FATF Guidance On Virtual Currencies

The Financial Action Task Force (FATF) is little known among many but plays a powerful role in protecting the global financial system. Founded over 30 years ago by the members of the G7, the group was intended to bring the most advanced economies in the world together to explore and share how they were each addressing money laundering. Much has changed in financial services in the past 30 years but what was observed then - the globalization of financial services and ability to arbitrage regulatory regimes - has only accelerated. That leads us to FATF’s recently issued guidance regarding virtual currencies and the bottom line is the document makes explicit and public what has been communicated to members of the virtual currency industry for years, with particular emphasis on the "travel rule."

The OCC's Journey Towards Innovation

As part of its efforts to support responsible innovation, the OCC recently announced the creation of a pilot program for new and innovative products and services. The OCC has considered the idea of a pilot program since it first announced the creation of the Office of Innovation in October 2016, so this development has been a long time in the making. In this article we summarize several components of the pilot program, including the opportunity for banks and their third-party partners to seek regulatory input in the pre-launch stage of a product or service.

John Collins to Speak at the Financial Innovation and Payments Summit 2019

John Collins to Speak at the Financial Innovation and Payments Summit 2019. Opal Group’s Financial Innovation and Payments Summit will address the enterprising and adoption of innovative payments solutions and practices.

This conference will gather leading players and thought leaders who are creating the landscape for the future of the industry. Uniting executives in the payments realm, stakeholders from corporate end-users, financial and technology services organizations will discuss and explore the key issues and opportunities today.

FinCEN Announces Innovation Hours Program

On May 24th, the Financial Crimes Enforcement Network (FinCEN) announced its new Innovation Hours Program. The new program is designed to facilitate innovative approaches to combating money laundering and terrorist financing. In its announcement, FinCEN stated the program is intended to provide opportunities for both financial institutions and financial technology (FinTech) companies to discuss Bank Secrecy Act (BSA)-related innovations. In this article we summarize the program and provide useful insights for completing the application form.