Fintech company shares plan to fight illicit crypto activities

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March 26, 2022

Blockchain company outlines US roadmap for fighting illicit crypto activities

Chainalysis, a blockchain fintech that offers investigatory and compliance solutions, is proposing steps that the US government can take to clamp down on sanctions evasion and other illicit activities using cryptos.

Co-founder and chief strategy officer Jonathan Levin shared the company's proposals in testimony before the Senate Banking Committee. Levin also proposed four long-term measures to better fight crypto-based illicit activities more broadly.

Chainalysis' suggestions help advance the ongoing dialogue about regulating crypto. Oversight that ensures consumer safety will help the asset class shed its "Wild West" reputation and become more mainstream.

Addressing sanctions in particular could help US authorities with a major enforcement gap: uncertainty over how much crypto exchanges are helping Russia dodge sanctions.

Insider Intelligence's Tom Auchterlonie has the full story.

BRIEFING HIGHLIGHTS

Beijing considers adding WeChat Pay to Tencent's financial overhaul

Chinese regulators are reportedly looking into requiring Tencent to add WeChat Pay to its financial holding company, sources familiar with the matter told Bloomberg.

Providing cash and paper check access is still important for banks

Transfers of paper-based funds—cash and checks—remain important despite the rise of digital banking, per a pair of PYMNTS reports.

Extending Kohl's card partnership helps Capital One tap retail spending growth

Kohl's and Capital One extended their private-label card partnership and plan to pilot a co-branded credit card in 2023, per a press release.

Robinhood overhauls debit card in pursuit of younger users, shifting payment preferences

The digital broker launched the Robinhood Cash Card, a new debit product that replaced the Cash Management debit card it launched in 2019.

Philadelphia advances toward creating a public bank

The Philadelphia City Council has approved legislation to form a financial entity that could eventually establish a public bank.

Apple's open banking acquisition could help fuel payments business

Apple acquired UK-based open banking fintech Credit Kudos in a deal that reportedly valued the startup at about $150 million, people familiar with the matter told The Block.

Human plus digital is the next paradigm of AI in financial services

Inma Martinez, digital pioneer and AI scientist, G7, OECD and EU Digital Transformation, outlined the potential of AI-enabled data analytics to create human-centric financial products.

JPMorgan investors press for more details on tech spending

JPMorgan Chase shareholders have privately told CEO Jamie Dimon and other top executives that they want more information about the bank's plans for technology spending, per the Financial Times.

Bank of America casts a wider net with secured small-business card

Bank of America launched the Business Advantage Unlimited Cash Rewards Secured credit card for entrepreneurs and small businesses, per a press release. It also introduced the Start a Business Center (a small-business digital resource library) and plans to launch the Secured Business Advantage Credit Line later this year.

RESEARCH IN FOCUS

Payment Channels and Transaction Types

Growing ecommerce, rising connected device penetration, and new technologies like blockchain are reshaping how payment providers that enable commerce do business. To embrace lasting pandemic-driven shifts, they'll need to tap new customer bases and leverage new technology. In this report, we size core segments of the payments industry—including retail, B2B, and P2P payments—offer growth insights and forecasts, and evaluate key trends that will reshape providers' strategies in the year ahead.

Get the full report →

Insider Intelligence's Fintech Trends to Watch in 2022

Fintech has reached new heights of funding and adoption, accelerating digital transformation across the financial services industry. Players big and small are scrambling to get ahead of the trends that will make or break growth in the coming year. This report answers questions such as: Has the fintech funding wave hit its peak? Will Big Tech encroachment in financial services impact banking and insurance? How will consumer demand for hyper-personalization reshape banking and payments experiences? How will digital brokerages find new revenue streams as they face margin pressure? And will crypto finally go mainstream?

Get the full report →

US Premium Travel Credit Card Emerging Features Benchmark 2021

Competition to attract prospective travel credit card holders is growing fiercer as travel—along with consumers' credit appetite—picks up. This inaugural benchmark report evaluates premium travel credit cards (with annual fees ranging from $75 to $99) based on their features across seven categories, and we weight their scores according to the results from a survey of US adults interested in a travel credit card.

Get the full report →