#kyc sweden

[reginap5]

Sweden's Exemplary Anti-Corruption Stand: A Deep Dive into KYC and AML Practices

In the realm of global integrity and transparency, Sweden stands tall as the paragon of virtue, earning the coveted title of the world's least corrupt country, as per the Corruption Perceptions Index (CPI). Behind this remarkable achievement lies Sweden's unwavering commitment to combat corruption through robust Anti-Money Laundering (AML) laws, particularly focusing on stringent Know Your Customer (KYC) protocols. These protocols require financial institutions to verify the identity of their customers and any transactions they make. Furthermore, Sweden has implemented measures to protect whistleblowers and to ensure that any instances of corruption are investigated and prosecuted.

The Pillars of Trust: KYC in Sweden

Sweden's success in maintaining its reputation for integrity is deeply rooted in its proactive approach to KYC. The KYC process, an integral part of financial and business operations, plays a pivotal role in preventing corruption and money laundering by ensuring thorough identification and verification of customers. Sweden has invested heavily in its KYC system, building a comprehensive database of customer information. It has also implemented strict regulations requiring companies to report suspicious activity to the government. As a result, Sweden has become a world leader in the fight against financial crime.

KYC Solutions: More than a Mandate

KYC in Sweden goes beyond mere compliance; it serves as a comprehensive solution to safeguard the financial ecosystem. The emphasis on accurate customer identification, risk assessment, and ongoing monitoring establishes a formidable defense against illicit financial activities. Sweden's KYC system also promotes customer trust and increases customer convenience. By streamlining the onboarding process, customers can easily open an account and start trading. Additionally, the KYC system provides customers with better control over their money, as they can easily monitor their account activity.

Compliance at the Core

Sweden's commitment to compliance is evident in its KYC practices. Striking a delicate balance between stringent regulations and practical implementation, the country has fostered an environment where businesses operate with transparency and adhere to the highest ethical standards. Sweden's KYC regulations are designed to prevent money laundering and financial crime. The country has put in place a comprehensive set of measures, including customer due diligence, to ensure that businesses comply with the law. Additionally, Sweden has implemented a reporting system that allows authorities to track suspicious activity in real time.

AML Laws in Sweden: A Global Benchmark

Sweden's AML laws are not just a legal requirement but a testament to its commitment to global financial integrity. The country's legal framework provides a solid foundation for detecting and preventing money laundering activities, contributing significantly to its stellar position on the CPI. Sweden also has a strong commitment to international cooperation and information sharing, which helps to further strengthen the AML legal framework. Additionally, the country has implemented strict regulations on financial institutions, including requirements to report suspicious transactions.

KYC Service Providers – KYC Sweden Leading the Way

Sweden has emerged as a frontrunner in KYC solutions, with a focus on providing efficient and reliable services. KYC service providers in Sweden leverage advanced technologies and methodologies to offer the best-in-class identification and verification processes, setting the gold standard for global counterparts. Swedish KYC providers also provide the highest level of security, protecting customer data and complying with all local regulations. Furthermore, Swedish KYC providers offer a wide range of services, including onboarding, identity verification, and fraud prevention.

KYC for Swedish Businesses: A Necessity, not an Option

For businesses operating in Sweden, KYC is not merely a regulatory checkbox but a fundamental practice. The stringent KYC requirements ensure that businesses are well-acquainted with their clients, mitigating the risk of involvement in any illicit or corrupt activities. It also helps to protect the rights of customers, as it ensures that they are aware of who is handling their data. KYC also helps businesses to identify any potential risks associated with doing business with a particular customer.

Global Impact: KYC Sweden's Ripple Effect

Sweden's commitment to KYC and AML has a ripple effect beyond its borders. Businesses operating globally, including Swedish enterprises with international footprints, benefit from the robust KYC measures in place. This not only safeguards these businesses but also contributes to the overall global effort against corruption. As a result, other countries and organizations are encouraged to implement strong KYC and AML measures, which help to create a safer business environment for everyone. Additionally, these measures help to protect consumers from malicious actors and financial crimes.

Conclusion

Sweden's standing as the world's least corrupt country is a testament to its meticulous implementation of KYC and AML laws. By placing compliance, integrity, and transparency at the forefront of its financial practices, Sweden has set a precedent for nations worldwide. As businesses and governments grapple with the challenges of maintaining trust and financial integrity, KYC Sweden's model of KYC and AML serves as an exemplary beacon guiding the way forward. The integration of KYC solutions is not just a legal requirement for Sweden; it is a proactive strategy that continues to fortify its position as a global leader in the fight against corruption.

[cryptoonus]

The European Union Is Examining Its Options For A Digital Euro

The European Union has examined several options and started market research in preparation for its digital euro. However, some initiatives require political backing. The much-discussed digital euro, the European Union's central bank's currency, has received an update (CBDC). On January 16, EU finance ministers discussed recent suggestions for the digital euro, following which the participants adopted a CBDC statement. They claimed that some design elements and decisions call for political endorsement. Breaking News: EU finance ministers adopt statement on Digital Euro, taking control by stating that key features and design choices require political decisions. #DigitalEuro #EUFinance #economy #Fintech #Blockchain #Crypto"  A little more insight into the group's viewpoint on the digital euro is provided in the meeting report. Although cash payments are still significant in many nations in the region, the article points out that digital payments are growing more and more common. CBDC will ensure public access to central bank money in the digital world, according to the report. CBDC would also increase independence from non-European payment solutions, as the EU sees it as a means of benefiting strategic autonomy. The report confirms that ECB will not have information on the holdings, transaction history, or payment patterns of CBDC while emphasizing that the digital euro is not programmable money. ECB Follows The Lead Of The EU Additionally, the ECB posted a market research article on technical options for the digital euro. Here, they extended an invitation to market participants to participate in a market study to comprehend a design process for the CBDC better. For the express aim of doing market research, Ir presented an outline for a future design for the digital euro. Consumers, and intermediaries, including financial institutions, the ECB, and regional central banks, are all participants in this system. The consumer sends an onboarding request to intermediaries who capture data, perform KYC checks, and issue wallets. Intermediaries confirm wallet possession and make settlements, Digital euro components oversee the process. BOE Governor Opposes CBDC Around the world, CBDCs have become increasingly popular, particularly in Sweden, China, Japan, and India. Furthermore, not all central banks appear to share this belief. Related Reading | 15 Years Jail For £21m ($25m) Illegal Digital Assets Acquisition In Australian Crypto Exchange BOE Governor Andrew Bailey is evaluating the need for digital pound before embracing the technology. Read the full article

[olivereverling]

Moody's Extends Pole Position With Bogard

Moody’s Extends Pole Position With Bogard

Moody’s Corporation has acquired Bogard AB, a leading provider of data and information on politically exposed persons (PEPs) in the Nordic region. The acquisition advances Moody’s ability to help customers perform Know Your Customer (KYC) screening and research to address financial crime. Bogard covers over 17,000 PEPs, relatives, and close associates across Sweden, Norway, Denmark, and Finland.…

[reginap5]

Five Tips for Enhancing Your KYC Compliance and AML Procedures

In today's rapidly evolving regulatory landscape, maintaining robust Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance processes is more crucial than ever for businesses. These processes go beyond mere regulatory requirements; they form the cornerstone of secure operations, global expansion, customer trust, and data-driven insights. In this article, we'll delve into five essential tips to optimize your KYC processes and ensure AML compliance.

Understanding KYC and AML Compliance

KYC, short for Know Your Customer, refers to the practice of verifying and assessing the identities and risk levels of your customers. This procedure is vital for adhering to regulatory mandates and mitigating risks associated with financial crimes like money laundering and fraud. KYC plays a pivotal role in maintaining a secure business environment and building trust with clients.

Non-compliance with KYC regulations can lead to severe repercussions such as hefty fines, legal actions, reputational damage, and business disruptions. Therefore, adhering to KYC regulations is not just a necessity; it's a protective measure for your business.

1. Screening Against Current Lists

Efficient KYC begins with screening customers against relevant, up-to-date lists. Utilizing comprehensive KYC solutions equipped with advanced technology and access to databases containing sanction lists, politically exposed persons (PEPs) databases, and other watchlists enhances the accuracy of your screening processes.

By incorporating these KYC screening tools, you minimize risks and ensure compliance while reducing false positives, which ultimately saves valuable time and resources.

2. Integration with Risk Assessment

Integrating KYC into your broader risk assessment framework is crucial for maintaining an effective process. Customer information can change rapidly, necessitating continuous monitoring. Regularly reviewing and updating KYC data enables you to adapt to shifting risk profiles and make informed decisions.

Furthermore, integrating KYC data into your risk assessment facilitates a seamless link to ongoing due diligence processes. For instance, if a customer's risk profile changes due to a new business venture, you can proactively adjust your risk mitigation strategies.

3. Establishing Scalability

Keeping up with new clients and evolving compliance requirements requires a flexible and scalable KYC process. Onboarding new clients, regardless of their type, should be a consistent and streamlined process rather than a burden.

Investing in a scalable KYC solution capable of handling increasing data volumes and simplifying onboarding processes is key. Such a solution enables instant screening and efficient onboarding, allowing you to focus on growth without hindrances.

4. Preparing for Regulatory Challenges

The landscape of AML and KYC compliance is continually evolving, with regulators worldwide tightening their grip on financial institutions. Preparing for these challenges by embracing technology-driven KYC solutions can lead to automation, enhanced accuracy, and improved customer experiences.

Automated KYC solutions provide the means to avoid the hefty fines and regulatory scrutiny associated with non-compliance. Staying ahead of regulatory changes through technology-driven approaches is a strategic move for safeguarding your business.

5. Seeking Expert Assistance

In the face of complex regulatory requirements and the ever-changing landscape of AML and KYC compliance, seeking expert assistance can prove invaluable. Companies like KYC Sweden offer AML platforms that seamlessly integrate KYC responses with transaction monitoring.

This integration allows for quick identification of unusual transaction behavior, reducing the risk of being unwittingly involved in money laundering or terrorist financing. Outsourcing transaction monitoring to experts through a Managed Service can streamline your compliance efforts.

In conclusion, optimizing your KYC and AML processes is not only about regulatory compliance but also about safeguarding your business and fostering trust with clients. By following these five tips, incorporating technology-driven solutions, and staying prepared for regulatory changes, you can streamline your KYC and AML compliance, ensuring a secure and successful business journey.

Is your business prepared for the potential consequences of regulatory audits? Have you integrated transaction monitoring with your KYC processes? If you seek further guidance on these crucial matters, don't hesitate to contact us at KYC Sweden.

[bentonpena]

Crypto Dollars and CBDCs: The Battle to Come

https://bit.ly/3o3vTYv Crypto Dollars and CBDCs: The Battle to Come https://bit.ly/3rHVubA

By late 2013, it was clear crypto assets would be the future of finance. It was the first time bitcoin crossed $1,000. To the cypherpunks’ chagrin, central banks around the world began publishing warnings to curb the “decentralized genie” threatening the stability of the familiar system. First they ignore you, then they fight.

Bitcoin’s rally stopped short due to a lack of trust and high volatility, rather than any state intervention. That was when people realized crypto assets needed a bridge to financial world, based on our own terms. This was the impetus to create “stable cryptocurrencies,” or stablecoins.

This post is part of CoinDesk's 2020 Year in Review – a collection of op-eds, essays and interviews about the year in crypto and beyond. Sasha Ivanov is the founder of Waves, a blockchain platform.

From that moment, two different approaches to stabilize crypto asset prices began to develop simultaneously: fiat-backed stable assets and algorithmic stablecoins. While central banks perceived cryptocurrencies as a potential threat to the stability of the financial system and their monopoly in money issuance, it wasn’t until recently that they began to research, develop and experiment their own digital currency (CBDC) alternatives.

While the tension between stablecoins and CBDCs has not come to a head, it is still present to the perceptive. Just look at how China, the European Union and the U.S. responded to the libra (now diem) stablecoin project, for instance. These asset groups, fiat-pegged and algorithmic stablecoins, will eventually compete directly with CBDCs to try to squeeze each other out of the market.

Stablecoins backed by fiat

The first and most common type of stablecoins are fiat-backed tokens on public blockchains, typically denominated in U.S. dollars. The most popular collateralized stablecoins are issued by cryptocurrency exchanges – Bitfinex’s USDT, Coinbase and Circle’s USDC, Binance’s BUSD and Gemini’s GUSD. Tether first appeared in 2014 and is the most popular “crypto dollar” today, with a market cap exceeding $18 billion. 

Issuers of fiat-pegged stablecoins typically claim these crypto assets are backed with real dollars, other cryptocurrencies and government bonds, with reserves held in a bank account. This is what preserves a token’s “dollar parity.” Tether’s price, for instance, rarely deviates by more than a tenth of a percent.

But it is not easy to verify the real backing of such stablecoins. One has to trust reports of the issuer, that is a crypto company often registered in an offshore jurisdiction, or the occasional attestation by a third party. (The New York State Attorney General’s office is investigating the company Tether’s claims about its reserves.)

Users of fiat-backed stablecoins hardly think about their real backing, as the ease of use exceeds all doubts and risks. The stability of their price is maintained by trust, without using the market or technical methods. 

The essence of “collateralized” stablecoins resides in a centralized issuer, an organization that bears economic and legal responsibility, and maintains fiat currency reserves in a bank account. In fact, these are not cryptocurrencies, but tokenized fiat – digital money on the blockchain.

Regulators have already managed to noticeably slow down the release of Libra

Conceptually, they are similar to payment systems such as PayPal. On the technical side, their main difference is the transparency of transactions, as they pass through public blockchains.

USDT has occupied a big niche in the real economy, as it facilitates international transfers  and enables market traders to send money easily from Moscow to China and to many other countries. Instant transfers, low fees and the absence of know your customer/anti-money laundering (KYC/AML) requirements in some exchanges made classic stablecoins a very convenient tool.

Algorithmic stablecoins

Algorithmic stablecoins appeared even before their fiat-backed cousins. The first instances were launched on the Bitshares blockchain back in 2013. They were backed exclusively by the blockchain’s basic token, BTS, but were found to not be stable enough. 

The most popular decentralized stablecoin, DAI, was launched in 2017, on the Ethereum blockchain. Its U.S. dollar parity is supported by market and technical mechanisms based on smart contracts that implement a price stabilization algorithm. Hence the term “algorithmic.”

An algorithmic stablecoin works on top of a public blockchain and is backed by a base cryptocurrency like ether (ETH). This crypto collateral  is locked into a smart contract and a new crypto asset is launched on its basis. Price stability is achieved by a CDP (Collateral Debt Position) mechanism with a collateral surplus of up to 50%, on average. When redeeming their tokens, users receive ETH back into their wallet.

Thus, with the help of price regulation algorithms, a stable crypto asset is created without the participation of fiat currencies and the necessity of connection to the traditional financial system. Algorithmic stablecoins work like cryptocurrencies. Unlike USDT and its analogues, they are decentralized and are not subject to a single issuer and regulators.

The crypto industry is now dominated by collateralized stablecoins. And while they are capable of maintaining a dollar peg, algorithmic stablecoins can be quite volatile during crises.

Algorithmic stablecoins are widely used in the DeFi industry, but they cannot yet go beyond it. They have yet to be used in real economic operations.

State and bank stablecoins

In late 2013 and early 2014, most central banks issued initial statements and warnings about crypto assets. But it wasn’t until Facebook pitched libra, that they really kick-started their own digital currency R&D.

As of this year, there are nearly 50 ongoing central bank digital currency (CBDC) pilots or research projects. A CBDC could be a natural progression of money, as central banks are already familiar with running cashless transactions, with the benefit of increased financial transparency.

The main advantage of private bank stablecoins is the large distribution, user base and strong reputation of traditional financial institutions

Earlier this year, the European Union, Great Britain, Canada, Japan, Sweden and Switzerland, together with the Bank for International Settlements (BIS) and the Financial Stability Board (FSB), began work on a joint study and coordination of the issue of CBDCs. In 2021, experiments with CBDCs are expected to begin in the European Union.

In October, the Bank of Russia presented plans to create a digital ruble. And in China, a pilot project to test the digital yuan in the real economy is already underway. The U.S. Federal Reserve has been conducting research for several years, but dates for the issue of a digital dollar have not yet been determined.

With the release of CBDCs, central banks strive to create a controlled, secure and stable monetary system that will reduce incentives for the creation of cryptocurrencies and other private money. CBDCs will be supported by central banks in the same way as national currencies and will have the status of legal tender.

So far, two state cryptocurrencies have been issued. Venezuela was the first country to release a state digital currency, called the petro, in 2018. However, its turnover is not transparent and its collateralization and use in the real economy are seriously questionable. In late October, the central bank of the Bahamas released its “sand dollar” CBDC. It is regulated similarly to the Bahamian dollar and is accepted throughout the island state.

Trends in stablecoin development

From the end user’s point of view, CBDCs and bank tokens are very similar to fiat-backed stablecoins. Therefore, these three asset groups will compete directly and try to squeeze each other out of the market.

The main advantage of private bank stablecoins is the large distribution, user base and strong reputation of traditional financial institutions. People will use them like other banking products, in the same applications. That’s why stablecoins issued by private companies, such as jpmcoin and libra, are causing serious concerns for regulators.

Given that, traditional crypto stablecoins may not be needed. They are likely to survive but will be under a lot of regulatory pressure and their volumes will drop significantly. Their functions will be taken over by banks and CBDCs.

CBDCs have the strongest positions thanks to the administrative resources behind them. Regulators have already managed to noticeably slow down the release of libra, and perhaps this token will not appear on the market until all legal issues are resolved. The state will aim to completely overtake the niche of “blockchain digital money” as it does not need any outside players in this area. This process is already underway in China at the level of a pilot project – millions of Chinese in several regions are using the digital yuan, and their number will only grow. 

Wide spread of CBDCs and elimination of cash are very interesting prospects for governments. This is the real basis for a modern financial infrastructure of the state in the 21st century, where it has full control over all transactions, cash flows of individuals and of companies.

There is no need for physical audits because all the transactions are made visible by the technology behind them, making it impossible to hide anything. More central banks will sooner or later adopt this concept, with different levels of control and possible privacy for citizens.

Strengthening control

The crypto community will respond to the strengthening of state control with new and improved decentralized stable crypto assets. It is in uncertain situations that algorithmic stablecoins, which do not depend on banks and regulators, can prove themselves. 

There is a need for cryptocurrency stability mechanisms built into blockchain architectures, and for cryptocurrencies with an inherently stable price, rather than a superstructure built over already volatile instruments. 

In the crypto industry, they will take over the functions now performed by USDT and other collateralized stablecoins. They will become true stable cryptocurrencies, rather than just digital money.

To create them, similar mechanisms  to traditional bond markets are possible, just like the dollar is supported by treasury bonds. To do this, a token must be issued on a blockchain with already built-in stability. Such mechanisms have not been developed yet. 

On the other hand, against the backdrop of the pandemic and accelerated money issuance with governments worldwide, fiat currencies are depreciating more and more quickly. As such, the idea of pegging cryptocurrencies to declining fiat currencies becomes a dangerous play. In this case cryptocurrencies that withstand the volatility of fiat, that will be developed  in the next five years, reach the global scale and become the basis of a truly decentralized financial system.

Year in Review is a collection of op-eds, essays and interviews about the year in crypto and beyond. 

Trading via CoinDesk https://bit.ly/35KxIA1 December 31, 2020 at 01:06PM

[magzoso-tech]

Online ID verification is seeing a spike in demand driven by COVID-19

New Post has been published on https://magzoso.com/tech/online-id-verification-is-seeing-a-spike-in-demand-driven-by-covid-19/

Online ID verification is seeing a spike in demand driven by COVID-19

With many businesses switching staff to remote working during the COVID-19 pandemic there’s been a clearly chronicled surge in demand for videoconferencing and others comms tools like Zoom.

Other types of startups are also seeing a bump in usage as both consumers and businesses seek to do more online during a global health crisis. Telehealth is an obvious one. Earlier this month US president Trump waived restrictions on telehealth services for the federal health insurance program, Medicare — opening the door to a surge in remote consultations from Americans with federal health insurance.

Europe, meanwhile, is currently seeing the fastest rates of confirmed infections of COVID-19 — which is also driving demand for remote medical check-ups.

Sweden-based doctor-by-video startup, Kry, today reported a huge surge in demand across all of its markets (Sweden, Norway, UK, France and Germany) which it attributed to the on-going coronavirus pandemic, with consultations for viral symptoms alone up 240% since February 1.

Several online identity verification startups also told us they’ve seen increased demand over the past few weeks — including from parallel growth in telemedicine where remotely verifying a patient’s identity is a core requirement given the sensitivity of the data involved. 

Digital identity startup Passbase, which offers APIs to make it easy for developers to plug and integrate a range of consumer-friendly identity checks into their digital services, also told us it’s seen an “unprecedented” spike in requests from European and North American companies operating in the MedTech sector over the past two+ weeks — as more people seek out remote consultations to reduce potential spread of the virus.

One of Passbase’s customers — German telemedicine platform TeleClinic — was directly involved in helping diagnose staff at a car plant which reported the first COVID-19 infection in the country.

“As a health and digital product trust in our service is a must have,” said TeleClinic founder and CEO, Katharina Jünger, in a supporting statement on how Passbase had sped up scalable onboarding. “The fact that an individual patient can talk to a medical professional and receive trusted information instantly is very important, especially in times like these.”

Passbase said it’s giving priority integration support and waiving all subscription fees for any company dedicated to helping individuals get through the COVID-19 crisis. “In these unprecedented times, everyone needs to do their part as we battle this ongoing epidemic together. By fast tracking onboarding for these companies we hope we can help some people affected by the Coronavirus,” added co-founder and CEO, Mathias Klenk.

Another digital identity startup, Onfido — which pledges on its website to be able to verify a person’s identity in as little as 15 seconds — also told us it’s seen a big jump in demand from the healthcare sector.

“Our clients offering remote online consultations have seen a massive 370% increase in the number of applicants since January, compared to last year,” said a spokesperson. “Clearly there are advantages from not having to go into a hospital or a local physician’s waiting room for fear of contracting the virus in the waiting room.”

It also said it has seen a bump around travel — though for a very specific niche: Car rental.

Customers in the sector are onboarding 26% more applicants this month vs the same time last year, it told us. “The likely explanation is that daily commuters who don’t own a car are refraining from taking public transport for fear of picking up the virus in overcrowded trains or buses, instead electing to drive themselves to work,” the spokesperson noted.

Increased demand for online banking and fintech is also driving usage of its tools at the present moment, per the spokesperson. “Early signs seem to suggest a 21% increase in signups this month. Presumably, so that people can gain access to financial services from their home without the need to go inside branches,” they added.

Last week, another startup in the space — Veriff, with an “end-to-end verification service” that combines automated and manual analyses to authenticate inputs — reported seeing a “steady increase” in verifications, which it partly linked to the COVID-19 outbreak.

Though it said it’s expecting a bigger boost going forward, after seeing a surge in inquiries about its service.

“Coronavirus does present new use-cases and needs for remote ID verifications,” founder and CEO Kaarel Kotkas told us. “For example, we have been contacted by universities who are looking for remote examination options, but also large tech companies for account recovery and credentials reset to support remote work.”

“As to our current clients, we have seen a steady increase in ID verifications over the last month — globally it is around 20% increase. However, it definitely cannot all be accounted for the coronavirus. Yet, when looking at the last 2 weeks when coronavirus has really escalated in Europe and the US, it has triggered a lot of integrations connected to coronavirus like e-notaries, digital healthcare, and others. Therefore we expect a 50% jump in our volumes next month,” he added.

A longer term player in the digital identity space — Authenteq, which sells an omni-channel ID verification and KYC services — also confirmed an uptick in demand.

“We are seeing an increase in requests from both companies that cater to the remote worker market as well as companies that want to move to increased remote work or work from home policy,” said co-founder and CEO Kari Thor.

“We had a large muliti-national client that we were working on integrating our ID Verification solution, that a few weeks ago changed the focus of their use case to verify their workers remotely, not only to access company intranet and other systems but as well to allow people now working from home to electronically sign documents and contracts using the Authenteq technology.

“Although this hasn’t been the main value proposition that we have had and have only dealt with employee eID on special occasions, we have started focusing more on this product offering for companies in these uncertain times.”

“Obviously the US market is maybe a little behind the Asian and European clients and I think we will see more interest from the US companies this week as they realize that things might be heading in the same direction with regards to WFH [working from home] policies as we’ve seen in Europe in the last 10 days,” he added.

[toctomcom]

Are You Ready For Now? 3rd July Launch Our New Digital Wallet GRN Don’t miss out on this incredible opportunity. The first of many new features added to the Ecosystem. 3rd July we launch our new digital wallet. The significance of this will be huge for people involved or who are looking to get into CryptoCurrency. This wallet will be your digital “Command Centre” 1) This wallet will be for multiple currencies GreenPower BTC and many more that will be continued to be added. 2) This wallet will have multiple fiat currencies included for easy purchase of crypto assets. 3) This wallet will be linked directly to your Debit Cards (NFC) including the “GreenRewards Card and the Alliance Pay Cards in the same way Apple Pay connect them. QR code scan also a function. 4) This wallet will have security thresholds regarding KYC and transaction validation. This means you have optional low levels and high levels of security built into your wallet which will enable easy set up for countries who struggle with KYC wallet set up and the cost of Security Hardware. For those with larger volumes of CryptoCurrency they can have the Nano Ledger/Validator to confirm large scale withdrawals within our wallet. 5) There will be easy peer to peer sending of crypto assets either wallet to wallet or through a new system developed where you could send crypto via links through social media or email. 6) This wallet will be connected to public exchanges which hold GreenPower “GRN” and other exchanges will be introduced as applicable. 7) A new affiliate programme will be operating within the wallet. This includes direct referral rewards. But more exciting is the opportunity to gain rewards on the transactions that happen within your referrals wallets. You receive a reward from activities that take place within the wallet from transactions through trading or through our digital market place which will also be linked. This wallet is at the centre of the GreenRewards GreenPower ecosystem of which there are multiple opportunities to earn rewards. GRN is a dedicated universal loyalty currency built on the best graphene based technology with below 3 second transaction (w: Stockholm, Sweden) https://www.instagram.com/p/BzXZshJooXf/?igshid=19tzcaq8axjct

[reginap5]

KYC Sweden Explains the Travel Rule & Secure Information Exchange

The world of cryptocurrency continues to evolve, and with it, regulations are being established to ensure transparency and combat illicit activities. One such regulation is the Travel Rule, which requires Virtual Asset Service Providers (VASPs) to exchange specific customer information when funds are transferred between accounts.

Here in Sweden, businesses dealing in cryptocurrency need to be aware of these regulations and implement solutions to comply. KYC Sweden, a leading provider of KYC (Know Your Customer) and AML (Anti-Money Laundering) solutions, can help navigate the complexities of the Travel Rule.

This blog aims to shed light on the concept of the Travel Rule, specifically focusing on the critical component – the "bridge."

What is the Crypto Travel Rule?

The Travel Rule, established by the Financial Action Task Force (FATF), mandates that VASPs collect and share customer information for cryptocurrency transactions exceeding a certain threshold. This information typically includes:

Sender's name and address

Receiver's name and address

Transaction amount

The Travel Rule fosters transparency and helps authorities track down potential money laundering and terrorist financing activities within the crypto ecosystem.

The Bridge: Facilitating Secure Information Exchange

The "bridge" in the context of the Travel Rule refers to the secure, encrypted method used by VASPs to exchange customer information. This bridge can exist in several forms:

Software Solution: This can be a dedicated application or platform that facilitates data exchange between VASPs. Both closed-source and open-source solutions are available.

Protocol-to-Protocol Bridge: This system enables direct communication between different cryptocurrency protocols, allowing for seamless information exchange without the need for an intermediary platform.

Key Features of the Bridge:

Privacy: The bridge leverages robust encryption techniques to ensure that only authorized parties can access the exchanged data. This protects the privacy of customer information.

Security: The bridge uses secure communication protocols to prevent data breaches and unauthorized access.

Efficiency: The bridge streamlines the data collection and reporting process, minimizing administrative burdens for VASPs.

Benefits of the Travel Rule and Bridge System:

Enhanced Transparency: The Travel Rule allows authorities to better track suspicious activity within the crypto space.

Reduced Money Laundering Risk: Information sharing between VASPs helps identify and prevent money laundering attempts.

Increased Trust: Compliance with regulations fosters trust and legitimacy within the cryptocurrency industry.

KYC Sweden and Crypto Compliance in Sweden

KYC Sweden, a prominent provider of KYC and AML solutions, understands the challenges faced by Swedish businesses operating in the cryptocurrency space. We offer comprehensive solutions that help meet compliance requirements, including the Travel Rule.

Here's how KYC Sweden can assist:

KYC/AML Compliance Solutions: Our services ensure you have the necessary systems and procedures in place to collect and verify customer information according to regulations.

Integration with Travel Rule Solutions: We can help integrate your systems with existing Travel Rule bridges to facilitate secure information exchange with other VASPs.

Expert Guidance: Our team of specialists stays updated on the latest regulations and can provide valuable guidance on navigating the Travel Rule and other compliance requirements.

Additional Considerations for Swedish Businesses

Beyond the Travel Rule, Swedish businesses dealing in cryptocurrency need to be aware of other regulations, such as:

Sweden Sanction Compliance: Sweden adheres to international sanctions lists, and VASPs must screen customers against these lists to avoid transacting with sanctioned entities.

AML Services in Sweden: Implementing robust AML programs is crucial for identifying and mitigating money laundering risks.

Choosing the Right KYC Service Provider:

Selecting a reliable KYC service provider like KYC Sweden is essential for Swedish businesses in the digital asset space. We offer a comprehensive suite of solutions, including:

KYC Verification: We utilize advanced technologies to verify customer identities in a secure and efficient manner.

Digital Identity Service Provider: We can assist with integrating digital identity verification solutions into your existing systems.

ID Verification & KYC for Europe: Our services comply with European regulations and are well-suited for businesses operating across the continent.

Digital Identity Verification (eKYC) Solutions in Sweden: We offer cutting-edge eKYC solutions tailored for the Swedish market.

Conclusion:

The Travel Rule and the concept of the bridge are crucial elements in ensuring a more transparent and secure cryptocurrency ecosystem. KYC Sweden can be your trusted partner in navigating these regulations and achieving compliance. By implementing robust KYC and AML solutions, Swedish businesses can operate confidently in the evolving world of digital assets.

[bluecredit]

Can banks’ technology move fast enough?

Credit Kudos’ Head of Strategy — Kelly Read-Parish for CREALOGIXWith large customer numbers and strong brand identity, banks have both an enviable market position and all of the baggage that comes with being a large organisation operating for decades. Analysts estimate that 10–20% of current UK banking business could be at risk of disruption from account and product switching1 . Partnering with technology-focussed startups rather than attempting to change things on their own can help diversify risk while requiring less investment in technology and organisational change.Outsourcing R&D investmentAdvances in machine learning has opened up new opportunities, but requires significant investment in a highly educated workforce and greater dependence on new technology. Regulatory changes dictate that banks make customer data available to authorised third parties. Although both trends present a threat, fintechs can turn them into opportunities. My company, Credit Kudos, perform detailed analysis on bank transaction data that the banks can find difficult to do themselves. We take on the burden of hiring data scientists, collecting the data and customer consents, and testing the latest machine learning research methods. The banks get the analysis they need to make better decisions without the investment and months of compliance approvals.Legacy systemsEverything from out of date software to manual KYC processes creates risk for those pushing internal change. Banks are notorious for using the same version of internet browsers 4 years out-of-date. Resistance is often due to risk and the difficulty of coordinating change. Banks who do break through can see fantastic results: in Sweden, BankID has revolutionised how banks and customers use identity services, with innovation driven by a consortium of banks. By parachuting in technology built by companies unencumbered by old technology, teams can start using solutions that previously would have taken months to get approved and built internally.Mitigating riskBanks have the financial capacity to quickly build new products, but innovative solutions to old problems can get stuck in bureaucratic, compliance-driven internal controls. For example, Starling Bank allows customers to create joint bank accounts remotely using phone location services to ensure both customers are in the same room. Traditional banks could have easily built the same technology, saving themselves time and money and improving customer experience, but likely haven’t done so out of fear of regulatory uncertainty or months-long approval processes. Partnering with FinTechs can fast track adoption of new technologies without increasing internal risk profiles.Mind the gapsFor banks, understanding the gaps within their product offering is the first step to identifying a fintech that can help. Collaboration takes the heavy lifting out of transforming their systems, enabling banks to maintain the speed needed to stay relevant in today’s market, while reducing risk, time invested, and costs. Credit Kudos’ successful partnership with some of the UK’s largest banks provides insight into the banks’ willingness to look externally to keep pace with rapidly changing technology.To download the full CREALOGIX Whitepaper ‘Competition, Disruption, and Opportunity: Consumer Banking in 2019–2020’ — click here.Can banks’ technology move fast enough? was originally published in Credit Kudos on Medium, where people are continuing the conversation by highlighting and responding to this story.

https://blog.creditkudos.com/can-banks-technology-move-fast-enough-646c906ea6a1?source=rss----9d707c0983bb---4

[quicklycybermoon-blog]

Finland Regulates Crypto Businesses

Finland has finally issued a regulatory framework specifically designed for cryptocurrency businesses. The new ACT OF VIRTUAL CURRENCY PROVIDERS comes into force tomorrow (May 1). For every business, dealing with any form of digital money this means new policies to adhere to. From May 1 on, companies will be obliged to keep client money safe mainly by separating them in special wallets. Mixing own money with customer funds is strongly forbidden. Know-your-customer (KYC) and anti-money-laundering (AML) policies are also obligatory. Finland is by no means the first country to set strict regulations in an effort to protect its citizens from being ripped off by fraudulent exchanges. We have seen that mixing exchange money with customer funds is a bad practice several times so far. Many CEOs and staff members have been caught abusing their positions by illicitly acquiring and allocating customer funds. Finland's move goes hand in hand with EU's 5th Anti-Money Laundering Directive (5th AMLD). The Finnish Financial Supervisory Authority (FIN-FSA) issued a statement an excerpt of which reads: “Going forward, only virtual currency providers meeting statutory requirements are able to carry on their activities in Finland. Virtual currency providers which do not comply with statutory requirements will be prohibited from continuing their business activities, enforced by a conditional fine.“ So far, so good. Despite the upcoming regulations, FIN-FSA took time to warn potential investors that the risks that come with cryptocurrency trades are still present: “In spite of the upcoming supervision and registration, the characteristics of virtual currencies and the risks related to virtual currency investments remain unchanged. The risks include sudden major fluctuations in value, data security threats pertaining to exchange services and custodian wallet providers, and the nature of several virtual currencies as speculative investments not involving any inherent source of return.“ In general, every country around the world is already putting cryptocurrency regulatory frameworks in the works. In fact, it is just a matter of time before digital assets are fully regulated worldwide. The UK's Financial Conduct Authority is already reviewing its policies on the fear that businesses might be still putting customers at risk. Alternatively, in Sweden, the Federal Assembly is asking the Federal Council to regulate the sector. Read the full article

[bowsetter]

Zebpay Exchange Now Live in 21 European Countries

Zebpay, formerly one of India’s largest cryptocurrency exchanges, has launched in Europe. Euro deposits, withdrawals, and trading are now live in 21 countries. While the exchange is not accepting new registrations from India, existing users can continue to use its wallet app.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Zebpay Launches in 21 Countries

Zebpay announced on Tuesday that its European exchange is now live. “We have recently expanded our global footprints in Europe with our exchange and wallet enabling crypto-to-crypto trading,” the company wrote, adding:

We are live with euro deposits/withdrawals and trading in 21 countries (Malta, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Poland, Portugal, Slovenia, Sweden, Austria) in Europe for users and corporate investors.

Customers need to sign up for an account and go through Zebpay’s know-your-customer (KYC) procedures. “After successful KYC and bank verification,” customers can then deposit euros into their Zebpay euro wallets via bank deposits, the exchange detailed. They can also trade BTC against the euro on the Zebpay exchange and withdraw fiat from the wallets. “We will soon add more digital assets that can be traded with euro,” the company wrote.

For its European grand opening, Zebpay is offering zero-fee euro deposits as well as zero maker fees. Customers will also receive a reward of 0.25 percent per transaction. The offer is valid until Dec. 31 for supported euro and crypto-to-crypto trading pairs, currently BTC/EUR, ETH/BTC, LTC/BTC, XRP/BTC, BCH/BTC, EOS/BTC, and TRX/BTC.

Indians Cannot Register

In September, Zebpay closed down its exchange service in India due to the banking ban by the Reserve Bank of India (RBI). At the time, the exchange claimed to have over 3 million users. Zebpay subsequently set up subsidiaries overseas. The company is registered in Malta under the name Awlencan Innovations Malta Ltd.

Another related entity is Zeb Ventures Pte. Ltd. Zebpay explained that this Singapore-registered company “is engaged in the service of providing a platform for the buying and selling of bitcoins and other cryptocurrencies through its mobile application known as Zebpay App, being listed on Android and iOS platforms.” The exchange’s website states:

We are not accepting new registrations from India.

The crypto banking ban in India is still in effect but the country’s supreme court is scheduled to hear all of the petitions against the ban in January 2019. Meanwhile, the crypto community is eagerly awaiting the recommendations submitted by the government panel headed by Subhash Chandra Garg, the country’s Economic Affairs Secretary.

What do you think of Zebpay launching an exchange in Europe and disallowing Indians to register? Let us know in the comments section below.

Images courtesy of Shutterstock and Zebpay.

Need to calculate your bitcoin holdings? Check our tools section.

The post Zebpay Exchange Now Live in 21 European Countries appeared first on Bitcoin News.

READ MORE http://bit.ly/2SIDUSn

[jacobhinkley]

TravelBlock BETA is now live! Community Buzzes Over Private Access Travel Deals

“This project is perfect for me! I travel to Norway and Sweden to visit friends and I just love the idea of blockchain making my airfare cost much more affordable! Thanks TravelBlock!” – Javier Ruedas

“Guys, it looks like a great idea and it solves so many injustices in the travel industry. My question is, can you make it happen?” – Andrei Vatca

Since the BETA platform launch on 28th July, we are seeing a lot of these comments everywhere on social media. TravelBlock has gotten positive reviews as well as a smattering of skeptical comments, but the good news is, travel booking on the BETA platform will continue until September when the full platform is released. Slow response times to KYC issues caused by the large numbers of people registering for the beta test have now been resolved.

Notwithstanding skeptics, TravelBlock continues to keep its ICO roadmap in sight with more partnership announcements and offers lined up for new members/token holders of the first booking platform on the blockchain:

Earn 5% bonus TRVL reward tokens on all your travel purchases.

Invite new friends who signed up on your referral link to buy TRVL tokens with great bonuses (get bonus TRVL tokens or bonus vacations).

Token holders who buy 7 ETH worth of TRVL tokens will get a free 7-day vacation stay at one of TravelBlock’s signature resorts (check the site for availability).

Pre-sale token holders are automatically being given access to the beta software and discount travel search engine, but it is still possible for people who missed the pre-sale to give the beta a test drive by getting an invitation from a friend who joined the pre-sale, or through one of their beta launch token offerings coming soon. You must be a TRVL token holder to access the beta. See in the screenshot some of its features.

  The TRVL token also provides a reward system for travel, so you can essentially “get paid to travel”. The more you travel, the more Reward TRVL Tokens you receive. This innovative system rewards token users, while also minimizing the volatility of the token. Reward TRVL tokens can be spent on any travel booked through the TravelBlock booking engine, but they are not tradable on exchanges like regular TRVL tokens will be.

Those who were not able to get the free vacation offer during the pre-sale will be able to qualify for a 7-for-7 special offer available soon during the ongoing beta test. Token holders who buy 7 ETH worth of TRVL tokens will get a free 7-day vacation stay at one of TravelBlock’s signature resorts (check site for availability).

Please see the terms and conditions for instructions.

What Is TRVL and how can it reduce travel costs?

For that candid query on “can you make it happen”, here’s the answer: In contrast with GDS/OTA, #TrvlBlock does not function as an intermediary agency facilitating transactions between providers and customers. Instead, it embraces a straightforward cost-plus retail model.

The TRVL token is an ERC20 based token that provides access to the TravelBlock travel network and its discounts. Holding TRVL tokens allows access to the TravelBlock Closed Consumer Group (CCG), which allows usage of the TravelBlock booking website where discounted travel offers are listed.

Because it is a closed consumer group for token holders only, there are no limitations to the types and sizes of discounts they can provide, and they can apply to any and every resort, hotel, flight, and cruise around the world. These are discounts that are not allowed to be listed publicly outside of the closed consumer group.

TravelBlock’s platform operates as a members-only system and it has effectively worked its way around “rate integrity” agreements which allows it to offer travel packages at a much lower cost to its members. This feature also guarantees that prices will not be adjusted based on the members’ spending and web browsing patterns.

One precaution, book your vacations ONLY where you see this logo:

These discounted prices are only allowed to be listed in a private closed consumer group (CCG), so TravelBlock is warning the community not to fall for pricing scams or look-a-like scams. Make sure you are logged into the TravelBlock Beta site and only access purchases through the official TravelBlock platform.

To know more, click here.

The post TravelBlock BETA is now live! Community Buzzes Over Private Access Travel Deals appeared first on AMBCrypto.

TravelBlock BETA is now live! Community Buzzes Over Private Access Travel Deals published first on https://medium.com/@smartoptions

[basisid-blog]

Get the Latest KYC Verification Software from BASIS ID

Money laundering and theft have become one of the fastest-growing crimes in the area of money. That is why financial sectors have started using different ways to verify the identity of their partners and customers. Out of all the tools and methods used by the financial sector, KYC verification is something that is quite popular. And why shouldn't it be? After all, this software helps the people working in the financial sector to verify their customers and reduce the risk of money laundering just within a few seconds. If you are also working in this sector and want to improve the customer experience, you must invest in KYC verification software. But not in any random software. If you want better protection, you should only select a company that the right team that can offer you the desired results. You should work with a team of professionals who believe in designing a powerful tool that can keep away online money-related threats. Another factor that you should consider is that the software solution should be affordable. This will ensure that you do not have to dig a big hole in your pocket when you are purchasing verification software solutions. Lastly, the software should have successfully passed an audit by BIG4. Now, you can find all this and more with BASIS ID. It is a promising company established in 2017 with an aim to offer better id verification software solutions. From the time this company was started, it has already verified many users and helped several financial institutions. With its hard work and dedication, BASIS ID has made its presence in different locations i.e. Estonia, Singapore, Sweden, and Switzerland. The innovative verification software offered by BASIS ID is very fast, easy to use, and better than others. With their effective identity verification software, you can get efficient results in no time. Are you still thinking about what makes BASIS ID better than others? Well, here is the answer. The verification software designed by this company works at maximum speed. The software can verify a lot of users within just a few seconds. BASIS ID also offers a dedicated account manager so that you can get 24/7 help. You will be amazed to know that this company is also a proud winner of Slush and Finnovasia. So, if you want to stay safe from fraud and people with malicious intent, you should trust none other than BASIS ID. To know more about the identity verification software and other tools offered by this company, you can visit the website of BASIS ID. For more details, visit https://www.basisid.com/   Original Reference: https://bit.ly/316fkBV

[i-globalone]

This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Dr Gina C Pieters is an Assistant Instructional Professor in the Department of Economics at the University of Chicago, and a Research Fellow at the Cambridge Centre for Alternative Finance at the University of Cambridge. She has been researching cryptocurrencies since 2015.There is an unresolved debate over how to define decentralization in a distributed ledger system, even though decentralization of peer-to-peer payments was the motivating factor for bitcoin. Personally I like an approach that defines it as the absence of a named party participants must engage with. Think of it this way: “Can someone in North Korea use it if they wanted to” (that is, a permisson-less system, like bitcoin) and: “Could China prevent me from using it?” (a permissioned system, like Libra). Libra’s Calibra wallet will only allow users who provide government ID to obtain Libra account numbers wallets, which appears to be how the project will satisfy AML/KYC requirements. The system plans to use a permissioned blockchain, and it is currently unclear which, if any, proof system it will use. Therefore, while Libra incorporates blockchain, it does not strictly require it as it is not fully decentralized: remove the blockchain and the project could find a way to continue substantially unaltered in its function. Despite this, the most descriptive, agreed-upon label we would apply is to call Libra “a cryptocurrency on a permissioned blockchain”.This muddy language around cryptocurrency matters. In 2019 we began to see a serious investigation of cryptocurrencies from major, established, politically-connected entities instead of the pure marketing stunts from earlier years (compare the Libra project with Long Island Iced Tea). The regulatory hearings for Libra highlighted that the crypto-community urgently needs to provide linguistic guidance about whether we should allow projects that could fundamentally continue without decentralization to be referred to as a cryptocurrency. This moves further than the permissioned/permissionless blockchains distinction. It raises questions about the decentralization of proof, funding, and maintenance systems as well. Linguistically, we need to distinguish between projects originating from centralized entities that use blockchain for either marketing or optimality, and projects that fundamentally require that any participant can avoid any named agent in the system. Without this distinction, 2019 showed us that projects like Libra and projects like bitcoin will be cast as comparable “cryptocurrencies” even though they are fundamentally different. In addition to projects like Libra, this matter is brought into focus by the potential rise of Central Bank Digital Currencies (CBDC). Central banks began to experiment with blockchain tech as early as 2015, leading to breathless accounts that they would soon begin issuing cryptocurrencies. These early experiments were not cryptocurrency projects at all: central banks were testing the use of blockchain (or DLT) as part of a potential upgrade to the legacy payment rails involved in wholesale banking (which moves large amounts of funds between a few, known parties). The most well-known project here is Bank of Canada’s Project Jasper, though Hong Kong, Russia, South Africa, and Bank of England are also experimenting in this sphere. So far, these projects have either concluded that DLT technology is not a good fit, or they have significantly scaled back the use of DLT. Ironically, a surveillance-focused CBDC could be the thing that defeats bitcoin as ‘dissident tech’ But some central banks have now begun projects that may issue digital payment tokens. The earliest project, the Venezuelan Petro, is of questionable legitimacy given the fractured government support for it. The next generation includes more credible projects, including ones from the Bahamas (Project Sand Dollar), China (Digital Yuan), Sweden (e-krona), and Uruguay (e-Peso). Central bankers are uniform in referencing these projects as “Central Bank Digital Currencies” (CBDC) and not as cryptocurrencies (or statecoins) for a very specific reason. The Central Bank consensus is that decentralization is not a desirable property in a CBDC as it could aid tax avoidance and enable criminal payment systems. Therefore, while they recognize digital money may be an improvement over physical money, a central bank designed digital currency will not resemble a decentralized cryptocurrency. Planned CBDCs are not bitcoin-but-issued-by-the-government. They are more like credit-cards-but-issued-by-the-government, where your transactions can be tracked, examined and linked to your taxpayer-identity. A CBDC project does not need to be decentralized to differentiate itself from current central bank policies in the manner that some desire. A monetary policy with negative interest rates would “simply” require disallowing all alternative money forms. Savings accounts at central banks do not require a digital payment token at all. A CBDC is not a requirement for a multinational currency (the Euro is a multinational currency, and the US dollar is accepted in transactions globally). If the intention is government surveillance coupling taxpayer ID with transactions, a decentralized CBDC that allows anyone to join without permission or barriers would never be installed. Ironically, a surveillance-focused CBDC could be the thing that defeats bitcoin as “dissident tech,” as it could make it impossible to buy-in or cash-out of the system undetected.The main difference between Libra and bitcoin is that one is centralized while the other is not. The main difference between Libra and a CBDC is that one is a digital transaction token issued by a private company, while the other is issued by a government. There are powerful arguments on all sides as to which project type represents the best (or worst) type of digital money. What we need to realize going into 2020 is that those debates were not the debates legislators and regulators were having in 2019 when discussing Libra. To them, Libra and bitcoin are both cryptocurrencies because we have not provided more precise, differentiating language. At the moment, it appears that this lack of distinction will continue unabated in 2020, when various governments begin to test – and perhaps even issue – the next generation of CBDCs. Disclosure Read More The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

http://m.globalone.com.np/2019/12/what-is-cryptocurrency-we-need-clearer.html

[reginap5]

Swedish Business Compliance: Beyond Fika, Ensure Krona-to-Compliance

Sweden, a nation renowned for its technological innovation, also prioritizes robust cybersecurity measures. For businesses operating in Sweden, understanding the legal framework and available solutions is crucial. This blog delves into the Swedish approach to cybersecurity, focusing on KYC (Know Your Customer), AML (Anti-Money Laundering), and other compliance aspects.

The Swedish Cybersecurity Landscape

Cybercrime is a significant concern in Sweden, and the Swedish Criminal Code outlines penalties for data security breaches. Alongside this legal framework, several regulations contribute to a comprehensive cybersecurity environment, including:

General Data Protection Regulation (GDPR): This EU regulation mandates data protection practices for businesses handling personal data.

NIS Directive (Network and Information Systems Directive): This directive, implemented through the Swedish NIS Act, requires operators of essential services to report security incidents and implement risk management measures.

Digital Operational Resilience Act (DORA): This upcoming EU regulation aims to strengthen the operational resilience of the financial sector against cyber threats.

Act on Electronic Communications: This act regulates electronic communication services and includes provisions for information security.

The Importance of KYC and AML Solutions

KYC and AML protocols are fundamental components of Swedish cybersecurity. KYC verifies the identity of customers, preventing fraudulent activities and money laundering. AML focuses on detecting and reporting suspicious financial transactions.

KYC Sweden: A Secure and Compliant Approach

While KYC Sweden specializes in KYC solutions for Swedish businesses. These solutions help businesses comply with KYC regulations and onboard customers securely. Here's what to expect from KYC Sweden, a robust KYC solution provider in Sweden:

Identity Verification: These solutions verify customer identities using government-issued IDs, passports, or digital identity services like BankID.

Document Verification: Advanced solutions authenticate the authenticity of identification documents to prevent fraud.

PEP (Politically Exposed Person) and Sanctions Screening: KYC providers check customers against sanctions lists and PEP databases to identify potential risks.

Customer Due Diligence (CDD): This involves ongoing monitoring of customer activity and risk assessments to maintain compliance.

Beyond KYC: Sweden's Commitment to Compliance

Swedish cybersecurity extends beyond KYC. Businesses must also focus on:

Security Measures: Implementing appropriate security measures to protect sensitive data is crucial. This includes firewalls, data encryption, and employee training programs.

Incident Reporting: Organizations have a legal obligation to report cyber incidents to relevant authorities.

Employee Training: Employees play a vital role in cybersecurity. Regular training programs educate them on cyber threats and reporting procedures.

Compliance Resources for Swedish Businesses

Several resources are available to Swedish businesses navigating the cybersecurity landscape:

The Swedish National Cyber Security Centre (NSCS): This government agency provides guidance and support on cybersecurity best practices.

The Swedish Financial Supervisory Authority (Finansinspektionen): This entity regulates the financial sector, including aspects of cybersecurity.

Industry Associations: Industry-specific associations often offer resources and guidance on cybersecurity compliance.

Choosing the Right KYC Solution Provider

Selecting a KYC solution provider requires careful consideration. Look for providers with:

A strong reputation and proven track record

Experience in the Swedish market

Compliance with GDPR and other relevant regulations

A secure and user-friendly platform

Scalability to accommodate your business growth

Conclusion

Sweden's commitment to cybersecurity fosters a secure environment for businesses. By prioritizing KYC, AML, and broader compliance measures, businesses can operate with confidence, protecting themselves and their customers. Utilizing the expertise of Swedish KYC solution providers and leveraging available resources ensures a secure and compliant future.

Additional Considerations

This blog provides a general overview. Specific regulations and requirements may vary depending on your industry and business activities. Consulting with legal counsel specializing in Swedish cybersecurity regulations is recommended.

[cryptofeedzposts]

What Is a Cryptocurrency? We Need Clearer Definitions

This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Dr Gina C Pieters is an Assistant Instructional Professor in the Department of Economics at the University of Chicago, and a Research Fellow at the Cambridge Centre for Alternative Finance at the University of Cambridge. She has been researching cryptocurrencies since 2015.

There is an unresolved debate over how to define decentralization in a distributed ledger system, even though decentralization of peer-to-peer payments was the motivating factor for bitcoin. Personally I like an approach that defines it as the absence of a named party participants must engage with. Think of it this way: “Can someone in North Korea use it if they wanted to” (that is, a permisson-less system, like bitcoin) and: “Could China prevent me from using it?” (a permissioned system, like Libra). 

Libra’s Calibra wallet will only allow users who provide government ID to obtain Libra account numbers wallets, which appears to be how the project will satisfy AML/KYC requirements. The system plans to use a permissioned blockchain, and it is currently unclear which, if any, proof system it will use. Therefore, while Libra incorporates blockchain, it does not strictly require it as it is not fully decentralized: remove the blockchain and the project could find a way to continue substantially unaltered in its function. Despite this, the most descriptive, agreed-upon label we would apply is to call Libra “a cryptocurrency on a permissioned blockchain”.

This muddy language around cryptocurrency matters. In 2019 we began to see a serious investigation of cryptocurrencies from major, established, politically-connected entities instead of the pure marketing stunts from earlier years (compare the Libra project with Long Island Iced Tea). The regulatory hearings for Libra highlighted that the crypto-community urgently needs to provide linguistic guidance about whether we should allow projects that could fundamentally continue without decentralization to be referred to as a cryptocurrency. This moves further than the permissioned/permissionless blockchains distinction. It raises questions about the decentralization of proof, funding, and maintenance systems as well. 

Linguistically, we need to distinguish between projects originating from centralized entities that use blockchain for either marketing or optimality, and projects that fundamentally require that any participant can avoid any named agent in the system. Without this distinction, 2019 showed us that projects like Libra and projects like bitcoin will be cast as comparable “cryptocurrencies” even though they are fundamentally different. In addition to projects like Libra, this matter is brought into focus by the potential rise of Central Bank Digital Currencies (CBDC). 

Central banks began to experiment with blockchain tech as early as 2015, leading to breathless accounts that they would soon begin issuing cryptocurrencies. These early experiments were not cryptocurrency projects at all: central banks were testing the use of blockchain (or DLT) as part of a potential upgrade to the legacy payment rails involved in wholesale banking (which moves large amounts of funds between a few, known parties). The most well-known project here is Bank of Canada’s Project Jasper, though Hong Kong, Russia, South Africa, and Bank of England are also experimenting in this sphere. So far, these projects have either concluded that DLT technology is not a good fit, or they have significantly scaled back the use of DLT. 

Ironically, a surveillance-focused CBDC could be the thing that defeats bitcoin as ‘dissident tech’

But some central banks have now begun projects that may issue digital payment tokens. The earliest project, the Venezuelan Petro, is of questionable legitimacy given the fractured government support for it. The next generation includes more credible projects, including ones from the Bahamas (Project Sand Dollar), China (Digital Yuan), Sweden (e-krona), and Uruguay (e-Peso). Central bankers are uniform in referencing these projects as “Central Bank Digital Currencies” (CBDC) and not as cryptocurrencies (or statecoins) for a very specific reason. 

The Central Bank consensus is that decentralization is not a desirable property in a CBDC as it could aid tax avoidance and enable criminal payment systems. Therefore, while they recognize digital money may be an improvement over physical money, a central bank designed digital currency will not resemble a decentralized cryptocurrency. Planned CBDCs are not bitcoin-but-issued-by-the-government. They are more like credit-cards-but-issued-by-the-government, where your transactions can be tracked, examined and linked to your taxpayer-identity. 

A CBDC project does not need to be decentralized to differentiate itself from current central bank policies in the manner that some desire. A monetary policy with negative interest rates would “simply” require disallowing all alternative money forms. Savings accounts at central banks do not require a digital payment token at all. A CBDC is not a requirement for a multinational currency (the Euro is a multinational currency, and the US dollar is accepted in transactions globally). If the intention is government surveillance coupling taxpayer ID with transactions, a decentralized CBDC that allows anyone to join without permission or barriers would never be installed. Ironically, a surveillance-focused CBDC could be the thing that defeats bitcoin as “dissident tech,” as it could make it impossible to buy-in or cash-out of the system undetected.

The main difference between Libra and bitcoin is that one is centralized while the other is not. The main difference between Libra and a CBDC is that one is a digital transaction token issued by a private company, while the other is issued by a government. There are powerful arguments on all sides as to which project type represents the best (or worst) type of digital money. What we need to realize going into 2020 is that those debates were not the debates legislators and regulators were having in 2019 when discussing Libra. To them, Libra and bitcoin are both cryptocurrencies because we have not provided more precise, differentiating language. At the moment, it appears that this lack of distinction will continue unabated in 2020, when various governments begin to test – and perhaps even issue – the next generation of CBDCs.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.