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Know your customer (KYC) guidelines and regulations in financial services require professionals to verify the identity, suitability, and risks involved with maintaining a business relationship with a customer. The procedures fit within the broader scope of anti-money laundering (AML) and counter terrorism financing (CTF) regulations.
The Customer Identification Program is intended to enable the bank to form a reasonable belief that it knows the true identity of each customer. The CIP must include new account opening procedures that specify the identifying information that will be obtained from each customer.
3. Banks are taking a proactive approach to educate consumers on security. When it comes to keeping their customers abreast of the latest ways to bank securely, banks may turn to emails, in-app ...
De-banking, more commonly spelled debanking, also known within the banking industry as de-risking, is the closure of people's or organizations' bank accounts by banks that perceive the account holders to pose a financial, legal, regulatory, or reputational risk to the bank.
Last week, the SEC issued a Wells Notice—a warning-shot letter that informs an individual or a company that the agency intends to file a lawsuit—against Unicoin, a U.S.-based crypto investment ...
Kwon had agreed last June to pay an $80 million civil fine and be banned from crypto transactions as part of a $4.55 billion settlement that he and Terraform reached with the U.S. Securities and ...
Decentralized finance (often stylized as DeFi) provides financial instruments and services through smart contracts on a programmable, permissionless blockchain.This approach reduces the need for intermediaries such as brokerages, exchanges, or banks. [1]
As if the 2022 tax filing season couldn't get any more complicated -- with IRS rules changes and reconciling federal stimulus funds and credits -- if you bought or sold cryptocurrency in 2021 you ...