BankInfoSecurity
May 5, 2021
Compliance
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April 6, 2021
James Wester, research director, worldwide blockchain strategies, at IDC
Crypto banks that handle crypto assets need to develop new ways to track suspicious activities, such as money laundering, says James Wester, research director, worldwide blockchain strategies, at IDC, a technology research and analysis provider.
“The current system of ‘know your customer’ or KYC is not as rigorous in digital banks," Wester says. "AML, risk and compliance still haven’t been done particularly well, since these banks are relatively new. So the main challenge for these banks is to learn a whole new way of watching for suspicious transactions and then tying it back to the right regulator."