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- Coinbase Takes Another Step Towards Regulatory Complaince by Hiring New CCO Jeff Horowitz
- Coinbase COO Set To Resign
- Fintech Week in Review: Week of April 2, 2021
- Money laundering
- Download File
- US Treasury Adds Digital Currency Representative to Advisory Group
- Publications
- fincen headquarters address
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Coinbase Takes Another Step Towards Regulatory Complaince by Hiring New CCO Jeff Horowitz
W3C gratefully acknowledges the ingenico , for hosting this workshop. If you're interested in being a sponsor, please contact Bernard Gidon at bgidon w3. For additional information, please visit the Sponsorship program. The list of expressions of interest is available below. Selected position papers are available on the agenda page.
The list below shows the expression of interests and position papers received so far. If you have sent a paper or an expression of interest as described in the participation page , and you don't see it listed here, please let us know. Note that being listed in the list below does not guarantee the participation in the workshop. There is a seat limitation places and the program committee will select the participants after February 8.
Logistics Submissions. Host W3C gratefully acknowledges the ingenico , for hosting this workshop. Sponsor If you're interested in being a sponsor, please contact Bernard Gidon at bgidon w3.
Important dates 8 February : Deadline for expressions of interest or position papers for possible presentation via email 1 March : Program and position papers posted on the workshop website 14 March : Deadline for registration statement of interest required, no participation fee March : Workshop. Expressions of Interest The list below shows the expression of interests and position papers received so far.
Mountie Lee, Paygate as the payment service provider, I have deep interest for this workshop I have suggested my idea to discuss further more with experts see : Electronic Commerce Interoperability Standard I have interest for any kind of issues related for payments.
As an engineering team, we are working on innovative research and projects about integrating control rules or imputation mechanisms upstream of payment transactions. We believe that payments are at the very heart of all commerce and we know that transformations under way in the world of payment will be fostered from outside the banking sector, through a mix of leveraging oportunities : a new legal framework and the new industrial and technical context of a highly connected society.
Our contribution to this workshop would be in the feed-back of how new legal frameworks, especially in Europe, are making successfully innovative initiatives, not only technical ones but about new business models as well.
My personal experience is a practical mix of these angles : as a member of the French Advisory Committee on Financial Legislation and Regulation CCLRF as of , and directly involved in the process of PSD transposition ; as an executive officer of two French banking groups and member of board of payment schemes.
These experiences drove me to set up this little consultancy company, in awaiting of upcoming revolutions. My interest in attending this workshop is to understand, identify and anticipate how new open standards that will enable new technical solutions, new payment services, new schemes and business models and make them successful. How can both legacy business models and new business models involving payment be better enabled on the Web?
What alternative platforms, technologies and business models are developing in this area? And the following topics : Use cases Mobile apps and webapps Payment-related APIs User interaction Wonsuk Lee and Jungkee Song, Samsung Electronics Payment is an intrinsic part of commercial services and thus is already a part of the Web but in non-standards way thus far.
The fact that no payment standard is at our hands prevents us - users, developers and merchants - from having some easy, lucid, secure and more importantly consistent purchase experience on the web.
It is a reality that users rather have to be encountered with different payment solutions for every service they visit. Moreover, the trend of evolving device form factors including smartphones, tablets, smart TVs, etc. Having considered the situation, it would apparently be a huge loss for humanity to make redundent efforts in non-standardized solutions on and on. As one of the leading electronics manufacturers, Samsung makes and deploys huge amount of devices and appliances in different form factors.
To deliver easy, lucid, secure and consistent purchase experience to our customers, we definitely would like to participate in developing the standards payment platform for the web. With this expectation, we are eager to have a chance to join this workshop and make a concrete progress. His s will be quite complementary to the contributions of most other participants. Ezra C. This expertise includes all aspects of non-bank money transmitter regulation, including the application of both state and federal laws to traditional, high tech, mobile payment versions of money transmission.
At the state level, I have worked with the state regulators on the enactment of over 25 state money transmitter laws—this has involved drafting, negotiation and testimony before many state legislative committees. Based on my discussions with Manu, I believe that I can provide both a valuable resource for the Web Payments Workshop on issues relating to the applicability of money transmitter laws to various forms of electronic money transmission.
In short, I am eager to participate in the forum and will be an active participant who can provide valuable perspective on the non-bank money transmitter legal and policy perspective. As a retail bank with a strong consumer customer based and as a frontrunner in the e- and m- payment market Swedbank consider standards which support end user requirements and cater for a easy to use service to be of utmost importance.
However the creation of standards, when justified, should be as open as possible and allow and support innovation and development and always be limited to the competitive space.
At the heart is a vision to improve the speed and efficiency of the U. This expanded vision seeks to ensure that payment system improvements meet the needs of end users who are the ultimate beneficiaries of the payment system. End users have access to powerful communications technologies, and this is changing not only how they want to make payments, but also how they manage their finances.
The next-generation payment system must accommodate these evolving end-user payment preferences. The vision encompasses all organizations involved in delivering payment services to end users, including depository institutions and their trade associations, nonbank service providers, payment processing companies, and payment consultants.
An inclusive vision is important because industry collaboration and engagement is essential to any enduring strategic improvements to the payment system. Moreover, the most promising ideas for payment innovations and strategic change often result from ongoing dialogue among diverse industry participants. History shows that it is sometimes beneficial for central coordinating bodies to take steps to facilitate cooperation to address network or coordination challenges that otherwise impede innovation, efficiency, and other public benefits.
The Reserve Banks laud the efforts of W3C to facilitate industry coordination around Web payment standards. Your consideration of our participation is greatly appreciated. Evan Schwartz, Ripple Labs The world of payments is at an important and exciting juncture, where internet technologies and advances in security are finally making it possible to take financial transactions and personal identities online.
These developments offer the potential to reduce unnecessary barriers to commerce, facilitate new exchanges and business models, and spur economic growth around the world. As the chief web standards body, the W3C plays an instrumental role in promoting collaboration and outlining how all of the various payment technologies can work together. We are excited to share and work with the other Web Payments workshop participants to start laying the groundwork for a digital world that is accessible and beneficial to all.
Together with our team we were responsible for working with partners and developers to use the Charge To Mobile Payments API to help their users pay with their phone across different platforms, including not only "native" players like Google Play, Microsoft Windows Phone Store or Nokia but also web experiences like Mozilla FirefoxOS. We have hands-on experience in the advantages and pitfalls of integrating heterogeneous mechanisms of payment as well as on the internals of some of the modern web payment platforms and the business issues associated with them, particularly on mobile and carrier billing.
We hope we can help by sharing our experience in the discussion going on during this workshop. EPC members represent banks, banking communities and payment institutions. The EPC develops payment schemes i. In particular, the EPC, working together with all stakeholders active in the mobile payments ecosystem, is willing to contribute to the development of a reliable and secure ecosystem for the initiation and receipt of SEPA payments by mobile phone.
The intention is to help establishing an ecosystem, which could enable all payers and payees to make and receive mobile payments m-payments across SEPA, and creating a secure environment for the multiple stakeholders active in the field.
In its recently published White Paper on Mobile wallet payments, the EPC elaborated on the concept of mobile wallets residing in the mobile device or remotely to accommodate mobile payments next to non-payment services. This paper concludes with the identification of a number of key challenges to be addressed through collaboration in a multi-stakeholder environment including: Harmonisation of wallet user interfaces to enable a consistent user experience easy to use, intuitive, etc Since similar topics are listed to be dealt with in the future roadmap by W3C, the EPC would very much welcome the opportunity to participate in this workshop.
The shop will most likely have rented a payment terminal and with it some options to allow the customer to pay. A few payment networks, hundreds of issuers and thousands of payment products may be supported this way. Security is implemented in smart cards on plastic carriers, the user might be asked to sign a piece of paper or key in a PIN at the payment terminal for secure authentication.
In the web we only find elements of this — and they are usually disconnected in some way. Online payment services can take away some of the pain and professionalize the process, but we are far from transferring our wallets into the digital space. Meaning: entirely and with proper security. In modern smart phones we find everything to let the physical and the virtual world meet to provide a joint metaphor — a converged wallet.
Work at T-Labs has produced a user-centric wallet concept which makes use of the very same assets, but is deeply rooted in web- and identity technology. With the help of a set of interfaces, protocols and data structures a wallet framework could allow future issuers to create virtual credit cards which work in the shop as well as in the Internet, using specific security technology for their respective purpose.
The same way coupons can be stored read out via NFC or optical scanners, but also be used in a web-based purchase. Loyalty cards are no different from login credential cards in this wallet. Almost all loyalty cards allow access to the account via Internet. The wallet abstraction can store the credentials like a password store — or even better — be a first step into login processes using cryptographic keys. All login credentials could — vice versa — be handled like virtual loyalty, or customer cards.
Tickets and keys can be handled likewise, but all of them will gain additional benefits from a transfer to the convergent wallet. Openness with respect to how security is implemented secure elements might not always be adequate and by what means communication takes place, turns the concept into a paradigm of significant extent. Such wallets can run on all kinds of digital devices or in the cloud. Some embrace existing technologies, others have already created new protocol drafts, but many interfaces and APIs are still undefined or unassigned.
Many concessions had to be made, work-arounds to be created for different platforms, operating systems and specific technology. I have based in London from June to see what European operators especially mobile have their strategies in the future. Both markets have a lot of mobile payment services, but the services and usages are a little bit different.
I am very interested in the features in European region and would like to get information as much as possible at the W3C workshop. In Japan, mobile payment is very popular as in European region and people enjoy shopping, games, etc.
We provide our customers a good payment service, which is called carrier-billing. This is based on the concept that telecom operators can have win-win relation between users and service providers. Further, we can make profit from carrier-billing. Carrier-billing: Carrier billing is that operators collect mobile payment charge from customers directly and transfer the service fee to service providers after excluding a certain commission. Telecom operators send invoices to their customers every month.
The mobile payment service fee is included in the invoice. KDDI also has launched a dedicated contents service which is available for the carrier-billing. Our customers simply enjoy digital or physical goods at our portal site with their mobile and pay the fee by carrier-billing.
On the contrary, in Europe, SIM card plays one of the most important key factors to all services — roaming, simple data service, and mobile payment. In some countries, SIM card is used to identify users for their access to banking and government service. I'm involved with complementary currencies since and would be delighted to attend the workshop. The goal of that effort, which started several years ago already, substantially reduced password sharing between websites and introduced a privacy-enhancing consent dialogue that informs users about the data that is shared and solicits their consent.
Since larger companies try to re-use their existing authentication and authorization infrastructure investment for a wide range of applications payment extensions have also been added to OAuth as well.
Coinbase COO Set To Resign
News: Bank Technology News Site: news. One of the major reasons why management opposes remote work is that they lose their control to micromanage. To gain back control, bosses have followed people to their homes. Not literally, but via invasive intrusive software.
Fintech Week in Review: Week of April 2, 2021
A controversial proposed rule from the Financial Crimes Enforcement Network would bring bank-like regulation of virtual asset transactions, including the first broadly-applied AML reporting requirement in at least two decades. However, it does not appear to account for the differences in technology that separate transactions involving digital assets from transactions that leverage traditional payments rails — nor does it appear to appreciate the significant costs to industry to fully implement the proposed rule. Comments to the proposed rule were due on January 4th, , a mere 15 days after the NPRM was published in the Federal Register, over a time period that spanned two federal holidays. Setting aside the unusual circumstances of this NPRM, the thinness of the data supporting the regulation and the likely high cost of compliance, the proposed requirements mirror existing BSA obligations and, on their face, shouldn't be controversial. However, like FinCEN's prior guidance on CVCs and proposed amendments to the Funds Transfer Recordkeeping and Travel Rules, referenced below, FinCEN's regulatory approach in the NPRM perpetuates a bias towards an existing technology that seems inconsistent with FinCEN's public statements and may not be as effective at improving transparency to disruptive technologies that have emerged in financial services, as intended. FinCEN's position has long been that new financial products and services should be developed by industry in compliance with existing regulations and not that regulations should be adapted to suit new products and services. To justify this position, FinCEN has traditionally claimed that its regulations are technology-neutral and therefore innovation should be responsive to it rather than vice versa. Unfortunately, FinCEN may not realize just how dependent its regulatory infrastructure is on one specific technology, namely payments messaging technology, which has formed the backbone of the international financial system for generations.
Money laundering
August 1, If you are responsible for maintaining IT security in your organization, this is an excellent exam to strengthen and expand your July 31, The Gramm-Leach-Bliley Act GLBA requires financial institutions to hold personal information of customers confidentially and securely against any reasonably anticipated internal or external threats or hazards and offer protection against unauthorized access etc to ensure integrity of customer information is not Q: What is the role of certification in information security?
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US Treasury Adds Digital Currency Representative to Advisory Group
They were recording the transactions no question, but without the names and addresses of parties to the transactions they were worthless. Upgrading the system to cope with that and getting actual verified ID and location information from the AH users and their consent to pass the transaction info to the IRS was never remotely feasible. Pretty much exactly what happened in D3. No good court in the world will take that as a basis to tax a company more. There was guidance that was enacted by the FinCen in to close the loophole on the illicit use of virtual currency to launder drug money and to help with anti terrorism. That is what I was thinking of.
Publications
Money laundering is the process of changing large amounts of money obtained from crimes, such as drug trafficking , into origination from a legitimate source. It is a crime in many jurisdictions with varying definitions. It is a key operation of organized crime and the underground economy. In US law it is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money.
fincen headquarters address
Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. The overall scheme of this process returns the "clean" money to the launderer in an obscure and indirect way. One problem of criminal activities is accounting for the proceeds without raising the suspicion of law enforcement agencies. Considerable time and effort may be put into strategies that enable the safe use of those proceeds without raising unwanted suspicion.
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Particularly, FinCEN requests comment regarding industry-specific considerations that FinCEN should evaluate with regard to the scope of the proposed rulemaking and whether any new rules should better reflect the variety of business models and risk profiles among financial institutions. The ANPR provides a general discussion of why and how FinCEN proposes to change or clarify current AML program regulations, and poses 11 specific questions regarding each proposed change or clarification. FinCEN invites any interested party to comment on the proposed regulatory changes by November 16, The term often refers to the implementation and maintenance of a compliant AML program but is not defined in current AML regulation. FinCEN points out that such clearly defined requirement should only put minimal burden on financial institutions that already have a compliant AML program. If proposed, the risk assessment would be based on an evaluation of those risk factors most commonly recognized by financial institutions, such as business activities, products and services offered, customers served, and the geographic locations where the financial institution operates. FinCEN seeks comment on whether any appropriate alternatives to an explicit requirement for a risk-assessment process should be considered and whether FinCEN should take into account any factors that are unique to how certain institutions or industries develop and apply a risk assessment.
Her expertise focuses particularly in the areas of emerging payments and compliance with state and federal consumer protection laws, anti-money laundering laws, state money transmitter licensing laws and abandoned property laws. She has hands-on experience in all legal aspects of launching and managing a range of payment products, from prepaid cards, to Bitcoin exchanges and miners, wire transfer services, ACH, electronic banking, money orders and credit cards. Her practice includes advising on fraud avoidance and compliance with federal banking and anti-money laundering laws, as well as state money transmitter licensing laws, consumer protection laws and abandoned property laws.
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