HOW INTEGRATED RECEIVABLES OVERCOMES THE FOUR BIGGEST CHALLENGES IN ORDER-TO-CASH HOW INTEGRATED RECEIVABLES OVERCOMES THE FOUR BIGGEST CHALLENGES IN ORDER-TO-CASH EXECUTIVE SUMMARY Businesses are demanding more of their treasury departments. Treasury must become a strategic advisor,

More information

Digital Fiat Currency. The true alternative to physical currency

Digital Fiat Currency. The true alternative to physical currency Digital Fiat Currency The true alternative to physical currency The single largest opportunity for Central Banks in fintech is to digitize cash $75 trillion worth of cash transactions globally 85% of global

More information

Covering Your Assets: Payment Landscape and Technology

Covering Your Assets: Payment Landscape and Technology Covering Your Assets: Payment Landscape and Technology Keith Lam Sr. Product Manager 2016 Epicor Software Corporation Keith Lam Senior Product Manager 9+ years at Epicor, focusing on building great products

More information

TITLE Lorem ipsum dolor sit amet

TITLE Lorem ipsum dolor sit amet A Guide to Navigating the Mobile Payments Industry TITLE Lorem ipsum dolor sit amet White Paper Table of Contents 1. Introduction 2. Mobile Payment Statistics 3. Technological Advancements in Payments

More information

RDC Risk Management in 2013

RDC Risk Management in 2013 RDC Risk Management in 2013 Paul Carrubba, Partner Adams and Reese, LLP John Leekley, Founder & CEO RemoteDepositCapture.com Legal and Regulatory Issues No Mobile Banking Law Federal Laws and Regulations

More information

The way Forward for Cryptocurrency - a Barbados Perspective. In association with

The way Forward for Cryptocurrency - a Barbados Perspective. In association with # The way Forward for Cryptocurrency - a Barbados Perspective In association with The Current Situation The Barbados Environment Technology is available to access Cryptocurrency Two major telecom providers

More information

SPARK (SPC) IS A DECENTRALIZED STANDALONE BLOCKCHAIN

SPARK (SPC) IS A DECENTRALIZED STANDALONE BLOCKCHAIN SPARK (SPC) IS A DECENTRALIZED STANDALONE BLOCKCHAIN CRYPTOCURRENCY FUTURE WHITE PAPER Nov 01, 2017 SPARK COIN 1 ABSTRACT About eight years ago, a pseudonymous cryptographer known as Satoshi Nakamoto introduced

More information

AML for MSBs & FinTech: The Compliance Conundrum. Insight Article. Copyright 2016 NICE Actimize. All rights reserved.

AML for MSBs & FinTech: The Compliance Conundrum. Insight Article. Copyright 2016 NICE Actimize. All rights reserved. AML for MSBs & FinTech: The Compliance Conundrum Insight Article Copyright 2016 NICE Actimize. All rights reserved. TABLE OF CONTENTS FinTech Innovation Collides with Reality... 3 Compliance Challenges

More information

Key BSA/AML takeaways from the 2015 FIBA conference

Key BSA/AML takeaways from the 2015 FIBA conference Key BSA/AML takeaways from the 2015 FIBA conference April 2015 This year s Florida International Bankers Association (FIBA) conference included a number of sessions that addressed Bank Secrecy Act and

More information

Making PayPal work for you. Welcome Kit

Making PayPal work for you. Welcome Kit Making PayPal work for you Welcome Kit How to get the most out of your PayPal account Table of Contents How PayPal Works Paying with PayPal At the speed of want Pay anyone, anywhere Accepting Payments

More information

The FFIEC BSA/AML Examination Manual 2010 Revisions

The FFIEC BSA/AML Examination Manual 2010 Revisions The FFIEC BSA/AML Examination Manual Timothy P. Leary Senior Special AML Examiner Board of Governors of the Federal Reserve System Washington, DC Purpose of the Manual Promote interagency consistency Consolidate

More information

E-Debit International Inc. Introduction to Transaction Processing. Basic Overview of our Payment & Processing Systems 08/13

E-Debit International Inc. Introduction to Transaction Processing. Basic Overview of our Payment & Processing Systems 08/13 E-Debit International Inc. Introduction to Transaction Processing Basic Overview of our Payment & Processing Systems 08/13 Introducing E-Debit International Payment program and the Westsphere Systems Inc.

More information

How PSD2 impacts marketplaces and platforms

How PSD2 impacts marketplaces and platforms How PSD2 impacts marketplaces and platforms A Stripe guide for navigating the European regulatory changes By Michael Cocoman & David Schreiber The new European payments law, known as the second Payment

More information

TREASURY MANAGEMENT. Dynamic Solutions. Superior Results.

TREASURY MANAGEMENT. Dynamic Solutions. Superior Results. TREASURY MANAGEMENT Dynamic Solutions. Superior Results. HELP YOUR COMMERCIAL CLIENTS BY OFFERING TREASURY MANAGEMENT SERVICES ENHANCED FEE REVENUE CSI s Treasury Management solutions let your financial

More information

Whitepaper. Abstract. Introduction

Whitepaper. Abstract. Introduction Whitepaper Proxy Ethereum for Everyone We do not offer securities or a collective investment scheme. You are advised to read this document carefully in full, and perform due diligence. According to the

More information

TCOIN TCN B ANK TRADE BY TRADE WHITEPAPER VERSION 0.2

TCOIN TCN B ANK TRADE BY TRADE WHITEPAPER VERSION 0.2 TCOIN TCN WHITEPAPER VERSION 0.2 B ANK TRADE BY TRADE Index Pages Overview 4 Our Vision 5 What is TCOIN TCN? 6 Why invest in Tcoin TCN? 8 Cryptocurrency 8 TCoin TCN Specifications 9 TCoin Masternode Development

More information

Non-Banking Financial Institution (NBFI) Third Party Payment Processor (TPPP) AMLQuestionnaire

Non-Banking Financial Institution (NBFI) Third Party Payment Processor (TPPP) AMLQuestionnaire n-banking Financial Institution (NBFI) Third Party Payment Processor (TPPP) AMLQuestionnaire I. Overview This questionnaire is designed to provide HSBC with information about your organisation s financial

More information

Benefits of adding Debit & ACH Lowering Cost of Payments

Benefits of adding Debit & ACH Lowering Cost of Payments Your source for payments education Benefits of adding Debit & ACH Lowering Cost of Payments Nandan Sheth, First Data, SVP, Global Debit Solutions Key Takeaways 1. Evolution of commerce and expansion of

More information

Bitcoin and Blockchain

Bitcoin and Blockchain Bitcoin and Blockchain Susan Athey, Stanford GSB Disclosures: Boards of Ripple, Coincenter advisor to NYCA (fintech VC) Papers: Bitcoin Pricing, Adoption, and Usage (Athey, Parashkevov, Sarukkai, Xia,

More information

Customer Due Diligence (CDD) Market Survey. Survey Results. Copyright 2016 NICE Actimize. All rights reserved.

Customer Due Diligence (CDD) Market Survey. Survey Results. Copyright 2016 NICE Actimize. All rights reserved. Customer Due Diligence (CDD) Market Survey Survey Results TABLE OF CONTENTS Overview... 3 Polling Methodology & Respondent Demographics... 4 Key Findings... 5 Two-Thirds Impacted by Recent Regulatory Updates...

More information

The Future of Fintech Five technology trends driving the financial services industry.

The Future of Fintech Five technology trends driving the financial services industry. Five technology trends driving the financial services industry. Originally designating any financial services-specific technology, fintech has emerged as an industry in its own right. Investment in fintech

More information

Invasion of the Payments Snatchers: Strategies for Fighting Payment Fraud

Invasion of the Payments Snatchers: Strategies for Fighting Payment Fraud Invasion of the Payments Snatchers: Strategies for Fighting Payment Fraud Stephanie M Fuoco Director, Risk Payment Office Card Services at Fiserv Richard Maier AVP/Loss Prevention Auditing MIDFLORIDA Credit

More information

RDC Risk Management in 2015

RDC Risk Management in 2015 RDC Risk Management in 2015 John Leekley, Founder & CEO RemoteDepositCapture.com Be sure to tweet about the #RDCSummit and mention @RDCTweet Setting the Stage Discussion Objectives Definition of RDC Risk

More information

FOC CRYPTO WHITEPAPER. March, 2018 MINING SMART SYSTEM TRADING NETWORK

FOC CRYPTO WHITEPAPER.   March, 2018 MINING SMART SYSTEM TRADING NETWORK WHITEPAPER FOC CRYPTO March, 2018 www.fortunecoin.biz INTRODUCTION FOC Crypto is a digital payment pla orm processor which using blockchain technology-based. Blockchain technology allow you to make payment

More information

Presented by. John Karantzis, CEO Maria Coul, Country Manager

Presented by. John Karantzis, CEO Maria Coul, Country Manager Presented by John Karantzis, CEO Maria Coul, Country Manager Welcome Introduction Company, isignthis Ltd John Karantzis, CEO Maria Coul, Country Manager A bit about you o Industries o Knowledge of PSD2

More information

Halmet Bradosti. Business and Management Department, Ishik University, Erbil, Iraq Doi:10.

Halmet Bradosti. Business and Management Department, Ishik University, Erbil, Iraq   Doi:10. Analysis of Public Perception on Virtual Currency in Erbil, Kurdistan Region of Iraq Halmet Bradosti Business and Management Department, Ishik University, Erbil, Iraq Email: halmet.bradosti@ishik.edu.iq

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions ABOUT exer Q: Which are exer main areas? A: Mining, Investments, Education and Networking Q: Where do I find information about exer, areas and products? A: On www.exervipclub.com.

More information

BIONIC WHITEPAPER Copyrights 2018 BIONIC

BIONIC WHITEPAPER Copyrights 2018 BIONIC BIONIC INTRODUCTION WHAT IS CRYPTO CURRENCY ALL ABOUT BLOCKCHAIN SMART-CONTRACT WHY BLOCKCHAIN IT WAS ADOPTED FOR BIONIC? WHAT MAKES BIONIC UNIQUE BIONIC GOALS SALES PROCESS FOR BNC TOKENS TOKEN SALE TOKEN

More information

FSMN: A Payment Gateway and Merchant Settlement Services for Instant, Secured Global Payments

FSMN: A Payment Gateway and Merchant Settlement Services for Instant, Secured Global Payments FSMN: A Payment Gateway and Merchant Settlement Services for Instant, Secured Global Payments Abstract FSMN is a cryptography-based digital coin and payment gateway introduced to the market in 2018 to

More information

BIONIC WHITEPAPER Copyrights 2018 BIONIC

BIONIC WHITEPAPER Copyrights 2018 BIONIC BIONIC INTRODUCTION WHAT IS CRYPTO CURRENCY ALL ABOUT BLOCKCHAIN SMART-CONTRACT WHY BLOCKCHAIN IT WAS ADOPTED FOR BIONIC? WHAT MAKES BIONIC UNIQUE BIONIC GOALS SALES PROCESS FOR BNC TOKENS TOKEN SALE TOKEN

More information

Bank Technology Trends. Jim Stewart Chief Information Security Officer United Community Bank

Bank Technology Trends. Jim Stewart Chief Information Security Officer United Community Bank Bank Technology Trends Jim Stewart Chief Information Security Officer United Community Bank Welcome to the Georgia Banking School! Give appreciation and feedback to those that allowed you to attend. Encourage

More information

Sikka A digital asset transfer platform designed for the financially marginalized.

Sikka A digital asset transfer platform designed for the financially marginalized. Sikka A digital asset transfer platform designed for the financially marginalized. Jefferson Scott Davis, Kuldeep Bandhu Aryal, Sandesh Pandey and Saujanya Acharya www.sikka.me 1 2 Overview Sikka is a

More information

Virtual Currency and Blockchain

Virtual Currency and Blockchain Course Syllabus Audience The primary target is the frontline analyst, teaching skills that benefit new and experienced employees, especially as regulator and market expectations increase. This course assumes

More information

Get Up to Speed on Real-Time Payments

Get Up to Speed on Real-Time Payments OCTOBER 21-24, 2018 CHAPEL HILL, NC An exceptional on-campus professional development opportunity Get Up to Speed on Real-Time Payments WHAT OUR ATTENDEES HAVE TO SAY... I found the UNC Treasury Management

More information

2019 Details Coming Soon. Get Up to Speed on Real-Time Payments OCTOBER 21-24, 2018 CHAPEL HILL, NC

2019 Details Coming Soon. Get Up to Speed on Real-Time Payments OCTOBER 21-24, 2018 CHAPEL HILL, NC OCTOBER 21-24, 2018 CHAPEL HILL, NC An exceptional on-campus professional development opportunity Get Up to Speed on Real-Time Payments WHAT OUR ATTENDEES HAVE TO SAY... I found the UNC Treasury Management

More information

Shareel Whitepaper V.1.2

Shareel Whitepaper V.1.2 Shareel Whitepaper V.1.2 Table of content 1. Introduction 2. Why Invest in Shareel? 3. Shareel Investment Opportunities Social Media Syndication Lending To Miners Mining (Proof-of-Stake) 4. Trading 5.

More information

GINcoin the turnkey masternode coin

GINcoin the turnkey masternode coin GINcoin the turnkey masternode coin GINcoin Overview GINcoin, with its GUI-based Masternode deployment platform enables crypto investors to set up their own Masternodes regardless of their technical skills

More information

Defining and promoting excellence in the provision of mobile money services

Defining and promoting excellence in the provision of mobile money services SAFEGUARDING OF FUNDS DATA PRIVACY AML/CFT/FRAUD PREVENTION STAFF AND PARTNER MANAGEMENT CUSTOMER SERVICE TRANSPARENCY QUALITY OF OPERATIONS SECURITY OF SYSTEMS Defining and promoting excellence in the

More information

currencies face. We will also articulate the roadmap how it will be used by masses for all of their payment need. 2. Introduction to MCX Coin

currencies face. We will also articulate the roadmap how it will be used by masses for all of their payment need. 2. Introduction to MCX Coin 2017 Index: 1. Abstract: 2. Introduction to MCX Coin 3. Problems MCX Solves 4. The players affecting crypto markets 5. Hybrid technology 6. Powerful Blockchain 7. Volatility management 8. Stability 9.

More information

Transaction Monitoring

Transaction Monitoring Course Syllabus Audience The primary target is the frontline analyst, teaching skills that benefit new and experienced employees, especially as regulator and market expectations increase. This course assumes

More information

How to Trade Bitcoin. AN INTRODUCTION TO CRYPTOCURRENCY TRADING A FOREX.com educational guide

How to Trade Bitcoin. AN INTRODUCTION TO CRYPTOCURRENCY TRADING A FOREX.com educational guide How to Trade Bitcoin AN INTRODUCTION TO CRYPTOCURRENCY TRADING A FOREX.com educational guide FOREX.com is a trading name of GAIN Capital UK Limited, FCA No. 113942. Our services include products that are

More information

The Rise of the Digital Currencies: Onslaught of SEC Scrutiny and Fraud are Unavoidable

The Rise of the Digital Currencies: Onslaught of SEC Scrutiny and Fraud are Unavoidable The Rise of the Digital Currencies: Onslaught of SEC Scrutiny and Fraud are Unavoidable BY SCOTT A. BARNES, CPA, CFF, CGMA Important Definitions: Digital Currency(Cryptocurrency): exhibits properties similar

More information

JoinMarket An in depth analysis of a distributed and trustless mixing system. Bitcoin e privacy

JoinMarket An in depth analysis of a distributed and trustless mixing system. Bitcoin e privacy JoinMarket An in depth analysis of a distributed and trustless mixing system Bitcoin e privacy Bitcoin and privacy Bitcoin is a digital currency that utilizes cryptographic identities (bitcoin addresses)

More information

STAR Network Overview

STAR Network Overview STAR Network Overview Presented by: Jeff Jakopec, Sr. Strategy Business Development September 26, 2017 What Differentiates STAR Network From the Rest STAR provides market leading fraud solutions that help

More information

1. Introduction and Problem.

1. Introduction and Problem. 1. Introduction and Problem. As market capitalization of all cryptocurrencies combined has surpassed 1 trillion Japanese yen, many professional entities (including the Ango team) are conclusive of the

More information

OpenBank - banking platform for e-money management based on blockchain technology (version 0.2)

OpenBank - banking platform for e-money management based on blockchain technology (version 0.2) OpenBank - banking platform for e-money management based on blockchain technology (version 0.2) Dr. Pavel Kravchenko, Sergiy Vasilchuk, Bohdan Skriabin Abstract Traditional banking technology has multiple

More information

account(s) Powers Ferry Road #150 Atlanta, Georgia (770)

account(s) Powers Ferry Road #150 Atlanta, Georgia (770) ELECTRONIC FUND TRANSFER DISCLOSURE Georgia Banking Company 6190 Powers Ferry Road #150 Atlanta, Georgia 30339-2985 (770)226-8800 www.geobanking.com For purposes of this disclosure the terms "we", "us"

More information

Lessons Learned From Recent Virtual Currency Cases

Lessons Learned From Recent Virtual Currency Cases Lessons Learned From Recent Virtual Currency Cases The web seminar has not yet started: A sound check will be performed 5 minutes before the start time. COPYRIGHT NOTICE USE OF WEBEX LOGIN/PASSWORD FOR

More information

The Bank of Elk River: Digital Wallet Terms and Conditions

The Bank of Elk River: Digital Wallet Terms and Conditions The Bank of Elk River: Digital Wallet Terms and Conditions These Terms of Use ("Terms") govern your use of any eligible debit card issued by The Bank of Elk River (a "Payment Card") when you add, attempt

More information

Päivi Heikkinen Suomen Pankki. Do you read Crypto? Aalto University Fintech Seminar Practical Questions and Solutions

Päivi Heikkinen Suomen Pankki. Do you read Crypto? Aalto University Fintech Seminar Practical Questions and Solutions Päivi Heikkinen Suomen Pankki Do you read Crypto? Aalto University Fintech Seminar Practical Questions and Solutions 14.3.2018 19.2.2018 1 Do you read crypto currencies? 1. Ten years of a life cycle? 2.

More information

NASGO STAY FREE WITH US

NASGO STAY FREE WITH US NASGO STAY FREE WITH US CRYPTO-ECONOMY TO CONTRIBUTE 10% TO THE GLOBAL GDP BY 2022! Over half a billion people are aware of cryptocurrencies More than 50 million have interacted with cryptocurrencies Over

More information

Accepting VeganCoin. Benefits for your business

Accepting VeganCoin. Benefits for your business Accepting VeganCoin Benefits for your business Join VeganNation s global ecosystem by accepting the VCN cryptocurrency, or VeganCoin, as a form of payment for your customers to use. By doing so, you will

More information

3. MARKET DYNAMICS 3.1 Cryptocurrency holders 3.2 Fiat-only customers 3.3 Growth Potential 3.4 Regulatory Environment

3. MARKET DYNAMICS 3.1 Cryptocurrency holders 3.2 Fiat-only customers 3.3 Growth Potential 3.4 Regulatory Environment 1. EXECUTIVE SUMMARY & BACKGROUND 2. PROBLEM 2.1 Value lost in monetary translation 2.2 Associated problems 2.3 Cross-border payment inefficiencies 2.4 Ten-year high ATM Fees 2.5 Location-based and credit

More information

LEISURE VOUCHERS TERMS AND CONDITIONS

LEISURE VOUCHERS TERMS AND CONDITIONS LEISURE VOUCHERS TERMS AND CONDITIONS Your Balance can be checked by clicking Here This card expires 24 months after the last use Can be used online and in store Maximum load 500 Please enter 10 digit

More information

Wrapped Tokens. A multi-institutional framework for tokenizing any asset. Whitepaper v0.1 Oct 5th Kyber Network BitGo Inc Republic Protocol

Wrapped Tokens. A multi-institutional framework for tokenizing any asset. Whitepaper v0.1 Oct 5th Kyber Network BitGo Inc Republic Protocol Wrapped Tokens A multi-institutional framework for tokenizing any asset Whitepaper v0.1 Oct 5th 2018 Kyber Network BitGo Inc Republic Protocol Abstract With the rise in popularity of ERC20, digital tokens

More information

STENEUM. The unique Saving program Of Cryptocurrency

STENEUM. The unique Saving program Of Cryptocurrency STENEUM The unique Saving program Of Cryptocurrency CONTENTS 1. INTRODUCTION 1.1 What is Steneum 2. SPECIFICATIONS 2.1 Algorithm Scrypt 3. ICO (INITIAL COIN OFFERING) 3.1 ICO Target 3.2 ICO Parameters

More information

Picture source: Shutterstock. The Cards and Payments Industry in Turkey: Emerging Trends and Opportunities to 2019

Picture source: Shutterstock. The Cards and Payments Industry in Turkey: Emerging Trends and Opportunities to 2019 Picture source: Shutterstock The Cards and Payments Industry in Turkey: Emerging Trends and Opportunities to 2019 Published Date: May 2015 Executive Summary Timetric s 'The Cards and Payments Industry

More information

For personal use only

For personal use only MARCH PROGRESS UPDATE (ASX : RXH) RECORD GROWTH ACHIEVED DURING MARCH QUARTER Fastest rates recorded across all key metrics in period 500 100,000 1,000,000 $100,000 Prepaid Credit Source: Rewardle Platform

More information

OLYMPIC COIN IT CHANGES EVERYTHING

OLYMPIC COIN IT CHANGES EVERYTHING OLYMPIC COIN IT CHANGES EVERYTHING 1 Whitepaper Table of Contents Table of Contents...2 Introduction 3 Olympic Coin.4 POS/MN based cryptoccurency....4 Why Olympic Coin 4 Proof of Stake.5 Masternodes 5

More information

Bitcoin: The Revolutionary Currency

Bitcoin: The Revolutionary Currency From the SelectedWorks of Tracy Sanders February 3, 2014 Tracy Sanders, Arizona Summit Law School Available at: https://works.bepress.com/tracy_sanders/1/ The Record Reporter, February 3, 2014 Bitcoin,

More information