Reported by FinCEN The recent FinCEN alert on deepfake media highlights growing risks to financial institutions, particularly regarding Know Your Customer (KYC) and Customer Due Diligence (CDD) processes. The use of generative AI and deepfakes enables bad actors to create realistic fraudulent identity documents, voice recordings, and videos that can bypass traditional verification measures. This […]

Reported by JPMorgan Chase The Kinexys “Project EPIC” whitepaper focuses heavily on integrating privacy-preserving Know Your Customer (KYC) and Anti-Money Laundering (AML) processes into blockchain-based financial systems. It highlights how traditional KYC processes, often labor-intensive and redundant, can be streamlined using decentralized identifiers (DIDs) and verifiable credentials (VCs), enabling seamless identity verification across multiple platforms […]

Reported by Todd Gillespie Citigroup Inc. is being investigated by US government agencies over its ties to a sanctioned Russian official, according to a person familiar with the matter. The probe, by the Department of Justice, the FBI and the IRS, centers on Citigroup’s work for Heritage Trust, which holds assets owned by Suleiman Abusaidovich […]