Global AML / KYC Draft Guidelines from DATA

The DATA Compliance Working Group, under the leadership of the AML/KYC Chair Juan Llanos, the DATA board and input from the DATA community, have formulated the first set of global guidelines on matters related to anti-money laundering and know-your-customer issues for companies operating in the digital asset industry. The draft guidelines present a suggested global framework for these topics based around key pillars largely in line with FATF (Financial Action Task Force) guidelines on virtual currency and financial services.  These include implementing an AML program, conducting a risk assessment, employing risk-based approaches on identity and due diligence, transaction monitoring, appointing an independent Chief Compliance Officer, implementing employee training, and undertaking periodic reviews. Read and Download the Draft Guidelines In particular, the Working Group noted recent statements by FATF outlining opportunities for new business models in this space that can be facilitated by digital asset technologies, including blockchains, distributed ledgers and closed loop systems: “54. Financial institutions and DNFBP could also explore developing business models to facilitate customer identification/verification, transaction monitoring, and compliance with other relevant AML/CFT requirements. For example, institutions involved in transmitting decentralised convertible VC could consider creating an industry association(s) composed of vetted VC institutions and develop policies and practices for members that allow them to identify specific transactions as coming from a member that has applied appropriate CDD and is conducting appropriate transaction monitoring.” “The recommendations DATA released today and over the coming months provide necessary guidance to a digital currency industry that struggles to reconcile digital, peer-to-peer internet technologies with regulatory frameworks established, in some cases, decades ago,” said Juan Llanos. “Developed in concert with DATA members...

DATA at the Liquidity Summit with Bloomberg and Hub Culture in London April 17

DATA is a partner for the upcoming Liquidity Summit with Bloomberg and Hub Culture, to be held April 17 in London. Hub Culture, the platform managing Ven, is teaming up with Bloomberg for the 3rd Liquidity ~ The Summit on New Finance, taking place in London on April 17, 2015. The day features leaders in the new world of finance from a wide range of digital currency and community currency companies, including Bitcoin oriented companies like Blockchain, Mirror, Bitnet, Qoin, and Ethereum. New forex and exchanges like Earthport, LMAX, Midpoint, the LMEclear will also explore the rapidly changing world of financial settlement and clearance and special panel will focus on projects related to Ven Authorities, including Alternet Systems on forex, SDKA International on commodities, and CAPCO on financial services. Industry organisations including the World Economic Forum, the Digital Asset Transfer Authority, the Bitcoin Foundation and the UK Digital Currency Association will also be participating, leading discussions across these topics. In legal and regulatory areas, speakers from Hogan Lovells and Goodwin Procter will weigh in on legal implications of the new finance boom, while Ariadne Capital, Balderton Capital and TechStars take to the stage to discuss funding at all levels of the pyramid. In the room, Bloomberg and Hub Culture have invited over $2 Billion of investable capital – the London financial firms, hedge funds, banks and VCs that run aspects of today’s financial world – to participate in an intimate setting of panel discussions, feedback and participation. Attendance to the event is by invitation, but interested parties can register an application to join at...

DATA Comments to Conference of State Bank Supervisors

DATA has submitted comments to the US Conference of State Bank Supervisors, detailing recommendations and viewpoints on pending rules for digital assets, including digital currency. The comments come after a detailed review of the CSBS proposed rule making, with conversation and interactions between DATA and the CSBS setting the stage for productive engagement. View the comments, (and DATA’s previous work on the NYDFS Bit License rule) in our Member Resources. DATA would love to hear your thoughts on this and other pending work in our Chat section for members. For access contact the...

DATA Member Review

Since DATA’s inception last year, the digital asset landscape has grown and changed significantly. With these developments have come a growing consensus around standards, best practices and engagement, led in large part by the 40+ member companies of DATA. To help us measure these developments, we’re asking all members to complete the first DATA Annual Review – a short set of questions about issues related to digital assets across the major working groups of DATA – AML/KYC, privacy and ID, security and consumer issues. Add your voice to the DATA Annual...

The Standards Workshops with DATA

The Standards Workshops with DATA. Working with leading universities, researchers and industry representatives, the DATA Standards Workshops are a collaborative effort to determine leadership principles in the fields of digital assets.  Following the first workshop in January 2015, hosted by Harvard’s Berkman Center for Internet and Society and the MIT Media Lab, work is underway for a California session in association with Stanford this March, and a European session in May, hosted in London.  For more details, contact the...