#KYC/AML Analyst Program

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Banking Courses in India That Guarantee Job Placement

A career in banking isn't just prestigious—it’s also one of the most stable and rewarding paths in the financial industry. Yet, in a fiercely competitive job market, qualifications alone are no longer enough. Employers now look for candidates with theoretical knowledge and hands-on, job-ready skills. That’s where certified banking courses with 100% placement come into play.

Across India, many institutes are offering certified bank training programs specifically designed to bridge the gap between education and employment. These programs are ideal for graduate students, early-career professionals, career switchers, and finance enthusiasts who want more than just a certificate—they want a career.

Why Job-Assured Banking Courses Are in High Demand

India’s financial ecosystem has grown beyond traditional banking roles. Fintech, NBFCs, investment firms, and compliance departments now demand professionals with real-world banking skills and domain-specific certifications.

This has created a rising demand for Certified Bank Training Programs that offer:

Practical exposure to core banking operations

Training in modern tools like Excel, CRM systems, and databases

Interview preparation and resume-building sessions

100% placement assistance through corporate tie-ups

For recent graduates, early-career professionals, or job switchers, these banking courses provide a direct path to employment, bypassing the uncertainty of traditional job hunts.

Top Banking Courses in India with 100% Placement

1. Certified Investment Banking Program

The Certified Investment Banking Program is designed for candidates aiming to enter high-value roles in M&A, equity research, and corporate finance. This course includes training in:

Advanced financial modeling courses

Company valuation techniques

Deal structuring and IPO analysis

Pitch deck creation and industry-standard reporting

With placement support into leading investment firms, this course is ideal for finance graduates, engineers, and commerce students with analytical skills.

2. KYC/AML Analyst Program

With rising global compliance standards, the KYC/AML Analyst Program is in high demand. Candidates are trained to:

Understand global AML frameworks and FATF guidelines

Evaluate risk in client onboarding processes

Work with compliance and transaction monitoring tools

Graduates from this program are placed with private banks, fintechs, and global financial service firms in roles like KYC Analyst, AML Officer, and Compliance Associate.

3. Loans & Cards Analyst Program

This is one of the most specialized Certified Bank Training Programs for those interested in retail banking operations. It includes:

Credit underwriting and approval processes

Consumer loans and EMI structures

Risk assessment for unsecured products like credit cards

Regulatory compliance and fraud detection

Graduates are trained to work as Loan processors, Credit Analysts, and Cards Operations executives at leading banks and NBFCs.

Who Should Enroll in These Banking Programs?

These courses are not limited to finance graduates. They’re ideal for:

Commerce or BBA students looking for job-ready skills

Engineering or IT graduates wanting to pivot into banking

Working professionals seeking stable, high-growth roles

Career switchers aiming to enter the financial sector

The key is the practical, employer-aligned approach—delivering exactly what recruiters want in a job-ready candidate.

What Makes These Programs Placement-Assured?

Institutes offering these courses often have dedicated placement cells, corporate partnerships, and a track record of placing students into banks, NBFCs, fintech startups, and MNCs.

The 100% placement guarantee is typically backed by:

Industry-recognized certifications

Real-world projects and simulations

Mock interviews and grooming sessions

Direct recruitment drives

Most importantly, students are mentored through the hiring process, which increases their success rate dramatically compared to self-preparation or generic online courses.

Conclusion: A Smarter Path to a Banking Career

From investment banking courses to financial modeling courses and analyst certifications, the Indian market now offers job assured banking training programs that combine quality education with guaranteed outcomes. These are more than short-term courses—they are career accelerators for anyone serious about making their mark in finance.

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Become a KYC & AML Analyst: A Lucrative Career Path

In today's interconnected world, financial institutions face increasing risks of money laundering, terrorist financing, and other financial crimes. This has led to a surge in demand for skilled professionals who can effectively identify and mitigate these threats. Enter the role of a KYC & AML Analyst program with placement.

What does a KYC & AML Analyst do?

KYC (Know Your Customer) and AML (Anti-Money Laundering) Analysts play a crucial role in safeguarding the financial system. Their responsibilities typically include:

Customer Due Diligence: Verifying customer identities, assessing risk profiles, and conducting background checks.

Transaction Monitoring: Analyzing suspicious transactions for patterns of money laundering or other illicit activities.

Regulatory Compliance: Ensuring compliance with relevant KYC/AML regulations and reporting requirements.

Case Investigations: Conducting in-depth investigations into suspicious activity reports (SARs).

Risk Assessment: Identifying and mitigating potential risks associated with customer relationships and transactions.

Why choose a career in KYC & AML?

High Demand: With the increasing focus on financial crime prevention, the demand for skilled KYC & AML professionals is steadily growing.

Lucrative Career: Competitive salaries and attractive benefits packages are offered in this field.

Impactful Work: You'll play a vital role in protecting the financial system and combating global crime.

Continuous Learning: The field of KYC & AML is constantly evolving, offering opportunities for continuous learning and professional development.

Smart Steps Training Academy: Your Path to Success

Smart Steps Training Academy offers a comprehensive KYC & AML Analyst Program designed to equip you with the necessary skills and knowledge to excel in this dynamic field. Our program covers:

In-depth training: Comprehensive coverage of KYC/AML regulations, risk assessment methodologies, transaction monitoring techniques, and investigative procedures.

Hands-on experience: Practical exercises and case studies to simulate real-world scenarios.

Industry-recognized certifications: Opportunities to earn industry-recognized certifications to enhance your career prospects.

Placement assistance: Dedicated placement assistance from our experienced career counselors to help you find your dream job.

Why choose Smart Steps?

Experienced faculty: Our program is delivered by experienced industry professionals with in-depth knowledge of KYC & AML.

Flexible learning options: Choose from a variety of learning formats to suit your schedule and learning style.

Proven track record: We have a proven track record of successfully placing our graduates in top financial institutions.

Affordable pricing: We offer competitive pricing with flexible payment options to make our program accessible to everyone.

Take the first step towards a rewarding career in KYC & AML.

Contact Smart Steps Training Academy today to learn more about our KYC & AML Analyst Program and embark on your journey to success.

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Mastering Financial Services: A Beginner’s Guide to Regulation & Compliance

The financial world is like a vast ocean—packed with opportunity, but full of complex rules. Whether you're dreaming of a career in banking, investment, or fintech, one thing’s certain: understanding regulation and compliance isn’t optional—it’s essential.

But let’s face it. “Regulation” and “compliance” sound intimidating, right? Legal jargon, endless acronyms, and thick policy manuals aren’t exactly thrilling reads. That’s where this guide—and the Financial Services - Basics of Regulation & Compliance course—come in to save the day.

We’re breaking it all down simply, clearly, and practically—so you’ll walk away feeling confident and ready to take your first (or next) step in the world of finance.

Why Regulation & Compliance Matter More Than Ever

Every time you use a credit card, invest in stocks, or deposit money, you’re relying on a financial system built on trust. And trust doesn’t just appear—it’s created through systems, safeguards, and legal protections.

That's what regulation and compliance are all about:

Regulation is the set of rules financial institutions must follow.

Compliance is how those institutions make sure they’re actually following the rules.

In other words, it’s the backbone of every legit financial organization.

From preventing fraud and protecting investors to ensuring fair treatment for customers—regulatory frameworks shape everything.

Who Sets the Rules? Meet the Regulators

Across the globe, different agencies enforce financial regulations. Let’s look at some key players:

🏛 United States

SEC (Securities and Exchange Commission): Oversees securities markets.

FINRA (Financial Industry Regulatory Authority): Regulates broker-dealers.

Federal Reserve & OCC: Regulate banks and lending institutions.

🇬🇧 United Kingdom

FCA (Financial Conduct Authority): Ensures integrity in UK financial markets.

PRA (Prudential Regulation Authority): Focuses on systemic risks and stability.

🌏 Global Standards

BIS (Bank for International Settlements): Sets international banking rules.

FATF (Financial Action Task Force): Targets money laundering and terrorism financing.

Each regulator plays a unique role, but together, they create a safety net for the financial system.

Real Talk: Why You Should Care About Compliance

Let’s say you work at a bank and miss an anti-money laundering red flag. That slip-up could cost millions in fines—or worse, your reputation.

In fact, some of the world’s biggest scandals have happened due to non-compliance:

Wells Fargo’s fake accounts scandal

HSBC’s money laundering oversight

Lehman Brothers collapse in 2008

These weren’t minor accidents. They were compliance failures that rocked economies and lives.

Bottom line: If you're in finance and don’t know the basics of regulation, you’re flying blind.

What You’ll Learn in a Regulation & Compliance Course

Whether you're just getting started or trying to sharpen your knowledge, a well-structured course is key. We recommend this one: Financial Services - Basics of Regulation & Compliance.

So, what will it cover?

🔹 Key Concepts You’ll Master:

Understanding Financial Systems – Get a big-picture view of how banks, investments, insurance, and fintech operate.

Major Regulations & Laws – Learn about GDPR, AML, KYC, Basel III, MiFID II, and more in plain English.

Compliance Programs – Discover how companies build internal systems to stay legal and ethical.

Risk Management – Identify and minimize financial and legal risks.

Ethics & Responsibility – Understand the importance of doing business the right way.

No boring theory—this is practical knowledge you can use immediately in your job or interviews.

Careers That Require Regulation & Compliance Knowledge

Think this is just for lawyers or risk officers? Think again.

Nearly every role in finance touches compliance in some way, especially:

✅ Financial Analysts

✅ Risk Managers

✅ Accountants

✅ Auditors

✅ Compliance Officers

✅ Investment Advisors

✅ Insurance Underwriters

✅ Fintech Product Managers

Even customer service agents in banking need to understand the basics of KYC (Know Your Customer).

So if you’re entering the financial world, this knowledge isn’t just nice to have—it’s critical.

How Compliance Adds Value to Companies

A company that’s good at compliance isn’t just “playing defense.”

In fact, businesses that build strong compliance cultures:

🛡 Avoid costly fines and lawsuits

�� Build trust with investors and customers

🧲 Attract top talent

🌎 Expand globally with confidence

It’s a competitive edge—especially as financial markets become more digital, global, and complex.

How Regulation is Changing in the Digital Era

Let’s talk fintech. Mobile banking, crypto, AI-based investing—these are reshaping the financial landscape. But they also bring new regulatory challenges.

Some hot-button issues include:

Data Privacy Laws (like GDPR in Europe)

Crypto regulation

Cybersecurity requirements

ESG (Environmental, Social, Governance) compliance

Governments are scrambling to catch up with technology—and companies need professionals who can navigate both the old and new worlds of finance.

That’s why courses like Financial Services - Basics of Regulation & Compliance are more relevant than ever. They give you a rock-solid foundation while also addressing where the industry is headed.

What Makes This Course a Smart Investment?

We get it—there are thousands of finance courses out there. So why this one?

Here’s what makes it stand out:

✅ Beginner-friendly: No prior knowledge needed. ✅ Actionable knowledge: No fluff—just what you’ll actually use in real roles. ✅ Taught by industry experts: Real-world insights from professionals who’ve worked in compliance. ✅ Online and self-paced: Learn at your convenience—on mobile or desktop. ✅ Recognized certificate: Boost your LinkedIn profile or CV with verified learning.

If you’re serious about starting or growing a career in finance, this course delivers clarity, confidence, and career edge.

👉 Enroll in Financial Services - Basics of Regulation & Compliance today

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Navigating Workforce Transformation in Banking and Financial Services

Banking and financial services are undergoing rapid transformation. From mobile-first customers to blockchain-enabled transactions, the pace of change is relentless. In this climate, institutions must not only innovate their offerings but also restructure their workforce strategies. Traditional hiring models often fall short in meeting the need for specialized, scalable talent that can navigate digital complexity while ensuring regulatory compliance.

The Talent Gap and Digital Priorities As financial firms invest in AI, cloud infrastructure, cybersecurity, and fintech partnerships, a critical gap emerges: finding professionals who combine technical expertise with industry knowledge. Whether it's a data scientist optimizing fraud detection or a compliance analyst navigating new European regulations, the demand is highly specific—and growing.

Workforce agility is no longer optional. Banks need access to talent that can support ongoing digital programs while also responding to sudden shifts like economic disruptions or new compliance mandates. This calls for flexible staffing models that blend permanent employees, contingent workers, and outcome-based project teams.

Regulatory Pressure and Risk Management Financial institutions operate under constant scrutiny. Every role—especially those tied to risk, governance, and compliance—requires meticulous vetting, clear accountability, and often region-specific experience. Workforce strategies must evolve to balance innovation with control, ensuring agility doesn’t compromise security.

Here, specialized workforce partners with experience in banking compliance, anti-money laundering (AML), know-your-customer (KYC), and GDPR play a critical role in reducing risks while enhancing operational readiness.

The Rise of AI and Intelligent Automation Artificial intelligence is redefining core banking operations, from customer service chatbots to real-time fraud monitoring. However, implementing these technologies isn’t just about the tools—it’s about the people behind them. Hiring professionals who understand both the tech stack and financial workflows is essential for smooth adoption.

Additionally, as more institutions adopt intelligent automation, roles are evolving. There’s growing demand for hybrid profiles: automation engineers with finance backgrounds, or data analysts who understand regulatory frameworks. Future-ready workforce strategies must account for these interdisciplinary needs.

Adapting to New Workforce Models To stay ahead, many financial institutions are rethinking their staffing ecosystems. They’re leveraging Statement of Work (SOW) arrangements for project-based roles, building curated talent pools for niche skillsets, and exploring nearshore and offshore models to enhance scalability. These approaches allow rapid response to emerging needs without sacrificing compliance or quality.

Final Thought In a sector where transformation is the only constant, success won’t be defined by technology alone—but by the people who power it, and the strategies used to connect them to opportunity.

[proexcellencybanglore]

What are the learning prerequisites for Oracle Flexcube?

Oracle FLEXCUBE Online Training & Certification Course by ProExcellencyLearn is one of the best core banking products with ProExcellency's expert-led online training. Learn about retail, corporate, and digital banking, as well as how to install, customize, and integrate. Get hands-on experience, best practices, and ready for certification to drive your career forward in the banking industry. Sign up now and enhance your skill in Oracle FLEXCUBE!

What is Oracle Flexcube?

Oracle FLEXCUBE is a core banking technology developed by Oracle Financial Services to help banks and financial institutions streamline their operations. It provides account management, payments, loans, trade finance, treasury, and digital banking services to retail, corporate, and investment banking clients. Oracle FLEXCUBE helps financial institutions drive efficiency, customer experience, and change in response to the evolving banking landscape through robust automation, risk management, regulatory compliance, and API integration.. Its scale-invariant architecture provides smooth digital transformation, rendering it a bank of choice globally.

What are the learning prerequisites for Oracle Flexcube?

Prerequisites for Learning Oracle FLEXCUB

Although Oracle FLEXCUBE training is intended for both freshers and experienced professionals, the following knowledge will prove useful:

Basic Banking Knowledge – Knowledge of banking fundamentals, financial deals, and banking activities.

Database & SQL – Acquaintance with Oracle Database as well as SQL queries can assist in customization and reporting.

ERP & Financial Systems – Familiarity with banking ERP packages or financial management solutions is a plus.

IT & Programming (Optional) – Java, APIs, and integration frameworks knowledge is beneficial for technical positions.

Banking Regulations & Compliance (Optional) – Industry regulation awareness can assist in implementation and compliance management.

Modules of Oracle FLEXCUBE Covered in Training:-

ProExcellency's Oracle FLEXCUBE Online Training includes key modules to enable you to master this core banking solution.

1. Core Banking Operations

Customer Account Management

Deposits & Loans Processing

Payments & Fund Transfers

Interest & Charges Management

2. Retail & Corporate Banking

Retail Banking Services

Corporate Banking Solutions

Trade Finance & Treasury Management

Wealth & Asset Management

3. Digital & Internet Banking

Omni-Channel Banking

Mobile & Internet Banking

Customer Onboarding & Self-Service

4. Risk & Compliance Management

Regulatory Compliance & Reporting

Fraud Identification and Risk Control

AML (Anti-Money Laundering) and KYC (Know Your Customer) 

5. Technical & Customization

FLEXCUBE Architecture & Database

APIs & System Integrations

FLEXCUBE Customization & Configuration

Troubleshooting & Support

Who Should I Take Oracle FLEXCUBE Training?

Oracle FLEXCUBE training is suitable for professionals wishing to develop knowledge in core banking solutions. The course is most appropriate for:

Banking & Financial Professionals – Individuals employed in banks, financial institutions, and fintech firms.

IT & Software Professionals – Software developers, system administrators, and IT consultants engaged in banking technology.

Business Analysts & Functional Consultants – Individuals examining and streamlining banking operations.

Database Administrators (DBAs) – Individuals dealing with Oracle databases in banking setups.

Project Managers & Implementation Consultants – Professionals managing FLEXCUBE implementation and integration projects.

Fresh Graduates & Career Switchers – Professionals who want to make a career transition into the banking technology sector with in-demand skills.

Topics Covered in Oracle FLEXCUBE Training:-

ProExcellency's Oracle FLEXCUBE Online Training is aimed at offering a thorough knowledge of this core banking solution. The following are the major topics covered in the course:

1. Introduction to Oracle FLEXCUBE

Overview of FLEXCUBE and its architecture

Key functionalities and features

FLEXCUBE versions and industry adoption

2. Core Banking Operations

Customer account creation and management

Deposits, loans, and lending process

Fund transfers and payments

Interest, charges, and fee management

3. Retail & Corporate Banking

Retail banking workflows

Corporate banking processes

Trade finance and treasury operations

 Wealth and asset management

4. FLEXCUBE Digital Banking

Internet and mobile banking solutions

Omni-channel banking experience

Customer onboarding and self-service

5. Risk & Compliance Management

Regulatory compliance and reporting

Fraud detection and risk mitigation

KYC (Know Your Customer) and AML (Anti-Money Laundering) integration

6. FLEXCUBE Technical & Customization

FLEXCUBE database and architecture

APIs and system integrations

Customization and configuration

Troubleshooting and issue resolution

7. FLEXCUBE Implementation & Administration

FLEXCUBE installation and setup

User roles and access management

Performance monitoring and maintenance

Why Choose ProExcellency for Oracle FLEXCUBE Online Training?

ProExcellency provides top-rated Oracle FLEXCUBE training that enables you to become an expert in core banking technology. Here's why we are the best choice:

Expert-Led Training – Learn from certified experts with hands-on FLEXCUBE experience.

In-Depth Course Content – Core banking, retail & corporate banking, digital banking, risk management, and technical customization.

Hands-on Learning – Real-world exercises, live case studies, and live demonstrations.

Flexible Online Training – Instructor-led or self-directed sessions to accommodate your schedule.

Access to Recorded Sessions – View sessions anytime for improved understanding.

Certification Assistance – Get prepared for Oracle FLEXCUBE certification.

Job-Oriented Training – Acquire industry best practices and career advice.

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Exploring Banking Diploma Courses: A Gateway to a Rewarding Career in Finance

In today’s fast-paced financial world, the demand for skilled professionals in the banking sector is growing exponentially. Whether you're looking to start your career in banking or enhance your existing skills, pursuing a Banking Diploma can offer the knowledge, skills, and qualifications needed to succeed. In this blog, we’ll explore what Banking Diploma courses entail, their benefits, and how they can open doors to a rewarding career in the financial sector.

What Are Banking Diploma Courses?

Banking diploma courses are specialized educational programs designed to provide individuals with an in-depth understanding of the banking and financial services industry. These courses typically cover a wide range of topics such as banking regulations, financial management, accounting principles, risk management, and customer relationship management. The curriculum is carefully crafted to equip students with the practical skills and theoretical knowledge required to excel in the banking sector.

Banking diplomas are offered by many universities, financial institutions, and online platforms. The duration of the course can vary, ranging from a few months to a year, depending on the level of study and course format. Some diplomas also offer flexibility in terms of part-time and online learning, allowing students to balance their studies with other commitments.

Key Subjects Covered in Banking Diploma Courses

Introduction to Banking Gain an understanding of the banking system, types of banks, and their roles in the economy. Students learn about the history of banking and the regulatory framework that governs the industry.

Financial Accounting A core subject that covers the fundamentals of accounting, financial statements, balance sheets, and income statements, which are essential for understanding a bank’s financial health.

Banking Operations and Management Focuses on the day-to-day operations of a bank, including loan processing, account management, and branch management. It also covers strategic decision-making in banking.

Risk Management Learn about the different types of risks banks face, including credit risk, market risk, and operational risk. Students are taught how to identify, assess, and mitigate these risks.

Customer Relationship Management (CRM) In a competitive market, customer satisfaction is paramount. This course teaches students how to manage customer interactions and enhance customer service.

Financial Regulations and Compliance Understanding the legal and regulatory framework governing the banking sector is crucial. This subject covers anti-money laundering (AML), know-your-customer (KYC), and other banking regulations.

Investment Banking and Financial Markets Students learn about investment strategies, financial products, and how markets operate, helping them gain an understanding of the broader financial landscape.

Benefits of Pursuing a Banking Diploma

Increased Career Opportunities The banking and financial services industry is vast and diverse. A banking diploma opens up various career paths, including roles in retail banking, corporate banking, investment banking, financial planning, and more. Whether you want to work as a relationship manager, credit analyst, or financial consultant, a banking diploma can help you get started.

Industry-Relevant Knowledge With constantly evolving financial markets and banking practices, having up-to-date knowledge of industry trends, regulations, and technologies is essential. A banking diploma ensures you’re well-equipped to handle the complexities of modern banking.

Skill Development Banking diploma courses focus not only on theoretical knowledge but also on developing practical skills. These skills, such as communication, problem-solving, and decision-making, are critical in ensuring you thrive in a customer-facing and fast-paced environment.

Global Recognition Many banking diplomas are recognized internationally, giving you the flexibility to pursue career opportunities in various countries. The banking sector operates globally, and a recognized qualification can open doors to international job prospects.

Higher Earning Potential The banking industry is known for offering competitive salaries and benefits. By obtaining a diploma in banking, you can enhance your qualifications and increase your earning potential, especially as you gain experience and take on more responsibility.

Is a Banking Diploma Right for You?

A Banking Diploma is an excellent choice for anyone interested in pursuing a career in finance or banking. Whether you’re fresh out of school or looking to switch careers, this qualification can set you on the path to success in the financial services sector. If you enjoy problem-solving, working with numbers, and helping individuals or businesses manage their finances, a banking diploma might be the perfect fit for you.

Moreover, many of these courses offer flexible learning options, making it easier for individuals with busy schedules to pursue their education.

Conclusion

The banking industry offers vast career opportunities for those with the right skills and qualifications. Enrolling in a Banking Diploma course equips you with the expertise needed to navigate the world of finance and banking with confidence. Whether you’re looking to work in retail banking, corporate finance, or investment banking, this diploma can provide the foundation for a prosperous career.

If you're ready to take the next step toward a rewarding career in banking, consider exploring the various banking diploma courses available and find one that aligns with your career goals!

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HR Services for Financial Firms: Building a Strong Workforce for a Dynamic Industry

HR services are crucial today in a fast-paced and competitive financial sector for sustaining a talented, engaged, and compliant workforce. Highly regulated and complex environments play host to the financial firms, presenting them with distinctive challenges over talent acquisition, employee retention, compliance, and organizational culture.

These services will assist financial companies in countering some of these challenges by optimizing workforce management, ensuring compliance with the industry regulation, and fostering a high-performance culture. This blog focuses attention to very important HR services that financial institutions need to succeed in the marketplace and stay competitive while remaining ahead of their games.

Salahkaar Consultants offers these services in many global markets. Visit their website at http://www.salahkaarconsultants.com and contact them to see if they can help your company as well.

1. Talent Acquisition and Recruitment

The financial industry is quite demanding in terms of professional competencies, ranging from financial analysts to risk managers, investment bankers, and compliance experts. The field is highly competitive since the standard of competition continually raises the bar.

HR Services Solution:

Specialized Recruitment: Financial companies will highly benefit from an HR service specializing in recruitment of finance professionals. Such HR providers are most likely to have deeper knowledge about the industry and will, therefore, source candidates holding skills and various certifications, for instance, Chartered Financial Analyst (CFA), Certified Public Accountant (CPA), or Financial Risk Manager (FRM).

Employer Branding: Building an employer brand becomes essential in such a competitive marketplace. HR services would help financial organizations build and market a strong employer brand to attract and retain top talent through various career growth opportunities, company culture, and benefits to potential employees.

RPO: The recruitment process will most likely be outsourced to save time and resources for large financial institutions. All steps, ranging from candidate sourcing up to interviewing and onboarding, can be maintained by HR services to ensure seamlessness while leaving firms focused on core business functions.

2. Employee Training and Development

The financial industry has to innovate constantly in the light of new regulations, technologies, and market trends that enter the scene regularly. Hence, financial firms must continually invest in the ongoing training and development of employees to stay competitively ahead in the constant flux.

Regulatory Compliance Training. The same can be prepared and offered by HR service providers, such as financial regulations, which include anti-money laundering (AML), Know Your Customer (KYC), and General Data Protection Regulation (GDPR). A large industry is the financial industry, where the fine for non-compliance is heavy and there is also brand reputation damage.

Leadership Development Programs: HR services can develop leadership development programs which can instill the future talent for leading financial firms. It is more of the building strategy, decision making, and team management skills of the leaders.

Technology and Fintech Training: Fintech will disrupt sectors, so professional training for new technologies such as blockchain, AI, and data analytics will be offered by HR services, which will keep the employees up-to-date with the changes in the financial service landscape.

3. Performance Management and Retention

Financial services firms are especially concerned about retaining the best talent because top performers tend to get poached by competitors. On the other hand, effective performance management and retention strategies have a direct role in ensuring that employees remain motivated, engaged, and committed to the company.

HR Services Solution:

Performance Appraisal System and Human Resource Services: Systematic performance appraisal systems under HR services will provide regular feedback to the employee. Such systems help identify areas for improvement, establish goals, and recognize high-performing employees who contribute to enhanced productivity and satisfaction.

Incentive and Rewards programs: Nowadays, it is a trend that financial firms have developed incentive-based compensation models or bonuses and commissions. Possible under HR services is designing an incentive program for firms that is in line with the realization of the firm's goal for compensating fairly with regard to contributions.

Employee Engagement Surveys: Human resource services for some organizations will conduct employee engagement surveys to help understand how happy the employees are within the organization. The outcome of such surveys reveals the areas with probable concerns and strategies for a better culture in the working environment. Engaged employees are most likely to stay with the company and perform at a high level.

4. Compliance and Risk Management

The most important thing for financial institutions, in this respect, is to be compliant to the regulatory requirements. HR plays an important role for assurance that every employee is in compliance with them, and the firm is being protected from all risks of non-compliance, frauds, and unethical practices.

Salahkaar Consultants offers these services in many global markets. Visit their website at http://www.salahkaarconsultants.com and contact them to see if they can help your company as well.

HR Services Solution:

Conduct Compliance Audits: HR services might perform regular compliance audits to ensure that policies and procedures of the firm comply with appropriate and updated industry standards and regulations. This will include reviewing employee classifications and wage practices as well as reviewing the workplace safety protocols.

Risk Management Training: Risks facing financial firms relate to operational, reputational, and legal risks. HR services might deliver risk management training to the employees, and the priority is knowing potential risks and mitigating responses.

Whistleblower Policies: Human Resource services would help financial institutions develop and implement whistleblower policies that enable employees to report unethical practices or any breach of compliance without fear of retaliation, keeping the workplace open and honest.

5. Diversity and Inclusion Initiatives

Diversity and inclusion in the financial industry is emerging as an essential issue, as firms realize that there is value in having a diverse workforce. In many ways, indeed, a more diversified workforce will bring diverse perspectives, promote innovation, and potentially enhance the decision-making process.

HR Services Solution:

Diversity Recruitment Strategies: The HR services ought to be able to assist the financial firms in developing the different recruitment strategies that were primarily aimed at attracting candidates from diverse backgrounds. Such would include offering partnership with minority organizations, conducting job fairs targeted at diversity and promotion of inclusive hiring practices.

Inclusion Training Programs: HR services will offer training programmes that educate workers on unconscious bias, cultural sensitivity, and inclusive leadership. Training programs help to create a culture at work by being less biased, thereby giving every employee a sense of belonging.

Mentorship and Sponsorship Programs: The human resource services can design mentorship programs in which junior employees are paired with higher-level leaders. These services can target the mentoring efforts toward underrepresented groups. The creating of an inclusive environment within financial firms may further be enhanced through active sponsorship programs where higher-level leaders take an active interest in using their power to advance the careers of diverse employees.

6. Compensation and Benefits Management

Any company that competes in the financial services sector for top talent should provide competitive compensation and benefit packages. Financial firms must create packages that are not only competitively compensating but also competitive with respect to industry benchmarked standards and employee expectations.

HR Services Solution:

Thus, compensation benchmarking studies will help HR services ensure that financial firms provide industry competitive salaries and benefits. This will attract top talent to the firm and reduce the risk of losing employees to other firms.

Benefits Administration: HR services can administer benefits programs, including health insurance, retirement plans, and wellness initiatives. Outsourcing of benefits administration to HR services ensures regulatory compliance with rules and regulations and alleviates administrative burdens of the firm.

Executive Compensation Consulting: Financial firms will have often relatively quite complicated structures in the compensation of their senior executives. HR services will be able to provide consulting on executive compensation, including bonuses, stock options, and long-term incentive plans. They will ensure that these are compatible with the overall strategy and governance of the firm.

7. HR Technology Solutions

Technology is changing HR practices across industries, including financial services, by streamlining processes, enhancing improved decision-making, and generally improving the employee experience.

HR Services Solution:

HR Information Systems: HR services will implement HRIS applications that hold all the employee's data in a central location, automate payroll processing, and expedite performance management. This will call for less administrative work and increase the accuracy level.

Self-Service Portal: Through self-service portals, employees will automatically gain access to all HR-related activities without contacting the department. As such, updating personal details, uploading pay slips, and requesting days off will require minimal involvement of the people in the HR department.

Data Analytics for Workforce Planning: HR services can use data analytics to help determine workforce trends, employee performance, and retention rate data. Financial firms can then be informed in their decision making about workforce planning and strategy through the use of such data.

Conclusion

HR services play an important role in a financial firm's success when providing customized solutions for recruitment, compliance, performance management, and engagement of employees. Financial firms, through correct implementation of HR strategies, can create a strong and dynamic workforce, which is better geared to overcome the challenges in the rapidly changing industry. They may then have greater time and attention to invest in their core business objectives while making sure that at both ends, employees face the problem and are motivated enough to make the company succeed.

Salahkaar Consultants offers these services in many global markets. Visit their website at http://www.salahkaarconsultants.com and contact them to see if they can help your company as well.

[propw]

Crypto Prop Trading: Navigating the Cutting Edge of Digital Markets

The world of cryptocurrency trading has rapidly evolved from a niche interest to a major financial force, drawing the attention of both individual investors and large institutions. Among the many facets of this dynamic market, crypto proprietary trading, or crypto prop trading, stands out as a particularly intriguing and innovative domain. This article delves into the mechanics, benefits, challenges, and future prospects of crypto prop trading, illuminating its pivotal role in the digital finance ecosystem.

 

Understanding Crypto Prop Trading

Proprietary trading involves a firm or individual trading financial instruments using their own capital rather than client funds, aiming to generate direct profits from market activities. In the context of cryptocurrencies, crypto prop trading focuses on buying and selling digital assets such as Bitcoin, Ethereum, and various altcoins. These firms leverage advanced trading strategies, technology, and market insights to capitalize on the volatility and liquidity of the crypto markets.

 

How Crypto Prop Trading Works

Crypto prop trading firms operate on several core principles, combining traditional trading tactics with modern technological advancements:

Market Analysis and Research: Successful trading begins with comprehensive market analysis. Firms employ teams of analysts and data scientists who scrutinize market trends, historical data, and current events to forecast price movements. Machine learning models and AI are increasingly used to enhance predictive accuracy.

Algorithmic Trading: Many prop trading firms rely on algorithmic trading, where pre-programmed instructions execute trades at high speeds and frequencies. These algorithms process vast amounts of data in real-time, identifying and exploiting market inefficiencies that human traders might miss. This technology-driven approach is a hallmark of modern prop trading.

Risk Management: Given the inherent volatility of cryptocurrencies, effective risk management is crucial. Firms implement sophisticated risk management frameworks to protect their capital, including setting strict stop-loss limits, diversifying trading strategies, and continuously monitoring market conditions to mitigate potential losses.

Leverage and Capital Efficiency: Utilizing leverage is common in prop trading to amplify potential returns. However, this also increases risk, necessitating robust risk management practices. Efficient capital allocation ensures firms can maximize returns while maintaining adequate liquidity to cover potential losses.

 

Advantages of Crypto Prop Trading

High Profit Potential: Crypto prop trading can yield substantial profits, especially in the highly volatile and liquid crypto markets. The ability to take long and short positions allows firms to profit from both rising and falling markets.

Technological Innovation: The adoption of cutting-edge technology and innovative trading strategies positions prop trading firms at the forefront of the financial industry. This technological edge can translate into a significant competitive advantage.

Independence and Flexibility: Prop trading firms operate independently of client demands, enabling them to make quick, strategic decisions without external constraints. This agility is particularly beneficial in the fast-paced crypto markets.

Talent Development: Working in a prop trading firm provides traders and analysts with invaluable experience and training. The high-stakes environment fosters skill development, creativity, and a deep understanding of market dynamics.

 

Challenges in Crypto Prop Trading

Regulatory Uncertainty: The regulatory landscape for cryptocurrencies is still evolving. Prop trading firms must navigate a complex and often ambiguous regulatory environment, which can vary significantly across jurisdictions. Compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations is essential but challenging.

Market Volatility: While volatility presents profit opportunities, it also increases risk. Sudden market shifts can lead to significant losses if not managed properly. Prop trading firms must continuously adapt their strategies to cope with market fluctuations.

Technological Risks: Reliance on technology introduces risks such as system failures, cyberattacks, and algorithmic errors. Robust cybersecurity measures and rigorous testing of trading algorithms are critical to mitigate these risks.

Capital Requirements: Significant capital investment is required to develop and maintain the technological infrastructure, employ skilled professionals, and manage trading operations effectively. Smaller firms may struggle to compete with established players with deeper pockets.

 

The Future of Crypto Prop Trading

The future of crypto prop trading looks promising, driven by ongoing advancements in technology, increased institutional interest, and the continued maturation of the cryptocurrency market. As more traditional financial institutions explore the crypto space, prop trading firms may find new opportunities for collaboration and growth.

Integration with Traditional Finance: As traditional financial institutions become more involved in the crypto space, there will be greater integration between traditional and digital asset trading, potentially leading to new trading opportunities and strategies.

Decentralized Finance (DeFi): The rise of DeFi platforms offers new trading opportunities and strategies, potentially reshaping how prop trading firms operate. These innovations offer new avenues for trading strategies and investment opportunities, enhancing market efficiency and accessibility.

Regulatory Clarity: As regulatory frameworks solidify, firms will have a clearer understanding of compliance requirements, reducing uncertainty and fostering growth. Clearer regulations can also increase market stability, benefiting all participants.

Technological Advancements: Continuous innovation in trading algorithms, AI, and machine learning will further enhance the capabilities of prop trading firms. These advancements will enable firms to process and react to market data more quickly and accurately, improving their trading performance.

Global Expansion: With the global nature of cryptocurrency markets, prop trading firms can operate across multiple jurisdictions, tapping into various market opportunities. This global reach allows firms to diversify their trading strategies and reduce exposure to regional risks.

 

Conclusion

Crypto prop trading represents a vibrant and evolving sector within the broader financial ecosystem. It combines traditional trading principles with cutting-edge technology and innovative strategies, offering significant profit potential and fostering technological advancement. While it presents substantial challenges, including regulatory uncertainty and market volatility, the firms that can adeptly navigate these complexities will be well-positioned to thrive in this exciting new era of digital asset management. As the market continues to develop, crypto prop trading firms will play a crucial role in shaping the future of cryptocurrency trading, driving both innovation and market growth.

[antimoneylaunderinghub]

Unlocking Your Career Potential: KYC Analyst Training Programme in Germany - Your Path to Expertise in Financial Compliance

Introduction

The role of a KYC (Know Your Customer) analyst is vital in the world of financial institutions and compliance. KYC analysts are crucial in safeguarding the financial system by ensuring that the institutions they work for do not facilitate money laundering, fraud, or other illicit activities. If you're interested in pursuing a career in this field, you might wonder about the best way to prepare for it. This article will discuss the KYC analyst training program in Germany, its importance, and how to get started in this dynamic and rewarding career.

What is KYC?

KYC, which stands for Know Your Customer, is a process through which financial institutions verify the identity and assess their customers' risk. It's a critical element in preventing financial crime and ensuring the financial system's integrity. KYC procedures involve:

Collecting and analyzing customer data.

Checking for suspicious activities.

Reporting irregularities to the relevant authorities.

The Importance of KYC Analysts

KYC analysts are at the forefront of the fight against money laundering and other financial crimes. They help financial institutions comply with regulations and protect themselves from being used as tools for illegal activities. Their work contributes to maintaining the integrity of the global financial system, making it a field of high responsibility and importance.

KYC Analyst Training Programme in Germany

Germany offers an excellent platform for individuals interested in pursuing a career as a KYC analyst. Several institutions and organizations provide comprehensive training programs that cover all aspects of KYC. These programs typically include:

Regulatory Framework

A strong foundation in the regulatory framework is essential for KYC analysts. Training programs in Germany cover Anti-Money Laundering (AML) laws, sanctions compliance, and data protection regulations. It ensures that KYC analysts are well-versed in the legal aspects of their work.

Risk Assessment

Understanding how to assess customer risk is a crucial skill for KYC analysts. Training programs teach individuals how to effectively evaluate customer profiles and transactional behavior to identify potential risks.

Technology and Tools

In today's digital age, KYC analysts must proficiently use various software tools and databases. Training programs provide hands-on experience with the tools used in the field and ensure that students are technologically competent.

Customer Due Diligence (CDD)

CDD is the process of verifying a customer's identity and assessing their potential risk. Training programs in Germany focus on the intricacies of CDD, teaching students how to collect and analyze information to make informed decisions.

Case Studies and Practical Exercises

Training programs often include case studies and practical exercises to ensure that KYC analysts are well-prepared for real-world scenarios. These provide a hands-on learning experience and allow trainees to apply their knowledge in simulated situations.

My Personal Experience

Having gone through a KYC analyst training program in Germany, I can attest to the thorough nature of the training. The program I attended equipped me with the knowledge and skills required to excel in this field. It allowed me to understand the complexities of financial regulations, customer due diligence, and risk assessment.

One of the key takeaways from my training was the emphasis on staying updated with the ever-evolving regulatory landscape. This is crucial for KYC analysts as non-compliance can result in severe consequences for both the institution and the individual analyst. Regular training and professional development are encouraged to ensure that analysts stay at the top of their game.

How to Get Started

If you're interested in becoming a KYC analyst in Germany, here are some steps to help you get started:

Research: Research the various training programs and institutions offering KYC analyst courses in Germany. The provided URL (https://antimoneylaunderinghub.com/2023/09/kyc-of-cdd/) can be a valuable resource for finding the most up-to-date information.

Enroll in a Program: Once you've identified a suitable program, enroll and commit to your training. Be prepared to dedicate time and effort to grasp the complexities of the field.

Stay Informed: Continuously educate yourself on the latest developments in the financial industry and regulatory changes. This is essential to maintain your expertise and stay compliant.

Networking: Build a network within the industry by attending conferences seminars, and connecting with fellow KYC analysts. Networking can provide valuable insights and opportunities for career growth.

Certifications: To enhance your credentials and marketability, consider obtaining relevant certifications, such as Certified Anti-Money Laundering Specialist (CAMS).

Conclusion

The KYC analyst training program in Germany is a robust and comprehensive platform for individuals seeking a career in financial compliance. The importance of KYC analysts cannot be overstated, as they play a pivotal role in safeguarding the financial sector from illicit activities. With the proper training, commitment, and dedication to staying current in this dynamic field, you can embark on a fulfilling and impactful career as a KYC analyst.

[usaii]

Importance of AI Professionals in Banking

Banks are Banking on AI Professionals

Every sector is analyzing their options to adopt technologies that will help them create more value. Banking sector is no exception and is now witnessing unprecedented changes including but not limited to growth in customer-centricity. Digitizing processes and harnessing the potential of Artificial Intelligence is making Banking and Financial Service Providers offer smooth services. According to a research conducted by National Business Research Institute (NBRI) and Narrative Science, approximately 32% of the financial service providers are utilizing Artificial Intelligence Technologies such as Machine Learning, Voice Recognition, Image Recognition, Predictive Analysis, etc.

Cognitive technologies are transforming all sectors, thus encouraging Executive managers to explore applications of AI in Banking field as well. At its nascent phase, AI professionals have started to assist Banking professionals to:

Improve underwriting performances

Mitigate Risks and Frauds

Boost Marketing Efforts

Enhance Customer Service

Contract Intelligence (COiN)- Case Study

To manage all the mundane tasks including interpretation of the commercial loan agreements, a bank usually hires loan officers and lawyers. These officers and lawyers spend 360,000 hours per year on these humdrum tasks. Needless to mention, the skills and abilities of employees can be put to better use, if a machine could take care of these repetitive tasks.

To address the problem, JP Morgan Chase carried out a program known as Contract Intelligence (COiN) Platform. COiN uses the unsupervised learning part of the Machine Learning. Once deployed, the platform would require minimal or no human participation in the work. As a result, employees can focus on solving bigger and more complex problems instead of spending time on repetitive tasks.

AI Modernizing Banking Sector

AI assists banks in reforming their customer service experience such as seamless customer identification & their authentication, chatbots, voice assistants, and to strengthen relationships with customers. However, the application of AI is not limited to retail services. AI also helps in detecting and preventing payment frauds, thus improving Know Your Customer (KYC) and anti-money laundering (AML) processes. Following are the ways in which AI helps Banking and Financial Service Providers:

Fraud Detection: It has been found that AI increases fraud detection by around 50%. Since banks and financial services generate data in huge amounts, analyzing these data manually requires time and the chances of committing errors is also high. To mitigate the challenges banks have AI-enabled models in place. These advanced models help in identifying the flow of funds, detecting and notifying fraudulent transactions in real-time.

Cost Optimization: By the year 2023, banks can save approximately US$447 billion by switching to the AI system of Banking. AI minimizes time consumption and reduces error rate by digitizing the documentation process.

Customer Engagement: HDFC Bank’s virtual assistant or chatbot successfully handles more than 5 lakh users and answers more than 2.7 million queries. The chatbots significantly decrease response time and make the communication process smooth.

Improved Security: New technologies come with security challenges that must be addressed beforehand. Since customer’s data is sensitive, banks need to keep them private and protect them against security breaches and frauds. AI combined with blockchain technology offers a stable solution for securing sensitive information. Algorithms powered by AI offer multi-layer robust security systems.

Role of AI professionals in Banking Sector:

Utilize your deep understanding of BFSI products and services to grow in an AI career. As an AI Professional in Banking you will have to work in the field of applied AI. The primary role would be to program smart systems, capable of carrying out certain tasks. These are some of the roles:

Research Scientists- They take the responsibility to design, undertake, and analyze information.

Software Engineers- They excel in development areas, for example, Operating Systems, Networks, Applications, and Databases.

Information Security Engineers- They maintain the safety of computer systems and its software.

Software Development Manager- They design, install, test, and ensure maintenance of the smart systems.

Software Analyst- They thoroughly study the domain of software application, prepare specification and requirement documents.

Wondering how to learn all these and start your AI career? Check out the artificial intelligence certifications courses that are designed especially for the BFSI sector.

AI is jack-of-all-trades and every industry is looking to leverage this technology and enhance their business processes. So, always look for the right program that meets your requirements. In this case, go for AI Certifications for BFSI.

Why choose AI in the BFSI Sector?

BFSI industry is known to pay the highest salaries to data scientists and AI-ML engineers.

BFSI industry has the maximum number of job openings in AI-ML.

BFSI industry is significantly transforming using AI-ML.

To be a part of the big change and contribute your knowledge, go for any high-quality AI Certifications that will help you get started in the career. Ensure to get hands-on experience by doing some projects and learn from business use cases. Also, experiential learning will prepare you to integrate industry with AI.

Conclusion

Banking is a data intensive sector. Most of the banks depend heavily on technology to manage this big data. However, the challenge to drive value from the data remains unsolved. So, banks across the globe are now leveraging the power of AI and its infrastructure to reform the industry. The unprecedented rate at which people are generating data these days has pushed banks to bring revolution in their operations. They are now seeking and deploying the latest technologies. The requirement for skilled professionals who can implement and manage these technologies are all time high. So, let’s start the AI journey.

[psibinstitute]

Investment Banking Courses for Career Growth

Investment banking demands sharp analytical skills, regulatory understanding, and deep product knowledge. Certifications tailored to these requirements can bridge the gap between academic learning and professional readiness. The following courses are structured to help individuals build expertise and gain a competitive edge in diverse banking functions.

Certified Investment Banking Program – Core Training for Front-Office Roles

The Certified Investment Banking Program provides intensive training in financial modeling, valuation, and deal structuring. Key components include:

Building financial models from scratch

Performing company valuation using DCF, LBO, and comparable company analysis

Understanding M&A transactions and capital raising processes

Creating investment pitchbooks and deal presentations

The program is built for professionals aiming to work in mergers & acquisitions, equity research, private equity, or corporate finance teams. It emphasizes practical application through Excel-based assignments and real transaction case studies.

KYC/AML Analyst Program Training – Specialized Skills in Compliance and Risk

The KYC/AML Analyst Program focuses on financial crime prevention, client onboarding, and regulatory reporting. Core learning modules include:

Customer due diligence (CDD) and enhanced due diligence (EDD)

Anti-Money Laundering (AML) compliance frameworks

Risk scoring models and transaction monitoring techniques

Understanding global standards like FATF, OFAC, and FinCEN

The course prepares candidates for operational and compliance roles within investment banks, helping institutions adhere to international regulatory standards.

Certified Bank Training Programs – Foundational Knowledge Across Banking Functions

Certified Bank Training Programs cover a broad scope of banking operations, from retail banking to corporate services. Modules typically include:

Credit analysis and loan structuring

Retail and corporate product portfolios

Trade finance instruments and documentation

Banking regulations and risk management practices

These programs are ideal for professionals transitioning into investment banking from other domains or for those seeking a comprehensive understanding of the financial sector before choosing a specialization.

Loans & Cards Analyst Program – Practical Insights into Lending and Credit Products

The Loans & Cards Analyst Program delivers functional knowledge relevant to the lending and consumer finance segments of banking. Key focus areas:

Credit card operations and lifecycle management

Retail loan underwriting and credit risk modeling

Portfolio analysis and delinquency tracking

Regulatory compliance in consumer lending

This course supports roles in credit analytics, lending operations, and retail product strategy teams within both investment and commercial banks.

Aligning the Right Course with Long-Term Career Objectives

Selecting a training path depends on the specific career track within investment banking:

Roles in corporate finance and M&A require technical depth from the Certified Investment Banking Program.

Regulatory and operations teams benefit from the structured learning in the KYC/AML Analyst Program.

Broader roles in banking functions or transitions from traditional banking are supported by Certified Bank Training Programs.

Lending-focused analysts gain domain knowledge through the Loans & Cards Analyst Program.

Final Thought

Structured, role-specific certification programs not only build capability but also enhance employability in the investment banking sector. Whether targeting analytical roles, compliance functions, or credit operations, these courses act as career accelerators backed by practical training and industry relevance.

Website https://psib.co.in/

[thehomosapien7495]

5 Important Features of Anti Money Laundering Software

In traditional banking practices, the number of fraudulent activities performed was high. The risk of fraud is also high with online banking. The risk can be eliminated with a robust system to analyze and detect suspicious transactions. This is where the anti-money laundering system comes into light. The AML software is a specialized computer program that analyzes customer data and detects fraud used by financial institutions. The AML software is used as a part of the bigger AML compliance program and plays a huge role in the risk-based approach to the unique profile of the financial institution. In this article let us take a look at some important features of AML transaction monitoring software.

The functioning of AML software

Before taking a look at some features of the anti-money laundering software, let us focus on the basic working principle of AML.

The rule-based system of the software produces an alert which is categorized by the analyst into various categories. The categories form a data set including audit trails, regulator and case report, case management, KYC, CIP, logical data interference, SDM search, user admin, and more. The data set is used to train a risk ranking algorithm.

At the end of the training, the risk ranking algorithm can score data that it has never seen before by the level of money laundering risk shown.

At the time of the prediction phase, every alert is assigned with a score. The alerts with a low-risk threshold are eliminated while the ones with high scores are to an analyst for further analysis.

The rule-based system is extended by introducing an anomaly detection to analyze every case. It generates more alerts and reduces the chance of something slipping away from notice.

The risk ranking algorithm combined with the Anomaly Detection module improves the speed of precision and transaction monitoring.

Features of AML

The features of the different platforms might vary. However, the basic function and capabilities of AML transaction monitoring software are defined by the following features.

Name screening

The AML software is used to perform a quick search and identify a blocked person and raise a red flag in the institution. It helps in identifying sanctions and is also used to identify PEPs (Politically Exposed Persons). It also helps to identify individuals with media attention.

Transaction monitoring

The transaction monitoring feature of anti-money laundering software solutions focuses on analyzing and identifying any suspicious patterns that remain hidden in a customer transaction. The transaction monitoring is done with the help of historical information of a profile and its specifics.

Currency transaction reporting

The software is used to detect transactions involving a large amount of cash. It is also used to detect multiple transactions that aggregate to a large amount of cash.

Compliance

The AML software is used in day-to-day maintenance and implementation of compliance. The data management ability of AML software can be used to maintain a complete record of the employees, trainees, audits. It is also used to track reports that are presented to the financial authorities.

Case management

It helps in managing the database and using it for the detection of suspicious activity. The case management includes four steps which are to detect, investigate, manage and report.

Bottom line

The Anti-money laundering service takes financial services to the next step by ensuring a safe and secure transaction environment. Incorporate the robust AML service as part of your fraud detection system and ensure high-level compliance.

[dewi08]

Stobox - fast and reliable next generation digital asset exchange, processing and ensuring safety and security

Hello, all ? get back with me where I'll share the newest features I found while using the Stobox project. considering the features offered by cryptocurrency and its supporting technology, namely blockchain is more modern, revolutionary, secure, anonymous, cheaper, and more efficient than traditional financial systems. And to support cryptocurrency development, a reliable and trusted platform is needed, and Stobox is a platform that provides technology tools and consulting services to streamline all operations with digital assets and tokenized securities. Stobox is the platform clients need to transform their business

What is the Stobox about?

Stobox is an award-winning technology and advisory company in the field of securities tokenization. During the last two years, we conducted 3000+ hours of research, advised 15 clients, tested several private and public technology infrastructures, built partnerships in 10+ countries,and worked with 2 governments. We see the extreme potential for the growth of crypto-related services in the current environment to empower people with limited access to financial services and not stable currencies, which starts to include developed economies as well.

For this reason, we launch a next-generation digital assets exchange with a high level of transaction speed and resilience. An exchange supports token and Membership Levels that provide bonuses to introduce gamification and drive user engagement.

Stobox Exchange will burn 80% of the commission received on STBU to support its stable price and liquidity to improve convenienceand safety for exchange users. Token price is projected to moderately fluctuate around $0.1.

Exchange Features

We have revised the technology stack used for crypto exchanges and we have chosen one that allows maximum transaction speed and resilience. Distinctive features of the Exchange include:

Complementary to Stobox DS Dashboard, as its customers need crypto exchange services for operations with the Dashboard. This is an additional source of liquidity for an exchange.;

Legally structure on Seychelles, which combines favourable treatment of crypto exchange business and protection of consumers and strict AML enforcement;

Proprietary technical development and support, which makes us independent from third parties, enables higher customization and improves reaction time to unexpected issues;

Utilization of STBU token

It is a common practice among crypto exchanges to use a native token for marketing, community building, increased interest, and incentivizing users to contribute to an exchange. For this reason, an Exchange is powered by a native utility token. As such token we use STBU.

You can find more details here: Utility Token [STBU]

An exchange is powered by the STBU utility token that provides:

Discount on fees when paying with STBU;

Ability to pay withdrawal and deposit fees in STBU (unique feature!);

Increased rank in the ecosystem;

There may be additional use cases for the token whenever possible

Technological Stack

Stobox utilizes top-tier technologies to provide fast and reliable data storage, processing as well as ensuring safety and security.

1 . Go

an open-source programming language that makes it easy to build simple, reliable, and efficient software.

2 . Lua

a powerful, efficient, lightweight, embeddable scripting language. It supports procedural programming, object-oriented programming, functional programming, data-driven programming, and data description. Lua combines simple procedural syntax with powerful data description constructs based on associative arrays and extensible semantics. Lua is dynamically typed, runs by interpreting bytecode with a register-based virtual machine, and has automatic memory management with incremental garbage collection, making it ideal for configuration, scripting, and rapid prototyping.

3 . Tarantool

an open-source NoSQL database management system and Lua application server. It maintains databases in memory and ensures crash resistance with write-ahead logging. It includesa Lua interpreter and interactive console but also accepts connections from programs in several other languages.

4 . Envoy Proxy

a high-performance C++ distributed proxy designed for single services and applications, as well as a communication bus and “universal data plane” designed for large microservice “service mesh” architectures.

5 . gRPC

a modern open-source high-performance RPC framework that can run in any environment. It can efficiently connect services in and across data centers with pluggable support for load balancing, tracing, health checking, and authentication. It is also applicable in the last mile of distributed computing to connect devices, mobile applications and browsers to backend services.

6 . Angular

an application design framework and development platform for creating efficient and sophisticated single-page apps.

7 . Paw

aw isafull-featured HTTP client that lets you testand describe the APIs you build or consume. It has a beautiful native macOS interface to compose requests, inspect server responses, generate client code, and export API definitions.

Financial Model

The key assumptions in the financial model are:

Trading volume and user base initial numbers;

Trading volume and user base growth rate;

Distribution of users among membership levels;

Given that the transaction fee varies from 0.1% to 0.02% (see section 3), for the purposes of the financial model an effective transaction fee of 0.05% is assumed

Legal Aspects

Stobox Digital Asset Exchange has put in place internal procedures for ensuring compliance with international rules for Virtual Asset Service Providers,according to the best practices recommended by FATF, including a risk-based approach to money-laundering and transaction monitoring.

KYC

All users of an exchange are required to pass identity verification procedures, which interaliainclude submission of identity documents and their verification using recognized third-party services. Users from FATF-blacklisted countries are restricted from using an exchange.

AML

Depositing funds on exchange requires specifying the source of funds. These recordsare kept for five years for the purposes of potential investigation. If the depositamount exceedsa certain threshold, we require additional verification of the source of funds. There will also be additional transaction monitoring software used for AML purposes when the exchange has enough traction and funds.

Data Protection

An exchange does collect user personal dataand dataabout transactions. Transaction datais stored for five years. Data storage corresponds to best data protection practices, including high-quality encryption and compliance with the GDPR requirement to store user data in servers situated in their respective jurisdictions.

Roadmap

Q3 2020

Decided to launch a crypto exchange to make a comprehensive digital assets ecosystem;

Started research of the best jurisdictions for crypto exchange.

Started collaborating with Ministry of Digital Transformation of Ukraine;

Start expansion on Japanese market via collaboration with Standart Capital and STOnline ;

Issued utility token and listed it on Uniswap;

Q4 2020 – Q1 2021

Launch of Digital Assets Exchange;

Preparation of legal structure for an exchange;

Launch of futures trading on an exchange;

Digital Assets Investment Conference hosted by Stobox.

Q2 – Q4 2021

Development of additional exchange features;

Test different markets and models to expand an exchange;

Integration with other technology products to serve a wider population.

Stobox Team

Gene Deyev – CEO, Co-Founder, Angel Investor

Borys Pikalov – Head of Analytics, Co-Founder

Ross Shemeliak – COO, Co-Founder

Fabien Bouhier – Advisor, Blockchain Architect

Nadia Basaraba – Business Development Manager

Tanya Skorohodova – Accountant

Eleonora Shvets – Marketing Manager

Ekaterina Klochan – Operations Manager

Iurii Shykota – Financial Analyst

Bohdan Olikh – Business Analyst

Conclusion

Stobox can be called a promising securities tokenization services company, that also delivers its own products and solutions. The team works on the improvement of the newly launched exchange and plans to host a Digital Assets Investment Conference in the near future. Clear vision and strong development expertise make Stobox a tech company to watch.

Accurate Information:

Register Stobox Exchange : https://stobox.exchange/auth?ref=749

Website : https://www.stobox.io/

Facebook : https://www.facebook.com/StoboxCompany

Telegram : https://t.me/stobox_community

Twitter : https://twitter.com/StoboxCompany

Youtube : https://www.youtube.com/channel/UCMKnSJ4dkf0V1QLx5Bo2QTw/videos

Medium : https://stobox-platform.medium.com/

Ann Thread : https://bitcointalk.org/index.php?topic=5285387.0

AUTHOR

Forum Username: DEWI08 Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=894088 Telegram Username: @ dhewio8 ETH Wallet Address: 0x53D1Ea8619E638e286f914987D107d570fDD686B

[cryptowavesxyz]

The Cracks Are Showing in Iran

Running up against limited experience and resources for monitoring potentially illegal use of digital assets, United States authorities delegate sanctions monitoring to cryptocurrency exchanges and industry players. But do current practices do more harm than good?

Who will watch the watchlist?

Within the U.S. Treasury, the Office of Foreign Asset Control (OFAC) is responsible for sanctioning individuals and entities the country considers threats to national security.

Earlier this month, OFAC added two Chinese nationals accused of laundering money for North Korea’s infamous Lazarus Group. Notably, OFAC’s designation included crypto addresses for these individuals, a measure OFAC first introduced near the end of 2018 while targeting two Iranians for sanctions.

Regarding the newly sanctioned targets, Jesse Spiro, head of policy at leading blockchain transaction tracer, Chainalysis, told Cointelegraph:

“This action is particularly notable because it was brought against people who helped a previously sanctioned entity — Lazarus — transfer stolen funds through a complex money laundering process. This signals that the Treasury is not only using advanced blockchain investigative techniques but also taking action against people who facilitate illicit activity in any way.”

Adapting to new technology, but slowly

It’s no wonder that OFAC is wary of crypto’s role in countries under U.S. sanctions. Between North Korea’s prolific exchange-hacking program, Venezuela’s (admittedly floundering) oil-pegged Petro, and calls by the Iranian president to create a crypto that the U.S. can’t touch, many U.S. authorities remain reflexively suspicious of the whole industry.

Despite periodic designations of specific crypto wallets, OFAC has limited their direct engagement with crypto and other branches of the U.S. government. More comfortable with traditional financial systems, authorities have been hard-pressed to adapt to this new ecosystem.

Vice President at the Financial Integrity Network, Senior Director at the Foundation for Defense of Democracies, Eric Lorber, confirmed that authorities have been hard at work in this new field.

“There’s been a huge focus in the U.S. government on this in the last couple of years,” Lorber told Cointelegraph. “There is a good sense that the U.S. government has a general sense of what’s going on.”

Jesse Spiro agreed that the relevant financial regulators were hard at work:

“We also know that the Treasury Department — FinCEN, OFAC and even the policy office of TFFC (Terrorism Financing and Financial Crimes) — is actively ramping up their work on cryptocurrency and identifying and targeting potential bad actors that abuse the ecosystem.”

Yaya Fanusie, a former CIA counterterrorism analyst and current fellow at a number of national security-focused think tanks, was less impressed. Regarding uptick in regulatory crypto-fluency, Fanusie told Cointelegraph, “It’s been a slow burn […] There’s probably a problem in terms of getting up to speed.”

It is partially the nature of crypto — which, as an industry, adapts incredibly quickly — that has proved problematic. The CEO of Policy 4.0, Tanvi Ratner, commented on OFAC’s resources for crypto:

“They’re quite well equipped. There are only being beat by the rate of innovation in masking transactions.”

OFAC’s dependence on crypto exchanges and industry players to track their clientele

OFAC’s established practices require financial institutions operating in the U.S. to act as the front lines in searching for sanctions violations. OFAC has limited resources when it comes to actively tracking transactions themselves.

“Maybe I can dispel a myth. It’s not so much that the government has to focus on what’s going in and out,” Yaya Fanusie explained. “You have to rely on others, you have to rely on exchanges flagging things, you have to rely on investigative reporters.”

Regulators have shown striking unity in expecting anti-money laundering (AML) and countering the financing of terrorism (CFT) programs of businesses in the crypto space. Such measures are already familiar to traditional financial institutions, but they involve mechanisms that don’t always fit in with crypto. A large part of the argument for crypto is speed of transactions, accessibility to people left out of traditional finance, and ease of crossing borders — traits that run in opposition to traditional controls like sanctions.

Director of research at the Foundation for Defense of Democracies, David Adesnik, said of OFAC’s dependence on existing laws for enforcing sanctions in crypto, “I’m not sure if statutes have adapted yet. The Treasury is more trying to use what’s already on the books.”

John Roth, head of compliance at crypto exchange Bittrex, agreed:

“OFAC’s approach to crypto is pretty much the same as fiat. OFAC designates, but they expect exchanges to have programs in place to prevent transactions to/from prohibited persons/countries. […] It is really not that much different from a traditional bank.”

While positive about OFAC’s openness, Roth did agree that crypto had its sticking points: “I think the requirements are clear. The challenge is adapting those requirements to the unique nature of cryptocurrency.”

Roth’s commentary is particularly useful given Bittrex’s history with OFAC. Bittrex controversially froze Iranian accounts for two years before receiving an OFAC license in November. Unlike the Treasury’s specifically designated nationals list, the details of how OFAC and Bitttrex resolved this dispute are not publicly available.

In conversations with experts on this topic, the names of blockchain analytics firms like Chainalysis and Elliptic cropped up frequently. Chainalysis, in particular, has grown in importance, working with government officials as they investigate blockchains for suspicious transactions. The firm has standing contracts with the IRS, the Drug Enforcement Administration, and Immigration and Customs Enforcement. As of March 9, Chainalysis netted over $1.1 million in contracts with the FBI over recent months.

While government agencies may be newcomers to the technology, even crypto-central companies have to enlist help from firms like Chainalysis to cope with regulatory obligations. Roth noted that:

“All of the US exchanges use the same services (Chainalysis and Elliptic) that scour the blockchain to look for links to those kinds of customers, and have other internal controls in place.”

Heightened compliance requirements are sending crypto exchanges and other firms in the space to government-approved blockchain analytics firms in droves. A representative from Chainalysis explained the firm’s success amid compliance concerns to Cointelegraph:

“We’ve increased our customer count by 290% over the past two years, and new cryptocurrency exchange customers cite regulatory compliance as a top reason for adopting our technology.”

Problems with current approach: Are we safer or just pushing crypto operations out of the country?

As with all sorts of security concerns, if the precautionary measures work, they will seem like overreactions. However, these safeguards may actually be punishing well-intentioned entities, while failing to cope with the most threatening technical challenges.

Cointelegraph previously reported on the question of U.S. sanctions hitting Iran’s mining industry — an initiative that ultimately seems beyond the Treasury’s technical reach, though they could make it inconvenient for Iranian miners.

Another lingering technical question is the subject of privacy coins like Monero (XMR) and Dash (DASH). On the subject, Fanusie observed, “I don’t think anyone has cracked that yet.”

Blockchain analytics firms have yet to come up with software that can consistently trace transactions on privacy coins. The CEO of one such firm, Ciphertrace, predicted that treating crypto financing in the same way as banking would push users to privacy tokens that OFAC will have even less of a grasp of:

“As we get more of this deanonymization and it becomes more like banking, I think an unintended consequence will be that there will be concerted effort to use these privacy-enhanced coins.”

The other side of this security debate is its effect on business. There is no question that increasing regulations and expectations have taken their toll on exchanges. At an event last week at the IRS, representatives from Coinbase and Kraken insisted that excessive scrutiny from regulators was hitting their bottom lines.

Compliance with OFAC expectations is essential for any crypto exchange trying to operate in the United States, and requires additional legal teams and external contracts. As John Roth said:

“A compliant crypto exchange absolutely needs a dedicated compliance department, with the kinds of third-party tools necessary to ensure that they aren’t doing business with bad actors. This is the price of admission for doing business in the US, and most crypto companies understand that. If you don’t, I think the risks are significant.”

And while the expenses required to keep track of OFAC’s requirements — which change, and are not always clear in public — may be simple annoyances for larger exchanges, they can be untenable expenses for newer players. What happens as a result is simple: businesses leave.

Binance famously left the U.S. last year, setting up Binance.US to offer much more restricted services within the country. More recently, crypto exchange Digitex disavowed all KYC requirements following a data breach. In a video announcing the change, Digitex CEO Adam Todd explicitly called out U.S. authorities for expecting such information at the expense of consumer data protection.

While the United States may be the world’s largest economy, pushing exchanges out of the country does not necessarily solve the problem. Bad actors using crypto are fully capable of adapting, of manipulating regulatory arbitrage to funnel money in whatever form is least regulated. The parties most vulnerable to more aggressive expectations from OFAC are exchanges trying to operate legally.

Beyond hurting major exchanges and companies in the short term, these measures clearly limit America’s access to crypto services. Taking the long-term view, overbearing sanctions can encourage even nations friendly to the U.S. to operate in economic systems that the U.S. is simply not part of — limiting economic growth and the effectiveness of future sanctions.

U.S. overreach alienating the global economic system

The risks to the United States extend beyond crypto. In January, the Economist published a piece warning that aggressive sanctions and economic warfare could push the international market to abandon the dollar.

Returning to the example of Bittrex’s freeze on Iranian accounts, fear of angering OFAC prompted Bittrex to shut off access to Iranian accounts that OFAC itself would not have had legal recourse to target. “Let’s say that the Iranians who are involved in these transactions are just mom and pop vendors in Tehran,” said Eric Lorber, “The US government actually has no legal authority to block their assets.”

Using exchanges to sidestep legal restraints is not the way to win the hearts and minds of Iranian citizens suddenly bereft of potentially major portions of their life savings, nor does that reflect well on the promoted ideals of American capitalism.

Lorber continued to explain the limits to OFAC’s ability to exert its influence in jurisdictions abroad, even those allied with the United States. “If you’re a European firm and there’s an Iranian SDN who sends money to your European financial institution, that European financial institutions may not have the legal authority to block those funds,” Lorber said.

Tanvi Ratna, who recently wrote a piece for Foreign Policy entitled “Iran Has a Bitcoin Strategy to Beat Trump,” elaborated on the issues facing the U.S. in mustering international support for continued sanctions:

“The U.S. unilaterally changed stance and others don’t necessarily want to play along. You can’t impose sanctions unilaterally. […] Nor is everybody uninterested or threatened by Iran. Look at the attitudes of the Europeans, Chinese, Indians towards Iran.”

Crypto’s role in the grand scheme of sanctions

Within the broad arsenal of OFAC sanctions, crypto is a small player. It is, however, notable both for its dynamism and for some of its fundamental virtues, including speed and apathy to national borders. Cryptocurrencies also represent a clear challenge to financial systems that the U.S. has used to its political benefit, like SWIFT for international payments.

The coming years will be critical to establishing not just the U.S. Treasury’s relationship to crypto, but also its ability to adapt to changing financial systems. In these terms, OFAC’s reaction to crypto will be an important barometer to gauge its priorities and comfort with innovation.

Cointelegraph has reached out to OFAC a number of times, but the office has never responded. This article will be updated with their commentary should it come in.

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The post The Cracks Are Showing in Iran appeared first on Crypto Waves.

from Crypto Waves https://ift.tt/2UjGKQb

[noisyunknownturtle]

The Cracks Are Showing in Iran

Running up against limited experience and resources for monitoring potentially illegal use of digital assets, United States authorities delegate sanctions monitoring to cryptocurrency exchanges and industry players. But do current practices do more harm than good?

Who will watch the watchlist?

Within the U.S. Treasury, the Office of Foreign Asset Control (OFAC) is responsible for sanctioning individuals and entities the country considers threats to national security.

Earlier this month, OFAC added two Chinese nationals accused of laundering money for North Korea’s infamous Lazarus Group. Notably, OFAC’s designation included crypto addresses for these individuals, a measure OFAC first introduced near the end of 2018 while targeting two Iranians for sanctions.

Regarding the newly sanctioned targets, Jesse Spiro, head of policy at leading blockchain transaction tracer, Chainalysis, told Cointelegraph:

“This action is particularly notable because it was brought against people who helped a previously sanctioned entity — Lazarus — transfer stolen funds through a complex money laundering process. This signals that the Treasury is not only using advanced blockchain investigative techniques but also taking action against people who facilitate illicit activity in any way.”

Adapting to new technology, but slowly

It’s no wonder that OFAC is wary of crypto’s role in countries under U.S. sanctions. Between North Korea’s prolific exchange-hacking program, Venezuela’s (admittedly floundering) oil-pegged Petro, and calls by the Iranian president to create a crypto that the U.S. can’t touch, many U.S. authorities remain reflexively suspicious of the whole industry.

Despite periodic designations of specific crypto wallets, OFAC has limited their direct engagement with crypto and other branches of the U.S. government. More comfortable with traditional financial systems, authorities have been hard-pressed to adapt to this new ecosystem.

Vice President at the Financial Integrity Network, Senior Director at the Foundation for Defense of Democracies, Eric Lorber, confirmed that authorities have been hard at work in this new field.

“There’s been a huge focus in the U.S. government on this in the last couple of years,” Lorber told Cointelegraph. “There is a good sense that the U.S. government has a general sense of what’s going on.”

Jesse Spiro agreed that the relevant financial regulators were hard at work:

“We also know that the Treasury Department — FinCEN, OFAC and even the policy office of TFFC (Terrorism Financing and Financial Crimes) — is actively ramping up their work on cryptocurrency and identifying and targeting potential bad actors that abuse the ecosystem.”

Yaya Fanusie, a former CIA counterterrorism analyst and current fellow at a number of national security-focused think tanks, was less impressed. Regarding uptick in regulatory crypto-fluency, Fanusie told Cointelegraph, “It’s been a slow burn […] There’s probably a problem in terms of getting up to speed.”

It is partially the nature of crypto — which, as an industry, adapts incredibly quickly — that has proved problematic. The CEO of Policy 4.0, Tanvi Ratner, commented on OFAC’s resources for crypto:

“They’re quite well equipped. There are only being beat by the rate of innovation in masking transactions.”

OFAC’s dependence on crypto exchanges and industry players to track their clientele

OFAC’s established practices require financial institutions operating in the U.S. to act as the front lines in searching for sanctions violations. OFAC has limited resources when it comes to actively tracking transactions themselves.

“Maybe I can dispel a myth. It’s not so much that the government has to focus on what’s going in and out,” Yaya Fanusie explained. “You have to rely on others, you have to rely on exchanges flagging things, you have to rely on investigative reporters.”

Regulators have shown striking unity in expecting anti-money laundering (AML) and countering the financing of terrorism (CFT) programs of businesses in the crypto space. Such measures are already familiar to traditional financial institutions, but they involve mechanisms that don’t always fit in with crypto. A large part of the argument for crypto is speed of transactions, accessibility to people left out of traditional finance, and ease of crossing borders — traits that run in opposition to traditional controls like sanctions.

Director of research at the Foundation for Defense of Democracies, David Adesnik, said of OFAC’s dependence on existing laws for enforcing sanctions in crypto, “I’m not sure if statutes have adapted yet. The Treasury is more trying to use what’s already on the books.”

John Roth, head of compliance at crypto exchange Bittrex, agreed:

“OFAC’s approach to crypto is pretty much the same as fiat. OFAC designates, but they expect exchanges to have programs in place to prevent transactions to/from prohibited persons/countries. […] It is really not that much different from a traditional bank.”

While positive about OFAC’s openness, Roth did agree that crypto had its sticking points: “I think the requirements are clear. The challenge is adapting those requirements to the unique nature of cryptocurrency.”

Roth’s commentary is particularly useful given Bittrex’s history with OFAC. Bittrex controversially froze Iranian accounts for two years before receiving an OFAC license in November. Unlike the Treasury’s specifically designated nationals list, the details of how OFAC and Bitttrex resolved this dispute are not publicly available.

In conversations with experts on this topic, the names of blockchain analytics firms like Chainalysis and Elliptic cropped up frequently. Chainalysis, in particular, has grown in importance, working with government officials as they investigate blockchains for suspicious transactions. The firm has standing contracts with the IRS, the Drug Enforcement Administration, and Immigration and Customs Enforcement. As of March 9, Chainalysis netted over $1.1 million in contracts with the FBI over recent months.

While government agencies may be newcomers to the technology, even crypto-central companies have to enlist help from firms like Chainalysis to cope with regulatory obligations. Roth noted that:

“All of the US exchanges use the same services (Chainalysis and Elliptic) that scour the blockchain to look for links to those kinds of customers, and have other internal controls in place.”

Heightened compliance requirements are sending crypto exchanges and other firms in the space to government-approved blockchain analytics firms in droves. A representative from Chainalysis explained the firm’s success amid compliance concerns to Cointelegraph:

“We’ve increased our customer count by 290% over the past two years, and new cryptocurrency exchange customers cite regulatory compliance as a top reason for adopting our technology.”

Problems with current approach: Are we safer or just pushing crypto operations out of the country?

As with all sorts of security concerns, if the precautionary measures work, they will seem like overreactions. However, these safeguards may actually be punishing well-intentioned entities, while failing to cope with the most threatening technical challenges.

Cointelegraph previously reported on the question of U.S. sanctions hitting Iran’s mining industry — an initiative that ultimately seems beyond the Treasury’s technical reach, though they could make it inconvenient for Iranian miners.

Another lingering technical question is the subject of privacy coins like Monero (XMR) and Dash (DASH). On the subject, Fanusie observed, “I don’t think anyone has cracked that yet.”

Blockchain analytics firms have yet to come up with software that can consistently trace transactions on privacy coins. The CEO of one such firm, Ciphertrace, predicted that treating crypto financing in the same way as banking would push users to privacy tokens that OFAC will have even less of a grasp of:

“As we get more of this deanonymization and it becomes more like banking, I think an unintended consequence will be that there will be concerted effort to use these privacy-enhanced coins.”

The other side of this security debate is its effect on business. There is no question that increasing regulations and expectations have taken their toll on exchanges. At an event last week at the IRS, representatives from Coinbase and Kraken insisted that excessive scrutiny from regulators was hitting their bottom lines.

Compliance with OFAC expectations is essential for any crypto exchange trying to operate in the United States, and requires additional legal teams and external contracts. As John Roth said:

“A compliant crypto exchange absolutely needs a dedicated compliance department, with the kinds of third-party tools necessary to ensure that they aren’t doing business with bad actors. This is the price of admission for doing business in the US, and most crypto companies understand that. If you don’t, I think the risks are significant.”

And while the expenses required to keep track of OFAC’s requirements — which change, and are not always clear in public — may be simple annoyances for larger exchanges, they can be untenable expenses for newer players. What happens as a result is simple: businesses leave.

Binance famously left the U.S. last year, setting up Binance.US to offer much more restricted services within the country. More recently, crypto exchange Digitex disavowed all KYC requirements following a data breach. In a video announcing the change, Digitex CEO Adam Todd explicitly called out U.S. authorities for expecting such information at the expense of consumer data protection.

While the United States may be the world’s largest economy, pushing exchanges out of the country does not necessarily solve the problem. Bad actors using crypto are fully capable of adapting, of manipulating regulatory arbitrage to funnel money in whatever form is least regulated. The parties most vulnerable to more aggressive expectations from OFAC are exchanges trying to operate legally.

Beyond hurting major exchanges and companies in the short term, these measures clearly limit America’s access to crypto services. Taking the long-term view, overbearing sanctions can encourage even nations friendly to the U.S. to operate in economic systems that the U.S. is simply not part of — limiting economic growth and the effectiveness of future sanctions.

U.S. overreach alienating the global economic system

The risks to the United States extend beyond crypto. In January, the Economist published a piece warning that aggressive sanctions and economic warfare could push the international market to abandon the dollar.

Returning to the example of Bittrex’s freeze on Iranian accounts, fear of angering OFAC prompted Bittrex to shut off access to Iranian accounts that OFAC itself would not have had legal recourse to target. “Let’s say that the Iranians who are involved in these transactions are just mom and pop vendors in Tehran,” said Eric Lorber, “The US government actually has no legal authority to block their assets.”

Using exchanges to sidestep legal restraints is not the way to win the hearts and minds of Iranian citizens suddenly bereft of potentially major portions of their life savings, nor does that reflect well on the promoted ideals of American capitalism.

Lorber continued to explain the limits to OFAC’s ability to exert its influence in jurisdictions abroad, even those allied with the United States. “If you’re a European firm and there’s an Iranian SDN who sends money to your European financial institution, that European financial institutions may not have the legal authority to block those funds,” Lorber said.

Tanvi Ratna, who recently wrote a piece for Foreign Policy entitled “Iran Has a Bitcoin Strategy to Beat Trump,” elaborated on the issues facing the U.S. in mustering international support for continued sanctions:

“The U.S. unilaterally changed stance and others don’t necessarily want to play along. You can’t impose sanctions unilaterally. […] Nor is everybody uninterested or threatened by Iran. Look at the attitudes of the Europeans, Chinese, Indians towards Iran.”

Crypto’s role in the grand scheme of sanctions

Within the broad arsenal of OFAC sanctions, crypto is a small player. It is, however, notable both for its dynamism and for some of its fundamental virtues, including speed and apathy to national borders. Cryptocurrencies also represent a clear challenge to financial systems that the U.S. has used to its political benefit, like SWIFT for international payments.

The coming years will be critical to establishing not just the U.S. Treasury’s relationship to crypto, but also its ability to adapt to changing financial systems. In these terms, OFAC’s reaction to crypto will be an important barometer to gauge its priorities and comfort with innovation.

Cointelegraph has reached out to OFAC a number of times, but the office has never responded. This article will be updated with their commentary should it come in.

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The post The Cracks Are Showing in Iran appeared first on For Crypto.

from For Crypto https://ift.tt/2wngzAf

[coinfirst]

The Cracks Are Showing in Iran

Running up against limited experience and resources for monitoring potentially illegal use of digital assets, United States authorities delegate sanctions monitoring to cryptocurrency exchanges and industry players. But do current practices do more harm than good?

Who will watch the watchlist?

Within the U.S. Treasury, the Office of Foreign Asset Control (OFAC) is responsible for sanctioning individuals and entities the country considers threats to national security.

Earlier this month, OFAC added two Chinese nationals accused of laundering money for North Korea’s infamous Lazarus Group. Notably, OFAC’s designation included crypto addresses for these individuals, a measure OFAC first introduced near the end of 2018 while targeting two Iranians for sanctions.

Regarding the newly sanctioned targets, Jesse Spiro, head of policy at leading blockchain transaction tracer, Chainalysis, told Cointelegraph:

“This action is particularly notable because it was brought against people who helped a previously sanctioned entity — Lazarus — transfer stolen funds through a complex money laundering process. This signals that the Treasury is not only using advanced blockchain investigative techniques but also taking action against people who facilitate illicit activity in any way.”

Adapting to new technology, but slowly

It’s no wonder that OFAC is wary of crypto’s role in countries under U.S. sanctions. Between North Korea’s prolific exchange-hacking program, Venezuela’s (admittedly floundering) oil-pegged Petro, and calls by the Iranian president to create a crypto that the U.S. can’t touch, many U.S. authorities remain reflexively suspicious of the whole industry.

Despite periodic designations of specific crypto wallets, OFAC has limited their direct engagement with crypto and other branches of the U.S. government. More comfortable with traditional financial systems, authorities have been hard-pressed to adapt to this new ecosystem.

Vice President at the Financial Integrity Network, Senior Director at the Foundation for Defense of Democracies, Eric Lorber, confirmed that authorities have been hard at work in this new field.

“There’s been a huge focus in the U.S. government on this in the last couple of years,” Lorber told Cointelegraph. “There is a good sense that the U.S. government has a general sense of what’s going on.”

Jesse Spiro agreed that the relevant financial regulators were hard at work:

“We also know that the Treasury Department — FinCEN, OFAC and even the policy office of TFFC (Terrorism Financing and Financial Crimes) — is actively ramping up their work on cryptocurrency and identifying and targeting potential bad actors that abuse the ecosystem.”

Yaya Fanusie, a former CIA counterterrorism analyst and current fellow at a number of national security-focused think tanks, was less impressed. Regarding uptick in regulatory crypto-fluency, Fanusie told Cointelegraph, “It’s been a slow burn […] There’s probably a problem in terms of getting up to speed.”

It is partially the nature of crypto — which, as an industry, adapts incredibly quickly — that has proved problematic. The CEO of Policy 4.0, Tanvi Ratner, commented on OFAC’s resources for crypto:

“They’re quite well equipped. There are only being beat by the rate of innovation in masking transactions.”

OFAC’s dependence on crypto exchanges and industry players to track their clientele

OFAC’s established practices require financial institutions operating in the U.S. to act as the front lines in searching for sanctions violations. OFAC has limited resources when it comes to actively tracking transactions themselves.

“Maybe I can dispel a myth. It’s not so much that the government has to focus on what’s going in and out,” Yaya Fanusie explained. “You have to rely on others, you have to rely on exchanges flagging things, you have to rely on investigative reporters.”

Regulators have shown striking unity in expecting anti-money laundering (AML) and countering the financing of terrorism (CFT) programs of businesses in the crypto space. Such measures are already familiar to traditional financial institutions, but they involve mechanisms that don’t always fit in with crypto. A large part of the argument for crypto is speed of transactions, accessibility to people left out of traditional finance, and ease of crossing borders — traits that run in opposition to traditional controls like sanctions.

Director of research at the Foundation for Defense of Democracies, David Adesnik, said of OFAC’s dependence on existing laws for enforcing sanctions in crypto, “I’m not sure if statutes have adapted yet. The Treasury is more trying to use what’s already on the books.”

John Roth, head of compliance at crypto exchange Bittrex, agreed:

“OFAC’s approach to crypto is pretty much the same as fiat. OFAC designates, but they expect exchanges to have programs in place to prevent transactions to/from prohibited persons/countries. […] It is really not that much different from a traditional bank.”

While positive about OFAC’s openness, Roth did agree that crypto had its sticking points: “I think the requirements are clear. The challenge is adapting those requirements to the unique nature of cryptocurrency.”

Roth’s commentary is particularly useful given Bittrex’s history with OFAC. Bittrex controversially froze Iranian accounts for two years before receiving an OFAC license in November. Unlike the Treasury’s specifically designated nationals list, the details of how OFAC and Bitttrex resolved this dispute are not publicly available.

In conversations with experts on this topic, the names of blockchain analytics firms like Chainalysis and Elliptic cropped up frequently. Chainalysis, in particular, has grown in importance, working with government officials as they investigate blockchains for suspicious transactions. The firm has standing contracts with the IRS, the Drug Enforcement Administration, and Immigration and Customs Enforcement. As of March 9, Chainalysis netted over $1.1 million in contracts with the FBI over recent months.

While government agencies may be newcomers to the technology, even crypto-central companies have to enlist help from firms like Chainalysis to cope with regulatory obligations. Roth noted that:

“All of the US exchanges use the same services (Chainalysis and Elliptic) that scour the blockchain to look for links to those kinds of customers, and have other internal controls in place.”

Heightened compliance requirements are sending crypto exchanges and other firms in the space to government-approved blockchain analytics firms in droves. A representative from Chainalysis explained the firm’s success amid compliance concerns to Cointelegraph:

“We’ve increased our customer count by 290% over the past two years, and new cryptocurrency exchange customers cite regulatory compliance as a top reason for adopting our technology.”

Problems with current approach: Are we safer or just pushing crypto operations out of the country?

As with all sorts of security concerns, if the precautionary measures work, they will seem like overreactions. However, these safeguards may actually be punishing well-intentioned entities, while failing to cope with the most threatening technical challenges.

Cointelegraph previously reported on the question of U.S. sanctions hitting Iran’s mining industry — an initiative that ultimately seems beyond the Treasury’s technical reach, though they could make it inconvenient for Iranian miners.

Another lingering technical question is the subject of privacy coins like Monero (XMR) and Dash (DASH). On the subject, Fanusie observed, “I don’t think anyone has cracked that yet.”

Blockchain analytics firms have yet to come up with software that can consistently trace transactions on privacy coins. The CEO of one such firm, Ciphertrace, predicted that treating crypto financing in the same way as banking would push users to privacy tokens that OFAC will have even less of a grasp of:

“As we get more of this deanonymization and it becomes more like banking, I think an unintended consequence will be that there will be concerted effort to use these privacy-enhanced coins.”

The other side of this security debate is its effect on business. There is no question that increasing regulations and expectations have taken their toll on exchanges. At an event last week at the IRS, representatives from Coinbase and Kraken insisted that excessive scrutiny from regulators was hitting their bottom lines.

Compliance with OFAC expectations is essential for any crypto exchange trying to operate in the United States, and requires additional legal teams and external contracts. As John Roth said:

“A compliant crypto exchange absolutely needs a dedicated compliance department, with the kinds of third-party tools necessary to ensure that they aren’t doing business with bad actors. This is the price of admission for doing business in the US, and most crypto companies understand that. If you don’t, I think the risks are significant.”

And while the expenses required to keep track of OFAC’s requirements — which change, and are not always clear in public — may be simple annoyances for larger exchanges, they can be untenable expenses for newer players. What happens as a result is simple: businesses leave.

Binance famously left the U.S. last year, setting up Binance.US to offer much more restricted services within the country. More recently, crypto exchange Digitex disavowed all KYC requirements following a data breach. In a video announcing the change, Digitex CEO Adam Todd explicitly called out U.S. authorities for expecting such information at the expense of consumer data protection.

While the United States may be the world’s largest economy, pushing exchanges out of the country does not necessarily solve the problem. Bad actors using crypto are fully capable of adapting, of manipulating regulatory arbitrage to funnel money in whatever form is least regulated. The parties most vulnerable to more aggressive expectations from OFAC are exchanges trying to operate legally.

Beyond hurting major exchanges and companies in the short term, these measures clearly limit America’s access to crypto services. Taking the long-term view, overbearing sanctions can encourage even nations friendly to the U.S. to operate in economic systems that the U.S. is simply not part of — limiting economic growth and the effectiveness of future sanctions.

U.S. overreach alienating the global economic system

The risks to the United States extend beyond crypto. In January, the Economist published a piece warning that aggressive sanctions and economic warfare could push the international market to abandon the dollar.

Returning to the example of Bittrex’s freeze on Iranian accounts, fear of angering OFAC prompted Bittrex to shut off access to Iranian accounts that OFAC itself would not have had legal recourse to target. “Let’s say that the Iranians who are involved in these transactions are just mom and pop vendors in Tehran,” said Eric Lorber, “The US government actually has no legal authority to block their assets.”

Using exchanges to sidestep legal restraints is not the way to win the hearts and minds of Iranian citizens suddenly bereft of potentially major portions of their life savings, nor does that reflect well on the promoted ideals of American capitalism.

Lorber continued to explain the limits to OFAC’s ability to exert its influence in jurisdictions abroad, even those allied with the United States. “If you’re a European firm and there’s an Iranian SDN who sends money to your European financial institution, that European financial institutions may not have the legal authority to block those funds,” Lorber said.

Tanvi Ratna, who recently wrote a piece for Foreign Policy entitled “Iran Has a Bitcoin Strategy to Beat Trump,” elaborated on the issues facing the U.S. in mustering international support for continued sanctions:

“The U.S. unilaterally changed stance and others don’t necessarily want to play along. You can’t impose sanctions unilaterally. […] Nor is everybody uninterested or threatened by Iran. Look at the attitudes of the Europeans, Chinese, Indians towards Iran.”

Crypto’s role in the grand scheme of sanctions

Within the broad arsenal of OFAC sanctions, crypto is a small player. It is, however, notable both for its dynamism and for some of its fundamental virtues, including speed and apathy to national borders. Cryptocurrencies also represent a clear challenge to financial systems that the U.S. has used to its political benefit, like SWIFT for international payments.

The coming years will be critical to establishing not just the U.S. Treasury’s relationship to crypto, but also its ability to adapt to changing financial systems. In these terms, OFAC’s reaction to crypto will be an important barometer to gauge its priorities and comfort with innovation.

Cointelegraph has reached out to OFAC a number of times, but the office has never responded. This article will be updated with their commentary should it come in.

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