The report notes that FinTech presents opportunities for banks to improve their profitability from both the cost and revenue angles, whether exploited either internally within banks or through collaborative partnerships with FinTech companies.
This is the first time the SEC expanded the statistical scope of Form PF. Unlike Form ADV, a public form required from private funds, Form PF goes into detail on proprietary information.
The notice follows other recent warnings from countries including the UK, US, Canada, Germany, Singapore, among others regarding this type of activity.
A Turkish Lira-Bitcoin exchange, BTCTurk, has been set up, and there is a Bitcoin ATM near the Ataturk Airport in Istanbul.
For the purposes of PEP, SOE, adverse media and other enhanced checking AMLtrac are integrated into the Dow Jones database of over 2.4 million data elements as its data source.
MAS points out that activities that face customers or merchants, process funds or acquire transactions, and pose relevant regulatory concerns will need to be licensed.
The DFSA’s ITL is a restricted financial services licence that allows qualifying FinTech firms to develop and test innovative concepts from within the DIFC, without being subject to all the regulatory requirements that normally apply to regulated fi