Viktoria opens up a conversation on the need for companies to grasp banking flows and operations to properly lead to reasonable diligence on customers, stressing that blockchain and cryptocurrencies do not solve the problems inherent, but rather obscure them because of the same actors who try to exploit the system. It calls for increased financial education, in particular by emphasizing the difference in knowledge in higher education establishments concerning payments and banking services, which it describes as essential to understand cash flows and banking services See more +
The dialogue is involved in improving the equity of payment systems worldwide, highlighting an important challenge: access to financial technology (Fintech). A second segment includes Stanley Foodman, an experienced accountant and fraud investigator, discussing his article “Crypto’s compliance crossover: are you ready for multi-frame reports?” He notes the collapse of obstacles between digital assets and traditional finances due to new regulations (CARF and CRS 3.0) which bring cryptocurrencies in a regulatory framework, stressing that financial institutions in Latin America must prepare for this transformation.
Stan describes the gaps of widespread compliance, including the incomplete capture of data concerning the property and transactions of the portfolio, incoherent anti-deception laundering (AML), knowledge of your customer (KYC) and reasonable tax diligence processes, lack of political coverage for cross-border transactions and limited interoperability between tools and departments of conformity. He underlines that the institutions should not only face these shortcomings, but also proactively progressing their preparation for compliance, arguing for a complete alignment between policies, data management, staff and governance to respond to requests for cryptographic compliance.
To adapt effectively, Stan recommends key compliance strategies: the development of integrated strategy frameworks that treat cryptographic assets in the same way as traditional titles, creating unified data architectures to provide transparent access to customer behavior in all transactions, customer update and monitoring to include cryptography, Jury Carf and CRS 3.0.
Stan shares the ideas of his professional career, illustrating how his accounting history benefited his experience in the police, reflecting on his commitment to the accounting field. He says that the distinction between digital assets and traditional finance is more and more out of words and encourages institutions to integrate cryptocurrency considerations into the heart of their compliance strategies and their organizational infrastructure to prosper in the evolutionary landscape.
Resources:
• Follow Viktoria Soltesz on LinkedIn:
• Discover his book: Moving Money: How Banks Think Think: and the concept of Soltesz Payment Framework:
• Visit websites: PSP Angels: and Soltesz Institute:
• Follow Stanley Foodman on Linkedin:
• Visit the website: Foodman CPA and advisers: See less –
