• SCOPE Panel
    Uncategorized

    At Art Basel Miami, security token debate rages on

    ‘There is no AML/KYC in art’

    One can expect lavish parties at Art Basel Miami, the sprawling, star-studded, fashion-infused, week-long rave in early December that this year featured the works, insights and sounds of Christo, Bansky, Venus Williams, Sofi Tukker, Calvin Harris, Pharrell Williams, Kanye West, Lil Wayne, Paris Hilton and other personalities. But increasingly leading tech brands like Google and LG are in the mix offering lavish CES/Coachella-like experiences, all in an effort to grab the attention of the luxury goods crowd. From opening night on December 5 at The Bass Museum of Art to closing night on December 8 at the Versace Mansion, you never would have known that FAANG and crypto prices were…

  • money laundering
    Technology,  United States

    Financial institutions fighting money laundering warm to blockchain technology

    Storing Know Your Customer data on a secure blockchain can simplify an expensive and frustrating legal process

    Enterprise blockchain software firm R3 recently completed a proof of concept test of its Know Your Customer (KYC) application built on its Corda blockchain platform, French financial institution RCI Bank and Services announced on Dec. 3. KYC requirements are part of the due diligence needed to meet Anti-Money Laundering (AML) regulations, an important but time- and money-consuming process used in the financial industry. Twenty-six firms participated in the test of CordaKYC, including insurer Allianz France and banks BNP Paribas and Societe Generale. In June, R3 announced that a group of 39 firms in 19 countries, including Deutsche Bank, ABN AMRO, and the Federal Reserve Bank of Boston completed KYC transactions…

  • Treasury
    Cryptocurrencies,  United States

    Treasury talks tough on crypto exchanges

    FinCEN “will not tolerate” crypto’s noncompliance

    In a Thursday evening speech, one Treasury official made it clear that the department is serious about regulating cryptocurrency exchanges. “[O]ur regulations cover both transactions where the parties are exchanging fiat and convertible virtual currency, but also to transactions from one virtual currency to another virtual currency,” said Kenneth A. Blanco, director of the Treasury’s Financial Crimes Enforcement Network (FinCEN). He made the statement in a prepared speech at the 2018 Chicago-Kent Block (Legal) Tech Conference. This isn’t a new situation, of course. Blanco pointed out that FinCEN has held this view for five years, but his statements were meant to clarify their outlook. In other words, it was meant…