KYC Compliance Might Get You Hacked
KYC compliance, the regulatory standards that demand to know who you are and what you are doing with your money, are being adopted by Bitcoin exchanges more and more. But with hacks as large as the OPM hack and the high costs of Identity theft, is this secure? KYC, AML and ABC (Anti-bribery and corruption) compliance are water to the sharks, whales and bubble fish of the financial industry. The collection of customer identity and activity data is such a tradition that even during a recession, the compliance officer industry is booming. Regulator's role is to pressure banks and exchanges....
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At VAF Compliance a team of experts is ready to help with all of your virtual assets compliance needs. Connect with VAF today; the leading virtual assets compliance company serving the Middle East and customers worldwide. What Is VAF Compliance? The crypto, NFT and metaverse spaces are hot and buzzing, with innovative products launched almost daily. Whilst having an industry swept with technological advancements is good, it is also necessary to ensure that the digital assets and the teams behind them are compliant. Being compliant in this sector means that organizations and investors can....
Coinbase CEO Brian Armstrong argues that privacy advocates could gain the most from compliance since it will make them rich. But could non-compliance be even more lucrative for Bitcoin? Compliance Will Make Who Rich? Armstrong defines compliance as “working with regulators, law enforcement, banks, etc.” and touts the fact that as much as 20% of Coinbase....
Compliance, and Raising the FBAR. How to get your way, by giving in. Compliance regimes, by their nature are the auditing to a standard and the enforcement of rules of governance in a regulated environment. Compliance regimes will be found wherever there has been a third party harmed by activity outside of their control. Sometimes they are also found where businesses have attempted to erect barriers to entry into a market and have successfully lobbied for controls which they satisfy but may cause difficulty to smaller competition. There are compliance regimes for vast numbers of regulated....
Unknown scammers have organized a fake bitcoin giveaway through a Russian government website they hacked. The news of the attack comes after a recent report revealed that damages from crypto-related fraud in Russia have reached $30 million in value in the first half of this year.
Regional Government Website in Russia Hacked by Scammers
The main website of the local administration in the Russian city of Ryazan, around 200 km southeast of Moscow, has been targeted by hackers twice in a single day, Rzn.info reported quoted by the crypto news outlet Forklog. The unidentified....
Digital currency trading platform Atlas ATS has partnered up with Strevus, Inc., a company specializing in compliance lifecycle management solutions for financial service institutions to help out Atlas's institutional clients be in compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. In April, Strevus expanded their business model to encompass bitcoin and digital currencies. "The single biggest barrier to the institutional adoption of cryptocurrency is the conflict between the pseudonymous nature of the transacting counterparties and the regulatory....